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From $3.8 Billion to ZERO in 10 Months
$Spirit Airlines (SAVE.US)$ by blocking the $JetBlue Airways (JBLU.US)$ acquisition of Spirit for $3.8 Billion in January 2024, the Biden Administration was successful in forcing Spirit into bankruptcy in 10 months—while protecting the oligopoly of the thriving Big 4. Since Biden successfully blocked the JBLU-SAVE merger, SAVE has cut nearly 20% of its workforce, nearly 20% of its flights, and sold over 10% of its planes. This is BIDENOMICS.
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purp73 : Okay!![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
This article is half true and half false.
Justin Brewer OP purp73 : Everything written above is true. If Biden didn’t block the JBLU-SAVE Merger, SAVE shareholders would have received $31 per share by July 2024. Instead, their shares are now WORTHLESS. Again, this is BIDENOMICS.
RmacFL : it was a terrible decision to block JetBlue. If it was allowed, the two airlines combined would have formed the fifth largest airline in the United States. The average person can't even name the 6th and 7th largest. The Biden DOJ didn't protect the consumers. they protected the big three.
Justin Brewer OP RmacFL : I completely agree.
RmacFL : But let's not let Spirit leadership off the hook. They've mismanaged that company and that's where the focus needs to be if they have any hope of becoming profitable.
Justin Brewer OP RmacFL : Spirit’s leadership is HORRIBLE, and their CEO Ted Christie drove them into the ground. That’s yet another reason the Biden Administration should have let the merger happen… Christie would have been OUT in the merger.
RmacFL : Spirits press release from this morning states " as a result of the chapter 11, filing Spirit expects to be delisted from the New York stock exchange in the near term. The company expects that it's common stock will continue to trade in the over-the-counter Marketplace through the chapter 11 process. The shares are expected to be canceled. I have no value as part of Spirits restructuring." So as a share holder am I dead or is there hope on the OTC market to recoup some losses?
Justin Brewer OP RmacFL : I hate to say it, but I think the current shares are dead in terms of resale value beyond pennies. However, there’s already a shareholder lawsuit against $Spirit Airlines (SAVE.US)$ and my guess is that it will be successful in terms of carving out a portion of the newly structured company in Ch. 11. Again, this is just speculation… an educated guess based on the unique circumstances that led to Spirit crashing.
大田里的小韭菜 RmacFL : They are such a shitty gov that I never seen before. Totally mess up the economy
不要骗我没文化 : What other countermeasures do we small shareholders have? Are we watching the stocks go to zero?
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