MYT Results
Join Date: Aug 2010
Location: BHX
Posts: 210
Likes: 0
Received 0 Likes
on
0 Posts
Spy,
Another spirited defence of MYT. You must think you are fighting in the Alamo at times ! The results are disastrous and if the new Chief Executive thinks MYT will return to profit in 2005, major surgery is on its way in the next 12 months.
The market, as you say is definately changing. Its a shame that the golden parachutists put MYT on this spiralling course with their flawed reading of the market. 2 successive summers have seen MYT flood the market with cheap seats as a direct result of misreading it.
Good luck to all at MYT for the next 12 months in what undoubtedly will be a very unpleasant period if they are to survive.
Another spirited defence of MYT. You must think you are fighting in the Alamo at times ! The results are disastrous and if the new Chief Executive thinks MYT will return to profit in 2005, major surgery is on its way in the next 12 months.
The market, as you say is definately changing. Its a shame that the golden parachutists put MYT on this spiralling course with their flawed reading of the market. 2 successive summers have seen MYT flood the market with cheap seats as a direct result of misreading it.
Good luck to all at MYT for the next 12 months in what undoubtedly will be a very unpleasant period if they are to survive.
Last edited by LIMA OR ALPHA JUNK; 11th Dec 2003 at 20:20.
Join Date: Nov 2003
Location: UK
Posts: 109
Likes: 0
Received 0 Likes
on
0 Posts
No argument about who lost the money!
I believe the problem with the exceptional losses stems from not getting all the bad news out last year when they had the chance! My guess is the current team did not have the information as the auditors and former directors had made such a mess of it.
Fact is our management have not performed as well as the staff who have worked their socks off to get this company back on track!
Are we angry with our management team? You bet but life goes on.
Lima, I think the Alamo was a cake walk compared to this! I agree we will need to see some very big changes and a lot of pain before any profit is made.
I believe the problem with the exceptional losses stems from not getting all the bad news out last year when they had the chance! My guess is the current team did not have the information as the auditors and former directors had made such a mess of it.
Fact is our management have not performed as well as the staff who have worked their socks off to get this company back on track!
Are we angry with our management team? You bet but life goes on.
Lima, I think the Alamo was a cake walk compared to this! I agree we will need to see some very big changes and a lot of pain before any profit is made.
Last edited by spy; 11th Dec 2003 at 19:32.
Join Date: Jul 2000
Posts: 441
Likes: 0
Received 0 Likes
on
0 Posts
Yes the companies performance is crap, no denying that, but if anyone thinks that 532 qualified, experienced, type rated airline pilots (No, I havent forgotten the 25000 other people in MYT, but this is a pilots forum) suddenly thrown into the marketplace is not going to affect their own cosy little world then think again.....
It will affect terms and conditions, lifestyle issues, and more importantly your PAY for years to come, people just starting their career path, low experience collegues working for commuter airlines not being able to switch jobs (I could go on but I think you get the message) etc etc.. So the 'I'm alright jack' attitude of some 'thicko's' on this forum is very ill placed.
You know what, maybe some of us are burying our heads in the sand, but MYT remains a good place to work, with some of the best flying in the industry and a good bunch of guy's to boot, so forgive us if we dont bend over and take it up the wrongn', just because some who 'PERCEIVE' that they are in a better position say we should...
Rember, exactly the same thing were said 14 months ago, and if we were to take it all on board as fact we should have gone bust 7 times in the last year according to the Daily Mail alone, let alone some of the self-ritcheous tossers that frequent this bulletin board!!!!!
Now how's my Emirates application going?????????
It will affect terms and conditions, lifestyle issues, and more importantly your PAY for years to come, people just starting their career path, low experience collegues working for commuter airlines not being able to switch jobs (I could go on but I think you get the message) etc etc.. So the 'I'm alright jack' attitude of some 'thicko's' on this forum is very ill placed.
You know what, maybe some of us are burying our heads in the sand, but MYT remains a good place to work, with some of the best flying in the industry and a good bunch of guy's to boot, so forgive us if we dont bend over and take it up the wrongn', just because some who 'PERCEIVE' that they are in a better position say we should...
Rember, exactly the same thing were said 14 months ago, and if we were to take it all on board as fact we should have gone bust 7 times in the last year according to the Daily Mail alone, let alone some of the self-ritcheous tossers that frequent this bulletin board!!!!!
Now how's my Emirates application going?????????
