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Msg ID: 2570893 Bristow Group issues millions of dollars in exec retention payments +0/-0     
Author:Houston Business Journal
5/10/2019 7:38:44 PM

Struggling helicopter co. issues millions of dollars in exec retention payments 

By Chris Mathews 

Reporter, Houston Business Journal

May 8, 2019, 2:59pm CDT 

Updated May 8, 2019, 4:45pm ED

Houston-based Bristow Group Inc. (NYSE: BRS) issued over $2 million in retention payments to nine employees May 3.

The helicopter company is undertaking a strategic financial review that could include filing for Chapter 11 bankruptcy protection and is at risk of being delisted from the New York Stock Exchange, among other issues.

Bristow Group President and CEO L. Don Miller received a retention payment of $945,000, according to a May 7 filing with the U.S. Securities and Exchange Commission. Brian J. Allman, senior vice president and CFO, received a $400,000 payment, per the filing. Robert Phillips, senior vice president for the Americas, and Alan Corbett, senior vice president for Europe, Africa, Middle East and Asia, each received retention payments of $390,000, per the filing.

The five other retention payment recipients and their respective payment totals were not listed in the SEC filing. At a minimum, the recent payments represent a total of nearly $2.13 million.

Bristow Group wrote in the filing that the payments were part of an effort to "enhance the company’s ability to attract, retain and incentivize employees necessary to maximize the value of the business." Bristow issued the following statement to the Houston Business Journal regarding its compensation program:

"Bristow Group’s Compensation Committee, with the advice of our advisors, has structured this customary program in order to incentivize safety, operational and financial performance, and the retention of key executives as we explore strategic financial alternatives to strengthen our long-term capital position. The ongoing focus and dedication of our executive team as we continue to navigate a challenging operating environment is paramount to our success."

While the company issued retention payments to its executives last week, Bristow Group is dealing with several other issues. In an April 15 SEC filing, Bristow Group indicated that it would consider Chapter 11 bankruptcy as it reviews strategic and financial alternatives. On May 7, the company disclosed that it was at risk of being delisted from the New York Stock Exchange because its average closing stock price for a 30-day period had fallen below $1 per share — Bristow has six months to regain compliance. The company previously said that it would delay its most recent quarterly report and will use the 30-day grace period to delay making a debt payment. That payment was due April 15.

Bristow Group also faces upheaval from an activist investor. Wisconsin-based Global Value Investment Corp., an investment research and advisory firm and the beneficial owner of 245,940 shares of Bristow’s common stock, nominated four new directors to the Bristow board and called for the immediate resignation of four current board members in an April 24 proxy statement. In a May 8 filing, GVIC claimed that Bristow Group's debt increased from $864.42 million to over $1.4 billion from March 31, 2015, to Sept. 30, 2018. Miller served as the company's CFO from August 2015 until he was promoted to CEO in late February, according to the Bristow Group website. 

The value of Bristow Group's stock has also dwindled in recent years. With a 52-week high value of $18.91 per share, the company's stock was around 37 cents at the time of publication.

On Feb. 11, Bristow and Oregon-based Columbia Helicopters Inc. called off a deal in which the former would have acquired the latter for $560 million.



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Msg ID: 2570896 wha---?? +8/-0     
Author:Anonymous
5/10/2019 7:46:04 PM

Reply to: 2570893

rich cronies setting themselves up with megabucks for screwing over working people? that's crazy talk, dude.



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Msg ID: 2570916 wha---?? +3/-0     
Author:Been
5/10/2019 9:09:20 PM

Reply to: 2570896

going on forever but far more blatantly recognized in these days of internet, forums and  email, twitter, etc.

When you  have to pay "executives" those amounts to purchase loyalty, effort and success you've simply hired mercenaries, and we all know what that's about.

Alan Bristow - apologies for an American debacle.



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Msg ID: 2571113 wha---?? +3/-0     
Author:If it weren't for OffShore Logistics
5/11/2019 10:34:37 PM

Reply to: 2570916

Alan Bristows company would have died years ago. 



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Msg ID: 2570943 How are the working people getting screwed over? +3/-2     
Author:Please explain.....
5/11/2019 5:59:08 AM

Reply to: 2570896

1. Do Era, PHI, RLC, etc. Pilots get paid more than Bristow Pilots?         No

2. Do Era, PHI, RLC, etc. Mechs get paid more than Bristow Mechs?      No

3. Did Bristow shut down their 145 Shops, lay everyone off and outsource the work like other operators?   No

4. Do all the above groups have industry leading benefits at Bristow?    Yes

5. Has bristow ever missed a payroll?         No.

If it is as bad as you portray it is and everywhere else is so great, why do you work there? Why don’t you leave and take your talents elsewhere and not be a miserable 😩 Just Helicopters 😭 whiner who flames the company that employees you? I have never see such a spoiled group of whiners that those poor highly paid 20-30 year plus Bristow employees that have never worked anywhere else and don’t know what a bad job really looks like.

 



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Msg ID: 2570952 hmmmmmmmmmm +2/-1     
Author:Anonymous
5/11/2019 6:50:57 AM

Reply to: 2570943

what we have here is either

a) a working class guy who can't see that mismanagement of a company ending in breaking up of a vast economic entity into piles of dollars appropriated by the mismanagers and resulting in the displacement of large numbers of working people, is a problem... or,

b) an apologist for this process.

if a)...the existence of such people is ample evidence why there will never be a successful revolution against capitalism...thus capitalism is the black hole of all economic systems...

if b)...then abject shame is obviously not so shameful....



