CVG hangar closure could cost MAIR $13 Mil

[fieldinsight]

Yep, closing CVG was a good business move, isn't that what Special Ed said at the time?

http://biz.yahoo.com/bizj/060222/1231887.html?.v=1

"MAIR Holdings Inc. said Wednesday that bondholders of a Cincinnati-area hangar used by MAIR's bankrupt subsidiary Mesaba Airlines have called for a payment of more than $13 million, due Friday."

Friday? Sorry, SLT has secret testimony to give in court!


"MAIR Holdings, which relies on Mesaba for most of its business, guaranteed the continued payments of bonds connected to the financing of the hangar. The company took a $4.8 million charge against earnings in the fourth quarter of 2005, assuming that the facility would remain vacant for two years while MAIR sought a sublessor.
But it warned at the time that the bondholders could call for the full amount if Mesaba moved to reject the lease in bankruptcy court."

Well duh.... Who wouldn't? What a buncha morons!

 

[WMUSIGPI]

nice. I knew I smelled a rat, or was it skunk, when he hosted the base closing meeting back in October. (the night before bankruptcy coincidentally)

Maybe that's why they haven't taken our name off the hangar or sign at S.R.236. I wouldn't mind getting based back there even if it's in a different airplane. It really is a nice area.

 

[fieldinsight]

I thought the same thing during all my stays at the Baymont.