Just passing it along...
Read in the Knoxville Newspaper that Idle-Aire has filed for bankruptency
protectionas of 4am today.
Read in the Knoxville Newspaper that Idle-Aire has filed for bankruptency
protectionas of 4am today.
Idle-Aire
- Thread starter ConfusedMuse
- Start date
Sure enough. Here are the details. I don't recall exactly, but I think I remember reading in their financial statements that some of the IdleAire execs are in line to receive a healthy chunk of cash; golden parachutes negotiated when the company was young. And the company has never once been profitable.
Yep. I looked it up in their 2008 ammended 10K report (FORM 10-K/A)
"Change in control payments. If a change in control (as defined in the senior management agreement) occurs, the executive will be deemed terminated, and if our stock is not readily tradable on an established securities market at the time of the change in control, and the shareholder approval required by the Internal Revenue Code has been obtained prior to the change in control, the executive will be entitled to receive $1,000,000 in lieu of the termination payments described above under “Termination Payments.” If our stock is readily tradable or the required shareholder approval has not been obtained, then the executive will be entitled to receive 299% of his or her “base amount” (as determined under the “golden parachute” rules in the Internal Revenue Code) at the time of the change in control."
Now, according to recent news reports, they want incentives to stay on board and "successfully" conclude the sale of the business.
How special
From another news story:
"In a filing Monday, the company said it had been awarded $55.6 million in grants from state and federal agencies aiming to encourage technologies that reduce greenhouse gas emissions and save fuel, and had collected approximately $25.1 million worth of grants through the end of last year. The Knoxville Transportation Planning Organization has given the company about $3 million in grants."
Over $25 million tax dollars sent down the drain by the same people who are positioning themselves for severance packages and incentive pay.
These arrangements may have been recently ammended or may be in the future. For the sake of IdleAire shareholders and the taxpayers who contributed to this lost cause, I sure hope so.
Yep. I looked it up in their 2008 ammended 10K report (FORM 10-K/A)
"Termination payments. If we terminate the executive’s employment for any reason other than for cause (as defined in the senior management agreement) or if the executive terminates his or her employment for good reason (as defined in the senior management agreement), the executive will receive severance benefits equal to 18 months of salary, accrued bonus and insurance benefits. In addition, all of the executive’s options will vest in accordance with their terms without reference to continuing employment.
"Change in control payments. If a change in control (as defined in the senior management agreement) occurs, the executive will be deemed terminated, and if our stock is not readily tradable on an established securities market at the time of the change in control, and the shareholder approval required by the Internal Revenue Code has been obtained prior to the change in control, the executive will be entitled to receive $1,000,000 in lieu of the termination payments described above under “Termination Payments.” If our stock is readily tradable or the required shareholder approval has not been obtained, then the executive will be entitled to receive 299% of his or her “base amount” (as determined under the “golden parachute” rules in the Internal Revenue Code) at the time of the change in control."
Now, according to recent news reports, they want incentives to stay on board and "successfully" conclude the sale of the business.
How special
From another news story:
"In a filing Monday, the company said it had been awarded $55.6 million in grants from state and federal agencies aiming to encourage technologies that reduce greenhouse gas emissions and save fuel, and had collected approximately $25.1 million worth of grants through the end of last year. The Knoxville Transportation Planning Organization has given the company about $3 million in grants."
Over $25 million tax dollars sent down the drain by the same people who are positioning themselves for severance packages and incentive pay.
These arrangements may have been recently ammended or may be in the future. For the sake of IdleAire shareholders and the taxpayers who contributed to this lost cause, I sure hope so.
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Idleaire should have been a company offering the equipment for sale to truckstops , not as a company trying to exist on the sales of the services . If the truckstops owned the equipment and offered more basic services like HVAC and shore power and dropped extras like internet , phone , and TV services , the IdleAire concept might have worked .
Been to alot of idle aire locations and when we drive in at night we see alot of trucks in those spaces but not hooked up. I was told by idle aire employees that thats the contract they have with the truck stops, if theres no other parking available truck drivers are allowed to park in these spaces and not hook up.
I dont know how practical or investment wise it would be but what about idle aire building there own establishments ( like an idle-aire truckstop where it can be better managed.)
I dont know how practical or investment wise it would be but what about idle aire building there own establishments ( like an idle-aire truckstop where it can be better managed.)