I am afraid that Tightslot has an incredibly naive view of the press. Regretably the media do not only report the news with a slant, they infrequently make it up as they go along. They make little effort to ensure the accuracy of their reports, when there is an absence of facts or a deadline to meet the story will be fabricated. We see it all the time in accident reporting and not just in our industry. There are many good things happening in the rail industry but how many of these do we hear about? The media thrives on bad news stories, and when necessary will go to whatever lengths are necessary in order to produce them. The media is capable of governing the thinking of many people and for that reason is a serious threat to society.
The media will only dwell on the bad side of the MYT issue and are likely to exacerbate rather than improve things.
The media will only dwell on the bad side of the MYT issue and are likely to exacerbate rather than improve things.
Fact - MYT are in the dwang but IF they were to go down, bad news for the industry as 500 type-rated pilots suddenly fall onto the carpet. Low-time, low experience pilots have no chance of moving up the ladder, military guys less chance of a good job to begin their civilian career, competitors eager to fill gaps will offer MYT pilots short-term contracts for the summer and then cast them adrift, pilots in similar outfits will see there terms and conditions eroded ( CP- pile of cv's on my desk boys !) and command prospects lengthened. All in all not good for pilots in the UK despite the very real fact that the IT market has over capacity in respect of holiday companies, airlines and staff.
The good news for MYT may be that the banks and other financial institutions have put so much money into the company that they may give them another lifeline in the hope of some return in the future rather than have an industry 'garage sale' of assets in order to minimize losses.
I have never understood why it is that c**p directors a little like football managers get paid huge payoffs when they jump before they are pushed - how on earth do the shareholders allow these
clauses in contracts in the first place ?
The good news for MYT may be that the banks and other financial institutions have put so much money into the company that they may give them another lifeline in the hope of some return in the future rather than have an industry 'garage sale' of assets in order to minimize losses.
I have never understood why it is that c**p directors a little like football managers get paid huge payoffs when they jump before they are pushed - how on earth do the shareholders allow these
clauses in contracts in the first place ?
Keeping Danny in Sandwiches
Join Date: May 1999
Location: UK
Age: 76
Posts: 1,294
Likes: 0
Received 0 Likes
on
0 Posts
Two points.
Firstly don't be swayed by loyalty. The Directors now doubt have walked away with the salary for their contract period.
Second: Look after yourself. The IT industry in the Uk has always had companies going bust. Whatever happens to them, there will still be jobs in the UK for Airline Pilots so get out and look after No 1. You don't earn points by being the guy who turns off the lights, the liquidator does that.
Firstly don't be swayed by loyalty. The Directors now doubt have walked away with the salary for their contract period.
Second: Look after yourself. The IT industry in the Uk has always had companies going bust. Whatever happens to them, there will still be jobs in the UK for Airline Pilots so get out and look after No 1. You don't earn points by being the guy who turns off the lights, the liquidator does that.
Join Date: Feb 2002
Location: UK
Age: 46
Posts: 642
Likes: 0
Received 0 Likes
on
0 Posts
I was made redundant when Buzz was going bust and got taken over by Ryanair earlier this year. I wouldn't wish redundancy on anyone. I am also getting close the gaining my fATPL and the job market was just showing signs of picking up. That will not be the case if MYT goes out of business. I may have to stay dispatching for a bit longer then I hoped.
But facts have to be faced. These are huge huge losses for a company the size of MYT. Consumer confidence, as people have said, is going to go through the floor. People are going to go to different operators for their hols. That is not going to make things any easier in the short term or the mid term. There is over capacity on the charter market and the low costs are doing lots of damage. It is only time before the locos start moving in on markets like Greece with flights to places like Corfu, Zakinthos and Thessaloniki as flying times are only about 30mins longer then some of the lengthier spanish routes. That will further affect the likes of MyTravel.
I am sure the CAA will be keeping a close eye too on whether it feels MYT can be allowed to continue to operate given its cash flow problems. Other suppliers to MYT (fuel contracts, catering, handling agents) might get worried about things and withdraw services too.
Granted the banks are still propping it up but there will come a time when they say enough is enough and pull out and attempt to recover some of the losses by selling what assets remain.
I could yet see and opportunists buy out as with Buzz/Ryan. £50m is current valuation of MYT, am sure Easy could afford it. Slots at places like Gatwick/Manchester/Stansted/Birmingham could be very useful to Easy. Get rid of the long haul fleet to offset the cost of initial purchase and integrate the A320's into the Easy fleet on high density routes.
