RE:the art of turning good news into bad
Yeah, mixed feelings. They crystalized some value and should have some good free cash flow from here with effectively nil debt.
However, managerment was talking a lot about 'growth' on that conference call and not nearly enough about cost cutting. I have the feeling if that managerment owned any shares, they would be a bit more inclined to cut costs.
Overall though, this is pretty clearly a $5/share company here just on the Air Canada CPA to 2035 only and Voyageur. Eventually, they might be able to sell off Jazz to Air Canada but that's probably not until 2028+ when Air Canada gets through its capex cycle.