MAIR Holdings File $281 Million Against NWA

[SEVEN]

Mesaba Airlines, parent file claims of $281M against NWA
Friday August 18, 10:40 am ET
Mair Holdings Inc., which flies regional planes for Northwest Airlines Corp. through its Mesaba Airlines subsidiary, has filed claims against Northwest totaling $281 million.
Minneapolis-based Mair (Nasdaq: MAIR - News) filed a claim in bankruptcy court to reclaim $31.7 million, plus other unliquidated amounts. Mair said its claim is based on negligent misrepresentation, breach of contract and fraudulent inducement.

Mesaba Airlines, which was forced into bankruptcy after Northwest's own Chapter 11 filing cut into its business, has filed a claim of $250 million.
Mesaba's claim is based on breach of contract with respect to an airline services agreement signed with Northwest Aug. 29, 2005. Northwest filed for Chapter 11 bankruptcy protection just over two weeks later, and dramatically cut Mesaba's business in the months afterward. Mesaba filed for Chapter 11 in October.
Published August 18, 2006 by the Minneapolis/St Paul Business Journal</I>

 

[Workin'Stiff]

This should get interesting!

 

[fieldinsight]

Nah, it's just a move to make it look to the shareholders like there's a future. I'm sure Foley and Spanjebob will drop the suit in exchange for a new contract and aircraft...

 

[xjgearbtch]

This is to apease the SEC and the shareholders. Mostly to cover their arse. Enron... Mesaba it's all a sham. When foley and spongbob get taken to court this is their trump card. They will throw up their hands and say we tried. They're just a bunch of crooks.

 

[ImbracableCrunk]

Yeah, I can see it now. . .

District attorney: "Mr. Spongefooly, isn't it true that you had a conflict of interest in representing both MAIR and Mesaba while be a lacky to Northwest?"

"Conflict of interest? No. . . we tried to sue them and get our money back! We tried really really hard. I even asked pretty please and told Polhad I'd be his best friend!"

 

[YourPilotFriend]

They will proably settle on having mesaba operate a fleet of crj's at concessionary rates.

 

[XJohXJ]

Yes, it's almost certainly a shot a forcing some airplanes our way.

 

[DrewBlows]

What are the damages? I understand the $31 million (plus interest), but where did the $250 million come from? Can I sue Northwest too? I could use $250 million. I would invest it in airline stock.

 

[XJohXJ]

The 31 mil is by MAIR against NWA, who made them "invest" it back down into Mesaba for the non-existent sham of a BS CRJ progam. The rest is by MESABA against NWA. This is probably related to the fact that NWA signed a 10 YEAR brand new ASA with us to provide them lift with 35 Avros and 60-some Saabs, and then, mere weeks later, as the ink was still drying, threw up their hands and shouted "OH MY GOD, THE SKY IS FALLING, WE DON'T HAVE ANY MONEY, WHAT HAPPENED TO OUR MONEY, OH NO WE ARE BANKRUPT, F*CK EVERYONE, WE NEED TO FUND OUR GIGANTIC BONUSES."

 

[xjgearbtch]

xjonxj.... man that is funny. the sky is falling!!! We hear this everyday since.... well since I can remember. Okay, let it fall. We will call their bluff.