I hope MYT survive, I really do. If they dont, please may I not be half way through an MYT turnaround when the plug gets pulled.
But facts have to be faced. These are huge huge losses for a company the size of MYT. Consumer confidence, as people have said, is going to go through the floor. People are going to go to different operators for their hols. That is not going to make things any easier in the short term or the mid term. There is over capacity on the charter market and the low costs are doing lots of damage. It is only time before the locos start moving in on markets like Greece with flights to places like Corfu, Zakinthos and Thessaloniki as flying times are only about 30mins longer then some of the lengthier spanish routes. That will further affect the likes of MyTravel.
I am sure the CAA will be keeping a close eye too on whether it feels MYT can be allowed to continue to operate given its cash flow problems. Other suppliers to MYT (fuel contracts, catering, handling agents) might get worried about things and withdraw services too.
Granted the banks are still propping it up but there will come a time when they say enough is enough and pull out and attempt to recover some of the losses by selling what assets remain.
I could yet see and opportunists buy out as with Buzz/Ryan. £50m is current valuation of MYT, am sure Easy could afford it. Slots at places like Gatwick/Manchester/Stansted/Birmingham could be very useful to Easy. Get rid of the long haul fleet to offset the cost of initial purchase and integrate the A320's into the Easy fleet on high density routes.
I hope MYT survive, I really do. If they dont, please may I not be half way through an MYT turnaround when the plug gets pulled.
Join Date: Sep 1999
Location: The Deep South (Sussex)
Posts: 783
Likes: 0
Received 0 Likes
on
0 Posts
It would be nice, for once, if the Chief Executive issued a public apology, Japanese style, for the blindingly sheer incompetence of the directors past and present who have driven a company that employs 25,000 to this level.
Every other company of this type must surely be looking into ways in which they can avoid paying such fools for their failures.
Every other company of this type must surely be looking into ways in which they can avoid paying such fools for their failures.
Join Date: Mar 2000
Location: england
Posts: 196
Likes: 0
Received 0 Likes
on
0 Posts
I can't see EZY or anyone else bankrolling MYT to the tune of 900 million for the sake of a few slots. Perhaps the airline will be separated and sold as MYL who knows?
I've said it before and i will say it again, GOOD LUCK to all those at Mytravel. It is a disgrace that directors can pillage companies to this extent and get away with it.
I've said it before and i will say it again, GOOD LUCK to all those at Mytravel. It is a disgrace that directors can pillage companies to this extent and get away with it.
Join Date: Feb 2000
Location: UK
Age: 64
Posts: 3,586
Likes: 0
Received 0 Likes
on
0 Posts
Lou
Quoting from e-tid (again)
£4.5m for cocking up: Nice work if you can get it - If there's an apology at all, it will be given from the inside of a rolls-royce
Quoting from e-tid (again)
Within the £373.9m exceptional operating loss, the largest deficit is £300m of writedowns. £4.5m is set aside for directors’ settlements, with £10.1m in advisory fees related to the restructuring of the company rather than its refinancing.
Join Date: Sep 2002
Location: UK
Posts: 171
Likes: 0
Received 0 Likes
on
0 Posts
A flight attendant as a beancounter? Why not - I suppose! But I don't like the figures.
What has not been mentioned, but I may have missed it is, that MYT have written down a major portion of it's assets. That is a savage action and one which would not have escaped the money men. However, their shares rose by 25% today and God know's what that means! I guess some think that the CEO's estimate that they will be in profit by 2005 helped. Breath held! But not for that long.
It is, in anybody's book, dire, and it has to be faced up to. Just how much cash IS available as working capital is not known but unless the MM are happy it won't last.
What has not been mentioned, but I may have missed it is, that MYT have written down a major portion of it's assets. That is a savage action and one which would not have escaped the money men. However, their shares rose by 25% today and God know's what that means! I guess some think that the CEO's estimate that they will be in profit by 2005 helped. Breath held! But not for that long.
It is, in anybody's book, dire, and it has to be faced up to. Just how much cash IS available as working capital is not known but unless the MM are happy it won't last.
I have posted the following report from Yahoo Business on our Air 2000 forum for information only. However the mention of reduction in fleet size from 56 to 47 is worthy of note as presumably this is going to involve associated pilot redundancies. Best wishes to all at MYT
_____________________________________________
MyTravel upbeat despite huge loss
By Lara Smith
LONDON (Reuters) - Crisis-hit holiday firm MyTravel Group says its annual loss has widened by more than 10 times but it had enough cash to survive to next summer.
