BRS stock crashing
Joined: Sep 2006
Posts: 876
Likes: 0
From: Inside the Industry
When I was there in the first decade of this century, exactly that happened in a downturn. Major oilco said "we're tearing up the contract, what are you going to do about it - sue us ?"
I have also seen helicopter companies say “no” to something commercially disadvantageous. I accept though that the relationship can appear unequal at times.
Joined: May 2002
Aviation Qualifications: ATP+Mil
Posts: 18,633
Likes: 1,072
From: Downeast
I said it earlier....when a Stock Price hits these lows and the ups and downs are as dramatic as they are.....a person with some money and some courage can make some money.
A one day 16% gain is nothing to sneeze at!
Timing is of the essence and it is legalized gambling....but you can make some money if you get it right.
A one day 16% gain is nothing to sneeze at!
Timing is of the essence and it is legalized gambling....but you can make some money if you get it right.
Joined: May 2002
Aviation Qualifications: ATP+Mil
Posts: 18,633
Likes: 1,072
From: Downeast
Amazing......do a search using these words....."Bristow Helicopters, Class Action Law suits filed".....and look at the Laundry List that shows up!
The CEO got a Two Year Basic Salary Going Away Bonus????
I was at the wrong end the Management Totem Pole for sure!
The CEO got a Two Year Basic Salary Going Away Bonus????
I was at the wrong end the Management Totem Pole for sure!
Joined: May 2002
Aviation Qualifications: ATP+Mil
Posts: 18,633
Likes: 1,072
From: Downeast
It is not about BHL's survival.....it is about going after conduct that harmed Investors.
Some folks have walked off with lots of money and apparently did not do their job properly.....and conducting one's fiduciary duties in less than an legal manner should not be condoned.
If it means Bristow ceases operation then those harmed along with the Investors know who to blame.
Some folks have walked off with lots of money and apparently did not do their job properly.....and conducting one's fiduciary duties in less than an legal manner should not be condoned.
If it means Bristow ceases operation then those harmed along with the Investors know who to blame.
Joined: Aug 2007
Posts: 70
Likes: 0
From: uk
Joined: Jun 2005
Posts: 491
Likes: 21
From: nowhere special
They just tweeted about it. Their last communication was that it would be filed by no later than today. They just issued a statement it will not be filed until they are ready (obviously) but it doesn't look great if you are late reporting a quarter (and 9 months in fact) which ended 7 weeks ago.
Joined: Oct 2002
Posts: 236
Likes: 4
From: All over the place
The determination of the existence of a control deficiency related to these matters, which has been classified as a material weakness in the Company’s
internal controls over financial reporting, and the need to assess possible non-compliance with all non-financial covenants commenced when the
Company’s senior management became aware that certain pledged and leased helicopter engines were not matched to specific pledged or leased
helicopter airframes or returned to such airframes within specified periods, as is required under certain of the secured financing and helicopter lease
agreements. The removal and replacement of engines and components from helicopters is part of the Company’s normal ongoing maintenance
activities; however, since certain of those helicopter engines and airframes are pledged to lenders or leased from lessors, the removal of a pledged or
leased engine from a pledged or leased airframe can create issues of non-compliance with certain of the secured financing and helicopter lease
agreements. All issues related to this matter were cured prior to December31,2018 for all but nine helicopter engines (relating to three agreements)
where the pledged or leased engines were not returned to the pledged or leased airframes within specified periods due to delays with certain of the
Company’s maintenance service providers. The Company has obtained waivers of such non-compliance under the applicable agreements related to
such helicopter engines. The issues detected, which have all been cured or waived, involve a small subset of the approximately 385 helicopter engines
that are subject to the Company’s secured financings or helicopter leases.
1
internal controls over financial reporting, and the need to assess possible non-compliance with all non-financial covenants commenced when the
Company’s senior management became aware that certain pledged and leased helicopter engines were not matched to specific pledged or leased
helicopter airframes or returned to such airframes within specified periods, as is required under certain of the secured financing and helicopter lease
agreements. The removal and replacement of engines and components from helicopters is part of the Company’s normal ongoing maintenance
activities; however, since certain of those helicopter engines and airframes are pledged to lenders or leased from lessors, the removal of a pledged or
leased engine from a pledged or leased airframe can create issues of non-compliance with certain of the secured financing and helicopter lease
agreements. All issues related to this matter were cured prior to December31,2018 for all but nine helicopter engines (relating to three agreements)
where the pledged or leased engines were not returned to the pledged or leased airframes within specified periods due to delays with certain of the
Company’s maintenance service providers. The Company has obtained waivers of such non-compliance under the applicable agreements related to
such helicopter engines. The issues detected, which have all been cured or waived, involve a small subset of the approximately 385 helicopter engines
that are subject to the Company’s secured financings or helicopter leases.
1
Joined: Jun 2005
Posts: 491
Likes: 21
From: nowhere special
Bristow Investors ? RSS Content ? BRS ? bristowgroup.com
Some of this is a little, er, alarming. Read the whole thing.
Some of this is a little, er, alarming. Read the whole thing.
Joined: Dec 2014
Posts: 384
Likes: 8
From: Out West
"EC225 adventure" was hardly an adventure. Bristow were not the only operator who thought that the 225 was the future. It was an operators dream and were it not for the screw-up Airbus made of the whole thing it might still be. By the way the BRS crashing stock just crashed upwards by 20%.