[JumpCrisscross]

Spirit went public in 2006 at $26.00 per share, implying a $3.8bn market cap [1]. That’s about $40.50 ($5.9bn) today [2].

This deal is at $37.25 per share, implying a $4.7bn market cap and $8.3bn enterprise value [3]. Spirit’s shareholders got hosed; value was transferred to its lenders.

[1] https://www.seattletimes.com/business/spirit-aerosystems-gai...

[2] https://www.usinflationcalculator.com/

[3] https://www.ft.com/content/c35beaff-03d3-4a55-89ff-8adce4e06...

[michaelt]

> Spirit’s shareholders got hosed; value was transferred to its lenders.

If you're gonna invest in an aircraft builder that sometimes forgets to put the bolts in, I think only losing 8% is a pretty good deal.

[sofixa]

To be fair to Spirit, the didn't forget to put the bolts in - that was the idiots at Boeing sidestepping procedures.

Spirit are the idiots who can't drill holes properly.

[ahartmetz]

Yep. And the low price, low quality play in that area is and should stay risky.

[tankenmate]

Not particularly; a number of Spirit's business units have been running at a loss for over a decade. Another way to put it is that Spirit's shareholders got hosed by Spirit's management.

[LadyCailin]

But the shareholders collectively outrank the company management in a public company. So it is their failure as well, and so they have to take the L on this too.

[tankenmate]

Indeed, I think it would be fair to say that no one covered themselves in glory in the whole debacle.