The firm posted a pre-tax loss on ordinary activities of 910.9 million pounds for the year ended September 30, compared with a 72.8 million pound loss the previous year. Analysts had been expecting a loss of about 600 million pounds.
"We are confident that we will continue to operate and that we will be successful in the turnaround," Chief Executive Peter McHugh told BBC Radio 4 on Thursday.
"We have cash to make it through the winter. We have a turnaround plan that we expect to bring us back to profitability by 2005, (and) even though the numbers are dreadful, they are optimistic at this point," he said.
The indebted tour operator, formerly known as Airtours, has sold assets to raise money as it strives to recover from a series of profit warnings and accounting errors, which sent its shares into freefall from over 500 pence in 1999.
Its stock, the third most heavily traded in London by number of shares on Thursday, was up 17 percent at 10.5 pence at 1120 GMT, after earlier reaching as high as 12p.
One analyst, who wished not to be identified, said that although MyTravel (LSE: MT.L - news) 's results were worse than expected and its outlook for a return to profitability was a year later than previously seen, the shares rose because the travel company eased concerns that it might not survive another year.
The announcement did not lead analysts to change any recommendations or targets, however, he said.
A trader said the shares rose because people were moving to cover their positions after selling the stock as low as 7p.
TURNAROUND PLAN
MyTravel said it had refinanced its 1.3 billion pound debt to May 2006 and extended 221.6 million pounds of convertible bonds to January 2007.
Its turnaround plan includes cutting its aircraft fleet to 47 from 56 and reducing the number of cruise ships it operates, McHugh told journalists.
Disposals of four U.S. businesses provided working capital of 144 million pounds. It also sold its loss-making German and Polish operations and was consolidating nine UK businesses, including Airtours Holidays, MyTravel Airways UK and Going Places. No further disposals were planned, McHugh said.
Holiday firms across the world have been struggling with a slump in tourism due to the SARS outbreak and Iraq war.
MyTravel fared worse than most because it had ramped up capacity in a bid to capture market share, leaving it exposed to high fixed costs and price cuts when the market slumped.
Bookings for winter 2003/2004 are down about 17 percent, in line with the company's expectations. Bookings for summer 2004 also are down on the previous year, but margins have improved, the firm said.
Earlier this week, rival First Choice Holidays (LSE: FCD.L - news) said summer bookings in its main UK business were about 20 percent below the same time last year, although it said it was confident business would pick up.
McHugh said exceptional charges of 472.7 million pounds were due largely to writing down costs of holidays that didn't sell and to poor management systems, which affected its ability to make reliable forecasts and led to incorrect pricing of holidays.
Holidaymakers who had booked with MyTravel were at no risk of losing their vacations, McHugh stressed.
John Allkins was appointed group finance director following a spate of boardroom resignations.
_____________________________________________
MyTravel upbeat despite huge loss
By Lara Smith
LONDON (Reuters) - Crisis-hit holiday firm MyTravel Group says its annual loss has widened by more than 10 times but it had enough cash to survive to next summer.
The firm posted a pre-tax loss on ordinary activities of 910.9 million pounds for the year ended September 30, compared with a 72.8 million pound loss the previous year. Analysts had been expecting a loss of about 600 million pounds.
"We are confident that we will continue to operate and that we will be successful in the turnaround," Chief Executive Peter McHugh told BBC Radio 4 on Thursday.
"We have cash to make it through the winter. We have a turnaround plan that we expect to bring us back to profitability by 2005, (and) even though the numbers are dreadful, they are optimistic at this point," he said.
The indebted tour operator, formerly known as Airtours, has sold assets to raise money as it strives to recover from a series of profit warnings and accounting errors, which sent its shares into freefall from over 500 pence in 1999.
Its stock, the third most heavily traded in London by number of shares on Thursday, was up 17 percent at 10.5 pence at 1120 GMT, after earlier reaching as high as 12p.
One analyst, who wished not to be identified, said that although MyTravel (LSE: MT.L - news) 's results were worse than expected and its outlook for a return to profitability was a year later than previously seen, the shares rose because the travel company eased concerns that it might not survive another year.
The announcement did not lead analysts to change any recommendations or targets, however, he said.
A trader said the shares rose because people were moving to cover their positions after selling the stock as low as 7p.
TURNAROUND PLAN
MyTravel said it had refinanced its 1.3 billion pound debt to May 2006 and extended 221.6 million pounds of convertible bonds to January 2007.
