Chorus to be sold ?

[AA123455]

They said a “third party”, so that rules out AC as the buyer.

My guess is A random hedge fund or a SPAC.

Chorus is trading at an embarrassingly low price, so there must be some bottom feeding group looking to slash and burn Chorus.

This is why employees NEED to own shares in the company they work for, because any potential takeover may come down to a shareholder vote.

What is the total ownership Chorus employees by its employees? .5% maybe 1%? Imagine if Chorus was a %10 employees owned business, that could effect any vote. ESOP is important!

[McKinley]

CHR has introduced the poison pill earlier this year..

https://www.wingsmagazine.com/chorus-av ... ison-pill/

[spinaxis]

They said a “third party”, so that rules out AC as the buyer.

My guess is A random hedge fund or a SPAC.

Chorus is trading at an embarrassingly low price, so there must be some bottom feeding group looking to slash and burn Chorus.

This is why employees NEED to own shares in the company they work for, because any potential takeover may come down to a shareholder vote.

What is the total ownership Chorus employees by its employees? .5% maybe 1%? Imagine if Chorus was a %10 employees owned business, that could effect any vote. ESOP is important!

I'm sure it's much higher than 1%... Chorus' ESOP program is one of the most generous around and pretty much everyone I knew took part in it and kept their shares because of the dividend.

[truedude]

They said a “third party”, so that rules out AC as the buyer.

My guess is A random hedge fund or a SPAC.

Chorus is trading at an embarrassingly low price, so there must be some bottom feeding group looking to slash and burn Chorus.

This is why employees NEED to own shares in the company they work for, because any potential takeover may come down to a shareholder vote.

What is the total ownership Chorus employees by its employees? .5% maybe 1%? Imagine if Chorus was a %10 employees owned business, that could effect any vote. ESOP is important!

"Third party" can carry different meanings. It does not rule out Air Canada. Look up the legal definition of the term. Does not exclude current business relationships.

[AA123455]

They said a “third party”, so that rules out AC as the buyer.

My guess is A random hedge fund or a SPAC.

Chorus is trading at an embarrassingly low price, so there must be some bottom feeding group looking to slash and burn Chorus.

This is why employees NEED to own shares in the company they work for, because any potential takeover may come down to a shareholder vote.

What is the total ownership Chorus employees by its employees? .5% maybe 1%? Imagine if Chorus was a %10 employees owned business, that could effect any vote. ESOP is important!

"Third party" can carry different meanings. It does not rule out Air Canada. Look up the legal definition of the term. Does not exclude current business relationships.

AC already sits on the board of Chorus. Board members usually arnt referred to as “third party.”

[truedude]

They said a “third party”, so that rules out AC as the buyer.

My guess is A random hedge fund or a SPAC.

Chorus is trading at an embarrassingly low price, so there must be some bottom feeding group looking to slash and burn Chorus.

This is why employees NEED to own shares in the company they work for, because any potential takeover may come down to a shareholder vote.

What is the total ownership Chorus employees by its employees? .5% maybe 1%? Imagine if Chorus was a %10 employees owned business, that could effect any vote. ESOP is important!

"Third party" can carry different meanings. It does not rule out Air Canada. Look up the legal definition of the term. Does not exclude current business relationships.

AC already sits on the board of Chorus. Board members usually arnt referred to as “third party.”

Yes, but there is no way Air Canada would want to tip their hand either if it is them. Whatever happened on Friday, was obviously not planned.

[dhc#]

Well the proverbial "cats outta the bag" comes to mind, with this news coming out last Friday, I think the Chorus stock is going to continue to climb Monday on the TSX, so maybe whoever thought they were planning on buying Chorus at a discount, may not be now.

[truedude]

Well the proverbial "cats outta the bag" comes to mind, with this news coming out last Friday, I think the Chorus stock is going to continue to climb Monday on the TSX, so maybe whoever thought they were planning on buying Chorus at a discount, may not be now.

But that is the problem, Chorus was never really going to be purchased for a discount. It is still a strong company, just undervalued. And most would recognize that it is undervalued, and unlikely accept anything under $6. Which still puts the valuation at a billion. And in early April, they adopted the poison pill option as "Share Holder Rights" or whatever they called it, making a hostile takeover all but impossible.

