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BRS stock crashing

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BRS stock crashing

Old 25th Apr 2019, 02:55
  #221 (permalink)  
 
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Promotions. Bonuses? Ah, Bristow...

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Old 25th Apr 2019, 06:41
  #222 (permalink)  
 
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That looks suspiciously like the Falklands Pantsonfire
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Old 25th Apr 2019, 07:18
  #223 (permalink)  
 
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Originally Posted by [email protected]
That looks suspiciously like the Falklands Pantsonfire
Yes it is...
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Old 25th Apr 2019, 16:35
  #224 (permalink)  
 
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https://www.ainonline.com/aviation-n...oposed-bristow

New Director Slate, Management Proposed for Bristow

by Mark Huber
- April 24, 2019, 10:03 PMWisconsin-based Global Value Investment Corp. (GVIC) continued its assault on Bristow Group’s directors and senior managers on April 24. GVIC filed a proxy statement with the U.S. Securities and Exchange Commission (SEC) that stated that it intended to nominate a new slate of directors at the heavily indebted helicopter services company’s next annual shareholders’ meeting, which has yet to be scheduled. GVIC maintains that Bristow’s current leadership is defective and that its anticipated future bankruptcy filing would be ill-advised. “Bristow’s current directors have overseen a remarkable destruction of value,” said GVIC CEO Jeffrey Geygan. “Improvements at Bristow are long overdue.”

The proposed slate of four directors includes Sten Gustafson, the former CEO of helicopter services company Era Group and a former director at CHC Helicopter. Gustafson, who is also an international law attorney, assisted with founding a private helicopter service in Saudi Arabia. During his tenure at Era from 2017 to 2018, Gustafson financially de-levered that company while generating record quarterly revenues. The other three proposed directors include GVIC CEO Geygan; Anthony Gray, an attorney who led helicopter maker Sikorsky’s global compliance office from 2010 to 2013; and Jonathan Meretsky, an attorney who has served as managing director at Canada’s Merit House investment firm since 2009 and is an expert on “ocean-tech” as it relates to the global oil and gas industry. Meretsky currently owns 65,602 shares of Bristow while GVIC controls 245,940 shares. The combined position amounts to approximately one percent of Bristow’s shares outstanding. GVIC took its position in Bristow in June 2017 at prices between $7 to $8 per share. Bristow had traded as high as $80 per share in 2014. Its stock is now trading in the range of 50 cents per share after trading as high as $18 per share in May 2018. Earlier this month the credit rating agency Moody’s downgraded Bristow’s debt rating to Caa3—very high credit risk.

In its filing Wednesday with the SEC, GVIC noted that Bristow’s leadership had made a “chain of bad decisions” including the “inexplicably expensive financing package” proposed for the aborted $560 million acquisition of Columbia Helicopters late last year. “GVIC believes recent events represent the culmination of years of mismanagement, poor strategic decisions, weak oversight, and reckless execution by Bristow’s board. It is GVIC’s opinion that the board has been entirely ineffective in delivering value to shareholders and has repeatedly neglected its core duty—to protect shareholders’ interests. It has overseen the severe deterioration of Bristow’s financial and operational position over several years and in the process threatened permanent impairment to Bristow’s shareholders, bondholders, employees, customers, vendors, partners, and the company’s reputation as a preeminent provider of industrial aviation services,” the company wrote in its SEC filing. GVIC again criticized the promotion of L. Don Miller from Bristow chief financial officer (CFO) to CEO on March 1, calling it a “testament to the poor business judgment and sense of timing demonstrated by Bristow’s directors.” GVIC alleges that Miller was “intimately involved in Bristow’s failed financial undertakings.”

Those included the acquisition of fixed-wing operators Eastern Airways and Airnorth, maintaining a large equity position in Brazilian operator Lider Aviacao, and failing to make timely disposal of fallow assets such as Bristow’s current fleet of 16 parked Airbus H225 class heavy helicopters, including two that are SAR provisioned.

In an interview with AIN on Wednesday, GVIC senior executives, including Jeffrey Geygan, said Bristow could cut debt and improve operating performance “outside of bankruptcy,” pointing out that the company still has $900 million in assets and roughly $202 million in cash or cash equivalents against debts of $1.4 billion. “Among the [Bristow] equity and debt holders that we have spoken with about the state of Bristow’s finances, there is a strong belief and consensus that this company can be rehabilitated outside of Chapter 11 [bankruptcy].” Geygan said that included helicopter leasing companies who are “not eager” to take Bristow helicopters back. He said the view was echoed by senior industry executives that GVIC has spoken to outside of Bristow.

Bristow could raise additional cash quickly by disposing of underperforming assets, according to GVIC vice president James Geygan. “These assets would have significant value in the hands of the correct strategic operator,” James Geygan said, adding that certain equity investors in Bristow had made written offers of additional operating capital.
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Old 9th May 2019, 12:18
  #225 (permalink)  
 
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https://www.bizjournals.com/houston/...llions-of.html

so dont pay a 12 million dollar loan repayment pay yourself 2 million dollars instead.