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Msg ID: 2570987 hmmmmmmmmmm +2/-0     
Author:Threadkiller
5/11/2019 10:38:03 AM

Reply to: 2570952

What we have here is a basement dweller who thinks he's edgy and cool. He also doesn't have the slightest idea about the bankruptcy process or the fact that millions have suffered and continue to suffer under socialism.  



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Msg ID: 2570900 Bristow Groupies +0/-0     
Author:Pending news
5/10/2019 7:58:29 PM

Reply to: 2570893




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Msg ID: 2570904 Golden Parachutes followed by  +2/-0     
Author:Red Wedding
5/10/2019 8:11:34 PM

Reply to: 2570893




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Msg ID: 2570906 Dude, they are getting way more $ than that (NT) +0/-0     
Author:Peace out dogs
5/10/2019 8:23:55 PM

Reply to: 2570904


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Msg ID: 2570908 The lawsuits look like the Mueller Investigation (NT) +0/-0     
Author:Massive. Take the $ & run
5/10/2019 8:33:46 PM

Reply to: 2570893


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Msg ID: 2570946 please educate  +0/-0     
Author:Yourself
5/11/2019 6:04:07 AM

Reply to: 2570908

How many lawsuits have actually been filed?

How many ambulance chasing law firms are just trolling for people to join a class action and have not received any takers?



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Msg ID: 2570949 please educate yourself MBA on how to  +2/-0     
Author:manage a company.
5/11/2019 6:12:19 AM

Reply to: 2570946

Oh my the list is long.  Botched takeover of CHI and a 20 mil $ payout.  Investors bailing like rats fleeing a flooded NYC subway reflecting a .29 cent stock price.  Slot flights, SAR, Drones, Failed airline purchase, destroyed a very profitable helicopter academy and then promoted it’s director, fatal accident....



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Msg ID: 2570909 Bristow Group issues millions of dollars in exec retention payments +15/-0     
Author:OG
5/10/2019 8:34:20 PM

Reply to: 2570893

It's amazing how well Air Logistics did when management was a bunch of old helicopter pilots. Shortly after the highly educated management and finicial experts took charge all things went in the toilet.  I can't remember how many times pilots were admonished about how the company suffered from a lack of "professional" management structure. It was BS then and BS now. Folks that don't have a clue about real customer service and 135 operations screwed the pooch.



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Msg ID: 2570988 Bristow Group issues millions of dollars in exec retention payments +1/-2     
Author:Threadkiller
5/11/2019 10:40:20 AM

Reply to: 2570909

You think it could have anything to do with the global oil and gas market tanking?



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Msg ID: 2570911 Bristow Group issues millions of dollars in exec retention payments +4/-0     
Author:hide n shame
5/10/2019 8:49:22 PM

Reply to: 2570893

Please leave this up Lynn---It needs to be known--They used the line on us, "it is a small community"--Well right back at you Management. Deploreable!!!! I hope you choke on your ill gotten rewards.



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Msg ID: 2570912 Bristow Group issues millions of dollars in exec retention payments +4/-0     
Author:Reminder
5/10/2019 8:52:51 PM

Reply to: 2570911
Don't forget to take your online course on Global Anti-Bribery Business Integrity, it's dies by June 18


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Msg ID: 2570914 STRUGGLING COMPANIES ALWAYS DO THIS (NT) +0/-0     
Author:WATCH THE NEWS!
5/10/2019 9:02:29 PM

Reply to: 2570893


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Msg ID: 2570927 STRUGGLING COMPANIES ALWAYS DO THIS +0/-1     
Author:No, they don't.
5/10/2019 9:51:24 PM

Reply to: 2570914

And even if they did, it's not okay. And quit posting in caps before I bitchslap you.



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Msg ID: 2570940 STRUGGLING COMPANIES ALWAYS DO THIS +0/-0     
Author:YEAH THEY DO, ALL THE TIME!
5/11/2019 1:11:04 AM

Reply to: 2570927
AND DON'T BEGIN A SENTENCE WITH "AND", ITS NOT PROPER GRAMMAR.


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Msg ID: 2570980 STRUGGLING COMPANIES ALWAYS DO THIS +0/-0     
Author:They got the bonus
5/11/2019 10:05:19 AM

Reply to: 2570940
You just get boned.


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Msg ID: 2570993 STRUGGLING COMPANIES ALWAYS DO THIS +1/-0     
Author:Shouting Spelling Narzi
5/11/2019 10:59:04 AM

Reply to: 2570940

..."AND DON'T BEGIN A SENTENCE WITH "AND", ITS NOT PROPER GRAMMAR"...

ITS?

ITS?

ITS?????

You may want to consider another line of academia? Although it may be too late and they've already sent you to the salt mines.



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Msg ID: 2570994 STRUGGLING COMPANIES ALWAYS DO THIS +0/-0     
Author:Shouting Spelling Narzi
5/11/2019 10:59:05 AM

Reply to: 2570940

..."AND DON'T BEGIN A SENTENCE WITH "AND", ITS NOT PROPER GRAMMAR"...

ITS?

ITS?

ITS?????

You may want to consider another line of academia? Although it may be too late and they've already sent you to the salt mines.



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