MAIR Takes the money and runs

[CoATP]

"Minneapolis-based MAIR Holdings Inc., which sold Mesaba Airlines earlier this year to Northwest Airlines, intends to go out of business in 2008 after distributing its remaining cash to shareholders."

From the Star-Tribune.

You've got to applaud the skill of the mgmt team. They get their money from NWA for Mesaba and will probably get more for Big Sky from someone and then run away.

Look for them to return in another outfit.

 

[M-crit]

You've got to applaud the skill of the mgmt team. They get their money from NWA for Mesaba and will probably get more for Big Sky from someone and then run away.

Look for them to return in another outfit.

Agreed. MAIR, aka, Paul Foley, aka NWA's b!tch-boy, is a slime bag and makes scum of the earth look good. He probably had this planned well in advance. Big Sky was nothing more than a puppet hanging from a string when it was purchased to form MAIR holdings in order to funnel the profits of Mesaba into separate coffers that couldn't be touched during a bankruptcy. Now that Big Sky is useless in its former roll as a subsidiary in what was once a holding company it is liquidated. I have to hand it to NWA and MAIR management for thinking up the dirtiest of ways to shift money around and #uck with people for the benefit of themselves. I would also bet that Paul Foley started the Big Sky east coast markets on purpose in order to speed up the liquidation process. I'm glad that I have no relationship with NWA or Mesaba anymore.

 

[Beergut]

You can't make chicken salad from chicken sh!t.

 

[CFI2766]

Anyone not think this is exactly what's going to happen to Eagle?

This could happen to any of us...

 

[yournextFO]

Sounds reminiscent of Carl Icahn and TWA

 

[Quack]

My bet is that Mesaba and Compass end up under the same banner in the next 6 months. Now that big sky is out of the question, compass will be the new whipping tool...

 

[CoATP]

They'll use the threat of returning a/c to 9E to keep them in line.

 

[Paladin]

For those of you who have LinkedIn accounts...you may want to check this out.

http://www.linkedin.com/pub/4/752/5ba

Looks like Foley is exploring "career opportunities and consulting offers". Oh yeah, his personal email address is on the bottom of the profile for those of you with memberships (and who want to wish him a Happy New Year). Looks like he's a 3rd tier contact of mine ...Best of luck to those of you at Big Sky.