In the Public Record - Everything that you need to know about Hawaiian Airlines!

To understand the current financial situation at Hawaiian Airlines, and to comprehend the significance of recent successes, it is important to review the publicly available monthly operating reports. These reports have been filed with the U.S. Bankruptcy Court as a part of the required Court filings:

FEBRUARY 2005:

February Summary* (1.5 mb)

JANUARY 2005:

January Summary* (492 kb)

DECEMBER 2004:

December Summary* (540 kb)

NOVEMBER 2004:

November Summary* (1.4 mb)

OCTOBER 2004:

October Summary* (314 kb)

SEPTEMBER 2004:

September Summary* (1.3 mb)

AUGUST 2004:

August Summary* (1.2 mb)

JULY 2004:

July Summary*

July 1 - July 31 Bank Statement - Account 1

June 31 - July 15 Bank Statement - Account 2

July 15 - July 31 Bank Statement - Account 2

JUNE 2004:

June Summary*

May 31 - June 30 Bank Statement - Account 1

May 31 - June 30 Bank Statement - Account 2

May 2004:

June Summary*

April 2004:

June Summary*

MARCH 2004:

March Summary* (1.6 mb)

March 1 - March 31 (2) Bank Statements - Account 1 (1.8 mb)

March 1 - March 31 (2) Bank Statements - Account 2 (1.7 mb)

FEBRUARY 2004:

February Summary* (1.5 mb)

JANUARY 2004:

January Summary* (492 kb)

DECEMBER 2003:

December Summary* (540 kb)

NOVEMBER 2003:

November Summary* (1.4 mb)

Nov 1 - Nov 30 (2) Bank Statements - Account 1 (956 kb)

Nov 1 - Nov 30 (2) Bank Statements - Account 2 (1.3 mb)

OCTOBER:

October Summary* (314 kb)

October 1 - October 30 (2) Bank Statements - Account 1 (1.7 mb)

October 1 - October 30 (2) Bank Statements - Account 2 (1.2 mb)

October 1 - October 30 - Aged Payables (393 kb)

SEPTEMBER 2003:

September Summary* (1.3 mb)

August 31 - September 15 Bank Statement - Account 1 (2.6 mb)

September 15 - September 30 Bank Statement - Account 1 (2.6 mb)

August 31 - September 15 Bank Statement - Account 2 (1.6 mb)

September 15 - September 30 Bank Statement - Account 2 (1.6 mb)

AUGUST 2003:

August Summary* (1.2 mb)

July 31 - August 15 Bank Statement - Account 1 (2.5 mb)

August 15 - August 31 Bank Statement - Account 1 (2.5 mb)

July 31 - August 15 Bank Statement - Account 2 (1.6 mb)

August 15 - August 31 Bank Statement - Account 2 (1.5 mb)

JULY 2003:

July Summary*

July 1 - July 31 Bank Statement - Account 1

June 31 - July 15 Bank Statement - Account 2

July 15 - July 31 Bank Statement - Account 2

JUNE 2003:

June Summary*

May 31 - June 30 Bank Statement - Account 1

May 31 - June 30 Bank Statement - Account 2

MARCH 2003:

March Report*

1994 - 2002 SEC Reports:

Hawaiian 10K and 10Q Reports - Zip Format*

Hawaiian 10K and 10Q Reports - Self Extracting Archive

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HIP/HARC Historical Filings:

September 2004 Proposed Disclosure Statement (450 kb)

Old HIP/HARC/Konop Reorganization Plan (160 kb)

Reorganization Plan Supplement - July 2004 Business Plan Summary(130 kb)

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The Following are the Documents Filed in the Matter:

HIP/HARC Plan(274 kb)

The Original Konop POR, and its associated Disclosure Statement (in two parts) is also available. However, it has been withdrawn:

Konop POR (276 kb)

Part 1 of Disclosure Statement (239 kb)

Part 2 of Disclosure Statement (340 kb)

It is important to also understand the very limited nature and limited flexibility provided in the Boeing agreement with CRG. Effectively, any change to their original POR requires a new agreement or significant modification:

Boeing/CRG Agreement (1.1 mb)

The Boeing/CRG Plan of Reorganization includes a Disclosure Statement. However, that Disclosure, as originally filed, was deficient, in that it did not included the details of the lease terms under which Boeing would continue to provide it's aircraft to Hawaiian Airlines. It was also deficient in that it was later revealed that former HAL President Bruce Nobles owes Hawaiian an outstanding debt of approximately $1.5 million. This was for stock that Nobles bought, at least half of which has been sold, without making timely payment to Hawaiian. A mention of how this debt would be treated should have been, and will be required to be, a part of this disclosure:

Boeing/CRG Plan of Reorganization (240 kb)

Boeing/CRG Disclosure Statement (225 kb)

Hawaiian Holdings HAS NOT actually submitted a reorganization plan to the court, or to anyone else for that matter. However, they have submitted an opposing proposal, as an exhibit in opposition to the plan and motions made by Boeing/CRG. This was a maneuver in which HH could say that it had proposed a Plan of Reorganization without actually committing to anything:

Hawaiian Holdings POR Proposal - Part 1 (2.1 mb)

Hawaiian Holdings POR Proposal - Part 2 (2.2 mb)