This is the full filling Changes director pay from shares to cash, large cash retainers, delays 20 odd ec175s and forecasts all debt as short term.

https://www.streetinsider.com/SEC+Fi.../15466515.html

certainly makes all the pay freezes worth while......

Last edited by lowfat; 9th May 2019 at 13:16.
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Old 9th May 2019, 12:59
  #226 (permalink)  
 
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As was forecasted.
https://www.helis.com/database/news/nyse-bristow-stock/
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Old 9th May 2019, 13:03
  #227 (permalink)  
 
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Here's the same article without having to sign up to read it all: https://www.bizjournals.com/houston/news/2019/05/08/struggling-helicopter-co-issues-millions-of.html?ana=yahoo&yptr=yahoo
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Old 9th May 2019, 14:24
  #228 (permalink)  
 
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It’s so absurd they just might just get away with it.

Interestingly it’s not just those 4, 5 others got a retention payment too so that’s likely to be another few mil from the dwindling fire.

Surely those payments should have been made after the year was out?

Must stick in the throats of some of the workforce who have lost $1000s with the share collapse.

Investments can go up as well as down of course (unless you are in the BRS senior management team, then everything is on the up!!)
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Old 9th May 2019, 17:23
  #229 (permalink)  
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This is really outrageous. CEO is on a massive cash retainer paid quarterly, and will receive a bonus for successfully ‘ exploring suitable strategic and financial alternatives’ ie. Ch 11 or Bankruptcy... they are literally robbing the last few dollars BRS has.
Workforce must feel really valued.
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Old 9th May 2019, 21:01
  #230 (permalink)  
 
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Senior management will keep milking the cash cow as hard as they can for as long as they can then, when it all goes belly-up they'll wander off saying it wasn't their fault and be offered another seat on the management merry-go-round by one of their buddies...

They are almost all, to a man, completely morally bankrupt.

As long as you view them like that from the outset you won't be disappointed sadly.
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Old 10th May 2019, 05:13
  #231 (permalink)  
 
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Imagine what the Oil Company’s must think. What chance of scoring good work when they can see where the money is misappropriated. Ok they maybe should get a good salary and a sensible bonus based on real achievement. But to self award such outrageous sums as the Company circles the drain is an insult to the hard working men and women in Bristows
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Old 10th May 2019, 07:18
  #232 (permalink)  
 
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Imagine what the Oil Company’s must think.
Indeed, I was with 3 oil companies yesterday, all less than impressed, none wants to deal with Bristow as with its financial situation, things don't appear to be managed properly. Bonuses are for achievement, not for running the company into the ground.
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Old 10th May 2019, 08:25
  #233 (permalink)  
 
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But yet they insist all employees complete Code of Business Integrity and Anti Corruption training. Oh the hypocrisy....

LZ
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Old 10th May 2019, 08:52
  #234 (permalink)  
 
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Yet BP see fit to give them all their U.K. operations, and others trust CHC previously Ch11 and now with striking staff. You have to love it.
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Old 10th May 2019, 09:35
  #235 (permalink)  
 
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Originally Posted by Hedski
Yet BP see fit to give them all their U.K. operations, and others trust CHC previously Ch11 and now with striking staff. You have to love it.
I think the oil companies will be happy to use Bristow as they can get contracts at a rock bottom price in the short term at least. Bristow needs cash flow in any way possible at the moment and operating at a loss is better than not operating at all. Just my opinion.
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Old 10th May 2019, 09:55
  #236 (permalink)  
 
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Originally Posted by tonkaplonka

operating at a loss is better than not operating at all. Just my opinion.
Management Material !!
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Old 10th May 2019, 10:28
  #237 (permalink)  
 
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Tonka Plonka wrote:

I think the oil companies will be happy to use Bristow as they can get contracts at a rock bottom price in the short term at least. Bristow needs cash flow in any way possible at the moment and operating at a loss is better than not operating at all. Just my opinion.
Well its wrong. BRS has been selling aircraft assets to raise cash which it has then spent on financing loss making operations and to a lesser extent, management bonuses and payouts. That is exactly why BRS is in the position it is in today. If you don't make an operating profit as a supplier of aviation services, you are on the short path to real bankruptcy, not just bankruptcy protection.
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Old 10th May 2019, 11:10
  #238 (permalink)  
 
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Originally Posted by Hedski
Yet BP see fit to give them all their U.K. operations, and others trust CHC previously Ch11 and now with striking staff. You have to love it.
I hear strike is now off and rumor is that CC chair has also resigned from council.
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Old 10th May 2019, 21:35
  #239 (permalink)  
 
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Surely if/when this goes completely tits up the receivers will be carrying out detailed audits of these type of payments, along with financial forensic experts with a view to possible criminal prosecutions.

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Old 10th May 2019, 23:13
  #240 (permalink)  
 
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I think some need to understand the difference between cashflow and profit/ loss. It certainly wouldnt be unusual to continue to trade in a loss making position if one believes it is a short term position. What is perhaps more unusual is how by mid 2019 we continue to pick over the bones of BRS when it was fairly obviously fukked a long time ago.
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