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Air T Inc. Message Board

  • tesiman tesiman Nov 5, 2013 5:43 PM Flag

    Change in Management

    I wish Walter Clark the best but i am excited over the prospects for AIRT. A change was needed.

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    • I actually trusted Walter Clark running the company and thought he was very competent. Forgive the holiday analogy, but it takes some effort to hunt the turkey, shoot, clean, and cook it. Anybody can eat it and leave the carcass. Lets see what happens to the company now for the long term after the vultures get through with it.

    • I'm trying to get a view on the total severance cost.
      In the statement I found the following:

      a) 565k - lump sum payment
      b) 160k - transfer of options from Clark - co
      c) 1078k - transfer of stocks from Clark - co (~= share buyback)

      Do you see any other material costs?

      Any ideas on a new CEO? John Parry, Brad Wilson, William Simpson, ...?
      Airt was also renting space from the Clarks, I'm wondering whether they'll continue that.

      Sentiment: Hold

      • 1 Reply to fred_vs_jdc
      • I think your analysis is correct. It will cost the company around $1.8m. In exchange, about 140,000 shares are retired. There really was no premium paid and the retirement of the shares eliminates the possibility of a big spike down if Walter choose to liquidate quickly. This eliminates 5% of the shares factoring in the options that were in the money.

        The lease is with a partnership that is unaffected for the short term. I doubt that Clark would shot himself in the foot since it would not be too difficult for AIRT to move operations to another small airport.

        I am very pleased with the outcome and will continue to hold my shares as I believe that the stock is an excellent long term investment.

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