Whomever is looking to buy Chorus, would need access to an equivalent of a billion in capital or equivalents at a minimum, and also see some form of additional value over that in the future, which would give them a better payday than simply buying shares and holding.

[GATRKGA]

Jazz and Transat integration into the Acpa list at the same time will be a cluster fukk like we have never seen before.

Strap on boys and girls. It's going to be one hell of a ride.

Didn't the last integration between AC/CDN result in fist-fights in the flight deck? I guess bazookas will be utilized on this one.

[Localizer]

I don’t think that would happen, that road was taken the last time AC owned the regionals and a judge decided they were not “common employer”. In the US, mainline carriers own regionals with separate seniority list, just a better flow through agreement.

This is 2020 so who knows what will happen.

[mbav8r]

I don’t think that would happen, that road was taken the last time AC owned the regionals and a judge decided they were not “common employer”. In the US, mainline carriers own regionals with separate seniority list, just a better flow through agreement.

This is 2020 so who knows what will happen.

With one exception, the AC pilot contract has an ownership clause, in a nutshell if AC owns 30% of another airline those pilots will be on the ACPA list. At least that is how it was explained to me, I’ll see if I can find it.

“ Merger means any action that either directly or indirectly results in: the acquisition, or the right to acquire, by the Company or its Affiliates of more than 30% of the shares of another Canadian air carrier; the acquisition, or the right to acquire, by any entity or coalition of entities of more than 30% of the shares of the Company; the merger or amalgamation of all or part of the Company with another Canadian air carrier”

[Inverted2]

Well let’s not get too carried away yet. We don’t know who it is or even if it will go through at all. If it were AC, I’d be happy if the lists were to remain separate though. I chose to stay at Jazz and have no desire to “fly the big planes” someday.

[mbav8r]

Well let’s not get too carried away yet. We don’t know who it is or even if it will go through at all. If it were AC, I’d be happy if the lists were to remain separate though. I chose to stay at Jazz and have no desire to “fly the big planes” someday.

Same here, I would much prefer to be a separate company under our current contract, I’m just pointing out the language in ACPA’s agreement, I’m sure AC pilots would be happy to modify that to keep us off their list. The language exist so AC can’t own another airline and play the pilots off each other, we have the same language however the Voyageur pilots are still not.
Obviously that means exceptions can be made.
Also, as you pointed out, we don’t know who this third party is, hopefully because it’s out there more information will come sooner rather than later.
I admit, it’s fun trolling some of the AC pilots on here though

[truedude]

I think if it was AC, a lot of us who have been at Jazz for a long time, would prefer to keep things separate. I have no desire to wade into the multi year mess that a list merger would bring. It would interfere greatly with my zen, and likely increase my beer consumption.

But I would love the irony of it all, if this was CR's answer to the ACPA scope grievance. Buy us, and force a list merger (given any contract modification would require the company to agree as well as ACPA).

But from my perspective, I am happy with my life, happy with my schedule, happy with my Victoria overnights, and would feel content doing what I do until retirement.

[mbav8r]

I think if it was AC, a lot of us who have been at Jazz for a long time, would prefer to keep things separate. I have no desire to wade into the multi year mess that a list merger would bring. It would interfere greatly with my zen, and likely increase my beer consumption.

But I would love the irony of it all, if this was CR's answer to the ACPA scope grievance. Buy us, and force a list merger (given any contract modification would require the company to agree as well as ACPA).

But from my perspective, I am happy with my life, happy with my schedule, happy with my Victoria overnights, and would feel content doing what I do until retirement.

Is there anything wrong with increased beer consumption? I’m asking for a friend;)

[truedude]

I think if it was AC, a lot of us who have been at Jazz for a long time, would prefer to keep things separate. I have no desire to wade into the multi year mess that a list merger would bring. It would interfere greatly with my zen, and likely increase my beer consumption.

But I would love the irony of it all, if this was CR's answer to the ACPA scope grievance. Buy us, and force a list merger (given any contract modification would require the company to agree as well as ACPA).

But from my perspective, I am happy with my life, happy with my schedule, happy with my Victoria overnights, and would feel content doing what I do until retirement.

Is there anything wrong with increased beer consumption? I’m asking for a friend;)

Gets expensive! Though I suppose of a deal goes through, I should have a few extra bucks in my pocket from the stock.