Its turnaround plan includes cutting its aircraft fleet to 47 from 56 and reducing the number of cruise ships it operates, McHugh told journalists.
Disposals of four U.S. businesses provided working capital of 144 million pounds. It also sold its loss-making German and Polish operations and was consolidating nine UK businesses, including Airtours Holidays, MyTravel Airways UK and Going Places. No further disposals were planned, McHugh said.
Holiday firms across the world have been struggling with a slump in tourism due to the SARS outbreak and Iraq war.
MyTravel fared worse than most because it had ramped up capacity in a bid to capture market share, leaving it exposed to high fixed costs and price cuts when the market slumped.
Bookings for winter 2003/2004 are down about 17 percent, in line with the company's expectations. Bookings for summer 2004 also are down on the previous year, but margins have improved, the firm said.
Earlier this week, rival First Choice Holidays (LSE: FCD.L - news) said summer bookings in its main UK business were about 20 percent below the same time last year, although it said it was confident business would pick up.
McHugh said exceptional charges of 472.7 million pounds were due largely to writing down costs of holidays that didn't sell and to poor management systems, which affected its ability to make reliable forecasts and led to incorrect pricing of holidays.
Holidaymakers who had booked with MyTravel were at no risk of losing their vacations, McHugh stressed.
John Allkins was appointed group finance director following a spate of boardroom resignations.
Join Date: Nov 1999
Location: Mk. 1 desk at present...
Posts: 365
Likes: 0
Received 0 Likes
on
0 Posts
MELmonkey:
My wife IS a financial analyst. As the above quote mentions, don't make too much of the 25% rise in share price - people did have positions to cover. And 25% of ****** all is still ****** all.
Her overall verdict? "My Travel? That's the one we all call Might Unravel - they've completely taken their eye off the ball, just compare with First Choice..."
R1
I'm no financial analyst...
Her overall verdict? "My Travel? That's the one we all call Might Unravel - they've completely taken their eye off the ball, just compare with First Choice..."
R1
Join Date: Apr 1999
Location: UK
Posts: 237
Likes: 0
Received 0 Likes
on
0 Posts
Several weeks ago the subject of MyTravel was brought up at our annual Company Briefing made by our DFO and Chief Pilot. The DFO mentioned that the rumour at board level was that the CAA was ready to call in MyTravel's ATOL bond in April of this year. However, the Transport Secretary stepped in to prevent this as the demise of the MyTravel at that time would be seen as a high profile casualty of the Iraq 'war' and would be disastrous PR for the government. Consequently MyTravel was allowed to carry on trading and apparently pay a reduced bond to the CAA. This has been viewed as unfair competition by other tour operators who have made representations to the CAA objecting to this.
Government involvement seemed to be backed up by this paragraph from the lead story in the Manchester Evening News whose headline shouts "Travel giant hit by £900m losses":
"Andrew Monk, of the London firm Oriel Securities said he believed Transport Secretary Alistair Darling may have stepped in to help prevent the company collapsing and avoid the headache of having thousands of UK holiday- makers stranded abroad."
I thought that's what the ATOL bond was for. However, can anyone substantiate these rumours and also explain what role the CAA plays in a situation like this?
Government involvement seemed to be backed up by this paragraph from the lead story in the Manchester Evening News whose headline shouts "Travel giant hit by £900m losses":
"Andrew Monk, of the London firm Oriel Securities said he believed Transport Secretary Alistair Darling may have stepped in to help prevent the company collapsing and avoid the headache of having thousands of UK holiday- makers stranded abroad."
I thought that's what the ATOL bond was for. However, can anyone substantiate these rumours and also explain what role the CAA plays in a situation like this?
Join Date: Jul 2000
Location: Just around the corner
Posts: 108
Likes: 0
Received 0 Likes
on
0 Posts
I am writing a shareholder, OK not a lot and bought when I thought the shares were on the up and now 50% down. Still I am not going to sell, easy to say when I do not have thousands or millions on the line. Call it misplaced loyalty if you like but I think all the staff at MYT deserve support.
