Spirit Airlines apologized to the American public during a last minute bankruptcy hearing Tuesday morning just days after its shock shutdown.
The budget-friendly airline shut down with immediate effect Saturday, impacting thousands of passengers who became stranded and nearly as many employees.
Marshall Huebner, an attorney for the former airline, took the stand in front of Judge Sean H. Lane in a White Plains, New York, courtroom to discuss the hardship it encountered that led to its shutdown, including a dramatic rise in fuel prices resulting from the U.S. and Israel’s war with Iran.
Huh. That can’t be good…
Everytime I’ve been hearing about Spirit Airlines lately, I hear about how this guy trying to rally people to pledge money to buy Spirit Airlines in the hopes of making it community-owned. The problem is, according to their website:
"PROPORTIONAL PROFIT SHARES
Under the proposed Spirit 2.0 cooperative structure, profit-sharing distributions would be allocated proportionally to pledge amount. This is a proposed model only — not a confirmed financial arrangement. The final structure must be reviewed and approved by qualified securities counsel before any binding commitments are made.
PROPOSED ONLY: Profit shares would scale with pledge amount under the proposed structure. This is not a confirmed financial instrument. Nothing here constitutes an offer of securities."
So while I want to see them convert Spirit Airlines into a community-owned airline business (which would be amazing), I need to see this as a confirmed structure first. I can’t shake the feeling that maybe they would steal all the pledge money and then keep it privatized.
Maybe I’m being too skeptical, idk.
When I went to pledge I didn’t even have to put a card in, right now I think its just asking “if we get far enough can we count on you to finish this?”
Sell it to Winco. See what they do with it.
They’re not actually taking any money yet.
This is a good point:
“This is a non-binding pledge of intent only. No funds are collected at this stage. This is not a securities offering, investment contract, or financial instrument. Any references to profit-sharing, dividends, or ownership are proposed concepts only — not confirmed arrangements. The final cooperative structure must be reviewed and approved by qualified securities and aviation counsel before any binding commitments are made. Participation does not guarantee ownership, financial return, or membership in any final entity.”
Still though, I worry that a lot of people are going to be tricked into thinking it’ll be one thing, give money (once they’re actually taking money), and be deceived. Keeping my eye out, just in case, and hopefully others are keeping an eye on it, too.
If they do solidify it being owned by the people like how they’re advertising, that’s awesome and I’m in.
Sorry but Kenneth Cordele Griffin from Citadel, who lied to congress under oath, and who throws bedposts at his ex-wife, needed a little bailout. You know: Just one more day. We are coming for you Kenny
Clearly they should have rebranded themselves “Spirit AI” for an influx of investor cash.
That’s only for sneaker companies
SPIRaiT aiRLINERS
spirAIt AIrliners
SamuAI AItman
They couldn’t due to the brand being held by Spirit Halloween.
Iran Spirit
The canary in the coal mine.
My wife and I have been buying seedlings like mad. Also bought a lot of ammo.
Editing to reword this since a lot of people who’ve read this have an elementary school reading level or are intentionally misunderstanding the point repeatedly:
The minumum wage needs to be tied to a living wage. No company that can’t pay their employees a living wage has a special divine right to exist. Increasing the minumum wage will hurt some people—mostly the rich, but this will absolutely hurt some poor people too. There’s no economic policy that will have zero consequences for people at the bottom. We’ve seen in the past that exploitative companies go under when wages increase and I think that’s actually a good thing & I’d love to see many employers and landlords lose their wealth. Our goal as a society shouldn’t be to increase jobs and profits numbers, but to strive to increase the quality of living for everyone, especially those near the economic bottom.
H̶o̶t̶ t̶a̶k̶e̶, b̶u̶t̶ I̶ t̶h̶i̶n̶k̶ a̶ m̶a̶s̶s̶i̶v̶e̶ r̶e̶s̶e̶s̶s̶i̶o̶n̶ w̶o̶u̶l̶d̶ u̶l̶t̶i̶m̶a̶t̶e̶l̶y̶ b̶e̶ g̶o̶o̶d̶ f̶o̶r̶ t̶h̶e̶ a̶v̶e̶r̶a̶g̶e̶ p̶e̶r̶s̶o̶n̶ i̶n̶ t̶h̶e̶ l̶o̶n̶g̶ r̶u̶n̶—e̶s̶p̶e̶c̶i̶a̶l̶l̶y̶ c̶o̶u̶p̶l̶e̶d̶ w̶i̶t̶h̶ a̶ m̶i̶n̶u̶m̶u̶m̶ w̶a̶g̶e̶ i̶n̶c̶r̶e̶a̶s̶e̶. I̶’m̶ s̶o̶ t̶i̶r̶e̶d̶ o̶f̶ b̶u̶s̶i̶n̶e̶s̶s̶e̶s̶ a̶n̶d̶ p̶o̶l̶i̶t̶i̶c̶i̶a̶n̶s̶ b̶r̶a̶g̶g̶i̶n̶g̶ a̶b̶o̶u̶t̶ j̶o̶b̶ c̶r̶e̶a̶t̶i̶o̶n̶. A̶l̶m̶o̶s̶t̶ e̶v̶e̶r̶y̶o̶n̶e̶ I̶ k̶n̶o̶w̶ w̶o̶r̶k̶s̶ 5̶0̶+̶ h̶o̶u̶r̶s̶ a̶ w̶e̶e̶k̶ j̶u̶s̶t̶ t̶o̶ m̶a̶k̶e̶ i̶t̶ b̶y̶. W̶h̶a̶t̶ w̶e̶ n̶e̶e̶d̶ i̶s̶n̶’t̶ m̶o̶r̶e̶ j̶o̶b̶s̶, w̶e̶ n̶e̶e̶d̶ b̶u̶s̶i̶n̶e̶s̶s̶e̶s̶ t̶o̶ c̶l̶o̶s̶e̶ d̶o̶w̶n̶ i̶f̶ t̶h̶e̶ o̶n̶l̶y̶ w̶a̶y̶ t̶h̶e̶y̶ c̶a̶n̶ a̶f̶f̶o̶r̶d̶ t̶o̶ s̶t̶a̶y̶ o̶p̶e̶n̶ i̶s̶ s̶t̶a̶r̶v̶i̶n̶g̶ t̶h̶e̶i̶r̶ e̶m̶p̶l̶o̶y̶e̶e̶s̶.
