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Re: Gulfstream Bankrupt
November 4, 2010
11:45 pm
11:45 pm
masseybrown
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Somewhere in there is a profitable airline. Their balance sheet never recovered from fuel price losses.
November 5, 2010
9:54 pm
9:54 pm
Chuck Slusarczyk Jr.
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Wow...I heard nothing about this today! But then again, we had our hands full just dealing with the operation as it was so there was no time for news. Thanks for the link...interesting reading.
November 5, 2010
10:32 pm
10:32 pm
masseybrown
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The existing common stock might survive the bankruptcy (with massive dilution), but their debt was unmanageable and they had no choice over the last couple of years but to borrow more.
Their CFO (I believe his name is Brown 
) is actually pretty good - he just had nothing to work with.
November 6, 2010
6:46 pm
6:46 pm
yakc130
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Got a 404 page not found. 
Doug
Out of the sandbox, finally!
November 6, 2010
10:07 pm
10:07 pm
Chuck Slusarczyk Jr.
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It still comes up for me. Wonder why you can't get it?
November 7, 2010
10:39 am
10:39 am
yakc130
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Wow. I actually got it to come up here at work. 
Doug
Out of the sandbox, finally!
November 7, 2010
11:47 am
11:47 am
northwest727
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Not surprising. Their operation was practically funded by pilots paying to get into the right seat in minimal time. Post CO3407 (Capt. Marvin Renslow came from Gulfstream) scrutiny pretty much changed all of that.
March 30, 2011
3:45 pm
3:45 pm
masseybrown
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According to a recent bankruptcy court filing, Gulfstream, the airline itself (I didn't check the training academy or other corporate entities), was cash-positive for the month of February, meaning they had more cash on hand on March 1 than they did on Feb 1. No, it's not a profit, not even an 'operating' profit; but it's a start. I believe it's their first cash-positive month since filing Chap 11.
So long as an airline is cash-positive, they can basically continue flying 'til the wings fall off. It isn't pretty in a financial sense, but it works.
May 3, 2011
6:45 am
6:45 am
masseybrown
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Gulfstream was substantially cash positive for March and almost turned a profit for the quarter. I believe some money-losing intra-Florida routes were discontinued in early March, which may account for some of it.
The balance sheet is still a shambles; but, once the Rocky Mountain EAS ops get going, there may be something to work with.
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