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1 Comment
How Holdbacks Brought Down Frontier Airlines
FDC, First Data Corp. in the US, is owned by none other than Lehman Bros.(LEH), a company in DIRE NEED OF CASH. There is an FDC.BA (Buenos Aires Exchange), FDC.F on the Frankfurt exchange, etc., etc., ..., but not on any US exchange (Source, Yahoo! Finance).
There was a HUGE volume of Frontier (FRNT) stock traded at the end of 4/10/2008. Over a MILLION SHARES of FRNT were traded at 1539 (3:59 PM) on that date (Source: Scottrade). Even Airtran(AAI) was caught up in the frenzy! (AAI uses First Data, too! The afternoon chart of AAI looks like the stock fell off a cliff (Source: Scottrade). Astonishing to me is that 35+ MILLION shares (of 36.6 million shares autstanding) of FRNT were traded on 4/11/2008 I (cough, cough) wonder how many PUTS were on FRNT, and shares short there were by (allegedly) interested parties? Insiders owned 27%!! of the stock, and really took a bath. Among the top ten institutional and mutual fund holders, try to find, ah, the principals. Ain't there. No malice intended here, but this whole mess STINKS to High Heaven! United and "TED" are the biggest competitors in the Denver hub of both airlines.
This was good for them, for sure!
I have no interest in FRNT, other than I flew them last month. A very nice experience for a change. Nice people, nice planes (A=318s and 319s) and a very helpful bunch of folks (my wife is handicapped).
BTW, just try to buy an airline ticket with cash or check, and the TSA (Dept. of Homeland Security),the FBI, and the the airline itself, will take a GREAT interest in you and your background. You may even end up on a "No Fly List"!