Sweetness and Licht – US Airways shareholders keep it interesting

US Airways’ annual shareholders meeting was nothing if not entertaining today. Outspoken shareholder Evelyn Y Davis, also known as the ‘Queen of the Corporate Jungle’, dressed down management for lots of “outrageous” things like holding the event on the same day as Continental Airlines’ shareholders meeting and for considering a so-called “virtual merger”. Shareholders seemed largely amused by Davis‘ verbal lashing.

 

That is with the notable exception of Seymour Licht, another outspoken shareholder who remains outraged over the 2005 merger of America West and US Airways. Exasperated by Davis, Licht ordered her to stop speaking, but almost got thrown out in the process. “I own more stock than you, now sit down! Sit down!” Licht repeatedly shouted, nay screamed. “Sit her down now. I don’t want her to say another word.”

 

It all got rather fiery from then on. And when all was said and done, US Airways CEO Doug Parker joked: “That was supposed to be the boring part of the meeting.”

 

I’m going to take a wild guess that there is method to the alleged madness that Continental – of which Davis is a shareholder – also held its annual meeting today. Davis thinks there is a conspiracy too. Check her out on the CNBC video at the following link:  http://www.cnbc.com/id/15840232?video=697940463 

 

I’d also wager that Parker, who gave a lightening-fast speech following the Davis and Licht show, was glad to get the hell out of there.

 

But for those of us in the aviation journalism world, the event was a lovely comedic reprieve at a time when bad news is hitting fast, furious and fuelled with Jet A.

 

If you’ve got the time, it’s worth a listen at http://www.usairways.com/awa/content/aboutus/investorrelations/calendar.aspx

 

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2 Responses to Sweetness and Licht – US Airways shareholders keep it interesting

  1. Margaret Nahmias June 28, 2008 at 9:15 pm #

    Why because she could not make it to Contiental meeting? I don’t know whether to laugh or shake my head. I guess shareholder rights are so ignored, Davis just has to resort to crazy antics like that.

  2. Rob Pascal May 26, 2009 at 8:42 pm #

    If US airways thinks they are going to put it to its shareholders again by diluting the stock they are mistaken. Since that last authorization of shares in May 09, my stock value has sunk 30 percent. I am voting “no” on any new stock authorization for the time being. Us airways needs to focus on increasing the value of their stock, not diluting its value any further.

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