On the other hand the Directors that got them into this mess should all be falling on their swords. A disgrace that such a monumental cock up should be rewarded with a golden pay off
Good luck to all at MYT
Driftdown
On the other hand the Directors that got them into this mess should all be falling on their swords. A disgrace that such a monumental cock up should be rewarded with a golden pay off
Good luck to all at MYT
Driftdown
Join Date: Nov 2003
Location: UK
Posts: 109
Likes: 0
Received 0 Likes
on
0 Posts
EPRman
I heard that story as well; my information is it originated from the boardroom of one of MYT's competitors! The CAA will not pull the bond as long as the Banks support the company. Remember the CAA is a private company and as such could find it's self on the wrong end of legal action by the creditors if it pulled the bond from a company that was being supported by it’s banks.
As I mentioned earlier in this thread there is a concern over the Bond market. This is the reason there has been a move to include flight only in the ATOL bonding scheme to make the market more interesting to banks and insurance companies. If the bond were pulled or MYT failed, many who provide that cover would no longer underwrite tour operators. In which case the tour operators would be forced to have the cash reserves to be allowed to operate. None of them could afford that in today’s market.
I heard that story as well; my information is it originated from the boardroom of one of MYT's competitors! The CAA will not pull the bond as long as the Banks support the company. Remember the CAA is a private company and as such could find it's self on the wrong end of legal action by the creditors if it pulled the bond from a company that was being supported by it’s banks.
As I mentioned earlier in this thread there is a concern over the Bond market. This is the reason there has been a move to include flight only in the ATOL bonding scheme to make the market more interesting to banks and insurance companies. If the bond were pulled or MYT failed, many who provide that cover would no longer underwrite tour operators. In which case the tour operators would be forced to have the cash reserves to be allowed to operate. None of them could afford that in today’s market.
Join Date: Jan 2003
Location: hampshire
Posts: 62
Likes: 0
Received 0 Likes
on
0 Posts
Beancounters
Is this not just further proof that beancounters can't count their beans? The only people who understand how to run airlines are pilots. I have had six redundancies, all from companies which were run by accountants. If MT go down the drain the management will walk away laughing, nests feathered, while the employees wonder why they put in so much effort to keep it going.
Join Date: Dec 2003
Location: uk
Posts: 25
Likes: 0
Received 0 Likes
on
0 Posts
Can someone enlighten me ?
Mytravel outlets have changed their name back to Going places, maybe in attempt to disassociate the loss from the public ?
Who is going to pay for all the 'not' travelling public if the banks pull the plug ? ATOL ?
Does anyone know how much money they have or are prepared to throw in ? surely this could start affecting other businesses ?
The average 'JO' in the highstreet who doesn't read the finer points of the FTSE probably doesn't have an endless supply of funds thanks to Gordon, so if the banks pull the plug will he have to wait a while before he gets his cash back ? - miss his holiday all together ?? someone may have to pay for all these people to get their money back ?
Mytravel outlets have changed their name back to Going places, maybe in attempt to disassociate the loss from the public ?
Who is going to pay for all the 'not' travelling public if the banks pull the plug ? ATOL ?
Does anyone know how much money they have or are prepared to throw in ? surely this could start affecting other businesses ?
The average 'JO' in the highstreet who doesn't read the finer points of the FTSE probably doesn't have an endless supply of funds thanks to Gordon, so if the banks pull the plug will he have to wait a while before he gets his cash back ? - miss his holiday all together ?? someone may have to pay for all these people to get their money back ?
Join Date: Apr 2003
Location: UK
Posts: 176
Likes: 0
Received 0 Likes
on
0 Posts
Some of you make make me laugh with your falseness, you rave on about how myt are rubbish and then at the end you finish with oh and good luck wouldn't want anyone to loose their jobs.
It is said tongue in cheek because you really feel that with one of the big four out of the way your jobs will be more secure. daaaa, what do you think will happen, do you really think the locos will sit back and let the other big three absorb the business I DONT THINK SO.
What will happen is that a base that may have been border line suddenly turns into a viable operation, I dont see any of the other three with lots of planes on order with work to find for them. The other problem is that there will be more two bit cowboy outfits trying to muscle in on the action.
you may be thinking there but the grace of god but sooner rather than later you may be on the receiving end and really dont expect any sympathy.
It is said tongue in cheek because you really feel that with one of the big four out of the way your jobs will be more secure. daaaa, what do you think will happen, do you really think the locos will sit back and let the other big three absorb the business I DONT THINK SO.
What will happen is that a base that may have been border line suddenly turns into a viable operation, I dont see any of the other three with lots of planes on order with work to find for them. The other problem is that there will be more two bit cowboy outfits trying to muscle in on the action.
you may be thinking there but the grace of god but sooner rather than later you may be on the receiving end and really dont expect any sympathy.