On April 13, 2004, SAYBROOK RESTRUCTURING ADVISORS completed a valuation analysis of Hawaiian Airlines for submission to the office of the U.S. Trustee. This document was part of a body of evidence which was provided in order to support a request by the minority shareholders of Hawaiian Holdings for the formation of an "Equity Committee" to participate in the ongoing reorganization process of Hawaiian Airlines. Where there are usually three (3) separate valuation techniques that are utilized, and compared, due to the lack of immediate access to necessary documentation, Saybrook was capable of conducting only one of the three possible analyses. Saybrook provided the U.S. Trustee, and the Bankruptcy Court, with a valuation analysis using the Comparable Publicly Traded Valuation Analysis. That report is provided here in its entirety:

Saybrook Evaluation Report (1.1 mb)

On April 7, 2004, the U.S. Bankruptcy Court for the District of Hawaiian issued a written Order Implementing Competing Plan and Discovery Procedures which set the final process for the reorganization of Hawaiian Airlines, and for the participation by all parties interested in being a part of Hawaiian's reorganization. That order essentially provides that all competing plans or offers are to be submitted prior to June 14, 2004. That order, and the associated confidentiality agreements, are provided in their entirety: :

Court Reorganization Process Order (1.0 mb)

In the latest billing from former ALPA President Randy Babbitt, he has charged the bankrupt Hawaiian Airlines estate more than $200 for an email to his buddy Mark Dunkerly describing a newspaper article about Hawaiian Airlines. At those rates, anyone who sees a Hawaiian Airlines related article might be well advised to forward it to the HAL president for review. Of course, Babbitt probably also provided an 'expert' opinion about the article, but as they say, everyone has an opinion about the weather, its just that nobody does anything about it.

Babbit's latest billing also incorporated an accumulated total, which he claims that he is owed, more than $177,000. Of course, this includes more than just reading the paper and forwarding an few emails. The bills also show that he provided the AFA with information about the Hawaiian Pilot Pension Plan, perhaps explaining to their financial advisor what the numbers meant. However, Babbitt does not posess financial expertise in this area, though he charged $310 as an expert. Former ALPA president Babbitt did not even finish enough college credits to obtain an AA degree before quitting and advancing his career as a pilot. (But then again, everyone knows that all pilots know everything). Even more interesting about this latest bill, Babbitt has apparently included his pre-petition charges in the accumulated total. It is an amount which, in obtaining ex post facto court approval to hire Babbitt, HAL trustee Josh Gotbaum said would be dropped to avoid any potential conflicts

Babbitt's latest billing makes for an interesting insight into the process of bankruptcy reorganization, and those who benefit from the process:

RANDY BABBIT'S February Billing (63 kb)

The January billing statement from airline experts SH&E indicate that with a bit of training and experience, someone who has the ability to seek out flight schedules in the Official Airline Guide possesses a skill which is worth at least $430 per hour. However, a person who is simply charged with responsibility to keep track of the hours that the OAG checker spends looking at an OAG will only make $250 per hour. Of course, given that lesses level of skill, it is necessary that someone check the person keeping track of the billable hours, but there again, its only worth $250 per hour to verify the necessary billings.

For those inclined to learn more about the vagaries of the bankruptcy reorganization process, the March billing from airline 'experts' SH&E makes for another interesting study:

SH&E's January Billing (1.9 mb)

SH&E's March Billing (1.5 mb)

Court Proceedings - November 24-28, 2003

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THE COMPLAINT AGAINST ADAMS:

Adversary Complaint Against John Adams (115 kb)

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THE GOTBAUM PAY ISSUE:

Gotbaum Pay and Benefits Request (86 kb)

Gotbaum Severance Plan for Hawaiian Officers (466 kb)

Hawaiian Officer Agreement Proposal (195 kb)

Gotbaum Declaration Regarding Severance Plan (48 kb)

John Monahan's Pay Hours at Hawaiian (860 kb)

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THE GOTBAUM EMPLOYEE ISSUE:

Gotbaum's Employee Status Request (13 kb)

Konop's Opposition to Gotbaum's Employee Status Request (630 kb)

American Airlines' Opposition to Gotbaum's Employee Status Request (334 kb)

Hawaiian Holding's Opposition to Gotbaum's Employee Status Request (560 kb)

Gotbaum's Reply Opposition to his Employee Status Request (18 kb)

JUDGE'S ORDER on Gotbaum's Employee Status Request (116 kb)

What makes this document very interesting are the judge's handwritten corrections. The tentative order was circulated to most of the participants (ALPA was a No Show). However, nobody corrected the errors which Gotbaum's lawyers included. It was the judge himself who made certain that the final order reflected exactly the limited nature of his order and his intentions with respect to Gotbaum's lack of full employee status.

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THE RANDY BABBIT ISSUE:

Gotbaum's Request to Hire Randy Babbit's ECLAT (109 kb)

Konop's Opposition to Randy Babbit's ECLAT (619 kb)

U.S. Trustee's Opposition to Randy Babbit's ECLAT (9 kb)

Hawaiian Holding's Opposition to Randy Babbit's ECLAT (329 kb)

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HAWAIIAN BANKRUPTCY FILING SCHEDULES:

Summary of Schedules (236 kb)

Hawaiian's Accounts Payable (6.1 mb)

Union Claims and Obligations (236 kb)

Lawsuits (79 kb)

All Filed Schedules (659 pages) (23.5 mb)

OTHER LINKS: