Avantair pay cut vacay elimination

[jonjuan]

What the Hell happened? I thought you guys were doing good taking more planes and hiring pilots. It goes to show everyone is struggling to survive this market.

They've been buying business since they started. The majority of their owners previously used other more expensive frax. Good for marketshare, bad for profits when they charge less for the product than it costs. they've been at 55 aircraft for a couple of years now.
At first, the bigger frax wouldnt price chase those leaving. Now, they are getting much more aggressive about keeping folks. I've seen some unreal NJA deals floting around. Ol Warren's gonna keep every owner he can, no matter the price. The aair Q is now over 4 months since the last report. Gonna be interesting.

 

[CALRepublic]

I DID NOT like unions before, but my way of thinking is chaging, slowly but is changing

I think unions are a neccesity these days. Investors and CEOs are vicious, they want every penny they can get back and the hell with the average guy...

It is very unfortunate that managements make more accepting of unions and not the union itself

 

[emspilot 01]

I don’t know partner…I’ve never met anybody that feels humiliated working “at-will”…people who are worth their salt wouldn’t have it any other way. Most are pretty proud of themselves and the success they’ve achieved in life…they value their independence. This gung ho attitude is what America is all about...men who have hearts of oak and dicks of steel and make it on their own

Hey Dude, You have my vote...:smash:

 

[gret]

AIN Alerts

Avantair Management Takes Pay Cut, Grants Stock Options
Avantair, the fractional-share operator of a fleet of 56 Piaggio Avanti twin turboprops, has adjusted its payscales to better match the rate of growth of management fees, company CEO Steve Santo told AIN. Management fees generally grow at the rate of the consumer price index (CPI), but raises during certain years were climbing faster than the CPI, making it difficult for Avantair to keep expenses in check. The new-hire and 10-year pay rates haven’t changed, he explained, while some rates were adjusted to match management fee growth. To remunerate employees for the changes, Avantair is granting stock options to all employees; the options vest in three years. Santo and president Stephen Wagman also took voluntary pay cuts of 15 percent and 6 percent, respectively, according to Avantair’s August 24 SEC filing, and agreed to forego 2012 bonuses, “in furtherance of their continued actions as part of the company’s ongoing efforts to reduce expenses.” Non-employee directors agreed to reduce their compensation by 40 percent. Avantair’s stock closed yesterday at 53 cents per share.

 

[emspilot 01]

Avantair Pay Cuts...

Avantair Management Takes Pay Cut, Grants Stock Options
Avantair, the fractional-share operator of a fleet of 56 Piaggio Avanti twin turboprops, has adjusted its payscales to better match the rate of growth of management fees, company CEO Steve Santo told AIN. Management fees generally grow at the rate of the consumer price index (CPI), but raises during certain years were climbing faster than the CPI, making it difficult for Avantair to keep expenses in check. The new-hire and 10-year pay rates haven’t changed, he explained, while some rates were adjusted to match management fee growth. To remunerate employees for the changes, Avantair is granting stock options to all employees; the options vest in three years. Santo and president Stephen Wagman also took voluntary pay cuts of 15 percent and 6 percent, respectively, according to Avantair’s August 24 SEC filing, and agreed to forego 2012 bonuses, “in furtherance of their continued actions as part of the company’s ongoing efforts to reduce expenses.” Non-employee directors agreed to reduce their compensation by 40 percent. Avantair’s stock closed yesterday at 53 cents per share.

That's pretty good, because managers usually never take pay cuts... I wonder if managemant received any stock options for those cuts...:smash:

 

[brokeflyer]

they didnt take a pay cut. They just said they did. The gave themsleves raises after they cut the pilots pay.

 

[DUATS]

Avantair’s stock closed yesterday at 53 cents per share.

trading today at 41 cents, down 37% in a week when the broader market went through the roof. I think the investors see blood in the water.

 

[jonjuan]

Market cap of $10 Million. Oooofff....

 

[T-1GUY]

Avantair is granting stock options to all employees; the options vest in three years.

I see the company won't last three years....

 

[rajflyboy]

I see Italian planes going down for maintenance

thats what I see