[Inverted2]

I downgraded to “Carling”. It’s the Rouge of beers. Not fancy but it works, and cheap(er) during these difficult times.

[spinaxis]

I think if it was AC, a lot of us who have been at Jazz for a long time, would prefer to keep things separate. I have no desire to wade into the multi year mess that a list merger would bring. It would interfere greatly with my zen, and likely increase my beer consumption.

But I would love the irony of it all, if this was CR's answer to the ACPA scope grievance. Buy us, and force a list merger (given any contract modification would require the company to agree as well as ACPA).

But from my perspective, I am happy with my life, happy with my schedule, happy with my Victoria overnights, and would feel content doing what I do until retirement.

Wouldn't you be able to just stay on your plane and do the same thing? I imagine if there's a merger there would also be some kind of fencing of positions? Isn't that how it normally goes?

[truedude]

I think if it was AC, a lot of us who have been at Jazz for a long time, would prefer to keep things separate. I have no desire to wade into the multi year mess that a list merger would bring. It would interfere greatly with my zen, and likely increase my beer consumption.

But I would love the irony of it all, if this was CR's answer to the ACPA scope grievance. Buy us, and force a list merger (given any contract modification would require the company to agree as well as ACPA).

But from my perspective, I am happy with my life, happy with my schedule, happy with my Victoria overnights, and would feel content doing what I do until retirement.

Wouldn't you be able to just stay on your plane and do the same thing? I imagine if there's a merger there would also be some kind of fencing of positions? Isn't that how it normally goes?

It is. It isn't the loss of position that would be concerning, but the hostility that would naturally emerge from a protracted seniority merger. If Jazz is bought, and IF it is Air Canada, and IF the lists were merged (all big IF's) there is no way it would end with everyone happy. ACPA would argue bottom of the list, ALPA would argue for DOH, both would make the case to an arbitrator, who would then sit down and try to sort out what is "fair."

Some would be bitter for the rest of their careers, with others bitter until they die. Like I said, it would interfere with my Zen.

[KenoraPilot]

Well let’s not get too carried away yet. We don’t know who it is or even if it will go through at all. If it were AC, I’d be happy if the lists were to remain separate though. I chose to stay at Jazz and have no desire to “fly the big planes” someday.

I 100% agree, I would love to remain separate, zero interest in being on AC list.

[Sharklasers]

AC says the offer didnt come from them. I guess you can put away the balloons.

https://www.theglobeandmail.com/busines ... ed-chorus/

Its probably a PE firm. Could get pretty bleak.

[truedude]

AC says the offer didnt come from them. I guess you can put away the balloons.

https://www.theglobeandmail.com/busines ... ed-chorus/

Its probably a PE firm. Could get pretty bleak.

Sorry, a single unsourced sentence doesn't quite do it for me. Air Canada has issued no official press release, and the article doesn't even state where he got that information from. I'll wait for something official, or at leased a sourced comment.

[Fanblade]

You only have to be on the ACPA seniority list to fly aircraft above the scope benchmarks in the collective agreement. Below that gauge of aircraft there is no need to be on the seniority list to operate on behalf of AC.

AC has owned Jazz in the past.

[truedude]

You only have to be on the ACPA seniority list to fly aircraft above the scope benchmarks in the collective agreement. Below that gauge of aircraft there is no need to be on the seniority list to operate on behalf of AC.

AC has owned Jazz in the past.

Sounds that the four of us at least all agree.

[Fanblade]

I don’t think that would happen, that road was taken the last time AC owned the regionals and a judge decided they were not “common employer”. In the US, mainline carriers own regionals with separate seniority list, just a better flow through agreement.

This is 2020 so who knows what will happen.

With one exception, the AC pilot contract has an ownership clause, in a nutshell if AC owns 30% of another airline those pilots will be on the ACPA list. At least that is how it was explained to me, I’ll see if I can find it.

“ Merger means any action that either directly or indirectly results in: the acquisition, or the right to acquire, by the Company or its Affiliates of more than 30% of the shares of another Canadian air carrier; the acquisition, or the right to acquire, by any entity or coalition of entities of more than 30% of the shares of the Company; the merger or amalgamation of all or part of the Company with another Canadian air carrier”

You posted the definition of merger in the CBA.

Read Merger or change of control for clarity. It clearly contemplates mainline merger.