To be clear, I think you’re missing the point entirely. The entire US economy is about to be in freefall.
I think a massive resession would ultimately be good for the average person in the long run
Future generations? Sure. Present day citizens? No. We just last year gained some progress from 2008.
especially coupled with a minumum wage increase.
If we’re ever able to see a wage increase (lol) I can tell you without a doubt it’s not during a recession or afterwards.
I’m so tired of businesses and politicians bragging about job creation. Almost everyone I know works 50+ hours a week just to make it by. What we need isn’t more jobs, we need businesses to close down if the only way they can afford to stay open is starving their employees.
I mean sure. But do know rich people will be fine. The rest of us will be homeless. You’d think that there would be a need to fill the void, but rich people do not care.
This points anywhere IS the recession. What you’re about to experience will be at best a depression or the 4th collapse.
Wages go up when there’s worker scarcity, not when there’s worker surplus.
You think it will help? The first thing that’ll happen when a recession hits is people will be laid off en mass and there will be no jobs available to apply for. It will take months or years for things to get better, and if AI starts replacing people it will take even longer.
I think the “stable genius” has already caused a massive recession. We are just seeing the first signs of it but it’s not something to look forward to. It will cause widespread misery before anything improves.
2008 never actually ended that while thing just kept getting pushed back by all the bullshit that’s been happening and ever since shit has just gotten worse. Civid helped people with the free money but that only made things worse. The current ai bubble is what is holding whatever is left up. And this “war” is just compounding everything even more.
“Hot take, but I hope to see the lives of millions of innocents ruined via means I can’t even spell because I lack the basic empathy to understand what true financial struggle is and would probably be basically fine. I am a very smart accelerationist.”
I think you missed the point. I think (as I stated) that companies shouldn’t exist that don’t pay a living wage. Millions of jobs going away is fine by me because I come from the real world where everybody is working 2-3 jobs to make ends meet. I can see why you believe that losing a job would be devastating, but most of us would be glad to be in your position where we depend on a single income to survive.
I come from the real world
Oh, you mean the one where the past two resessions [sic] worked out so great for everyone and didn’t just redistribute wealth even more heavily to the top? That real world? Wow, can I come over there sometime? That sounds incredible!
I remember when the minumum wage was increased under Obama, inflation stopped and actually reversed for awhile. I know you don’t have much to offer other than snark, but I think it’s worth saying for other people who read this that you’re heavily guessing what it’s like to live in poverty. I grew up in homeless shelters—when my family finally got into government housing I had to steal from grocery stores for my family to eat. If you think being jobless or homeless are the most terrifying things that could ever happen to someone you’ve had a very blessed life.
inflation stopped and actually reversed for awhile
Oh my god, yup, we’re definitely dealing with someone who doesn’t know how to spell “recession”. I wonder what people trapped in debt (you know, the poor) think of your stupid fucking braindead idea of deflation as apparently a good thing.
As a person drawing in debt, I wish for the total collapse of the current economic system and its institutions, including banks and credit unions.
As someone who was raised as poor and is now a poor adult, nothing would be better than temhe total collapse of the economy similar to 2008 but just on a even larger scale.
Who are you? Alan fucking Greenspan?
Maybe it’d be better for our great grandchildren (admittedly, a very worthy goal if we could be sure). I doubt it’s going to make things better for anyone alive on this planet right now.
Edit: when I say anyone, I of course mean you and I and our friends and families. There will be people getting rich but I don’t think they’re like us
You could maybe say they gave up the ghost.
I’d accept an apology for being subjected to flying on one of their planes.
Goodbyes are free, but apologies cost $39 and are payable at the gate.
Any one else going to go as sexy bankrupt airline for Halloween?
I’m going as the ghost of airlines past.
Stupid sexy Concorde.
lol
i don’t think there are any airlines (other than southwest) that have managed to turn a profit without at least one bankruptcy
Do you believe in life after bankruptcy?
Damn it, I never got to fly on it! Then again, I haven’t been on an airplane since 1977 so….
What an odd thing to say.
Well I said it in an even matter!
So Long, and Thanks for All the Fish
whoops!
