More bizzare goings on with Mesa in Hawaii

~~~^~~~

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From Holly Hegemon:
I did not want to have to be forced to type the word "MESA" on my birthday. Or even 24 hours ahead of my birthday. I'm sure you can understand.
But now it is Friday, so here it is.
As we wrote here the other day, Mesa announced last week that it had cut a deal with the major shareholder of Aloha Airlines that would see that shareholder, Yucaipa Cos. receive a rather sweet deal in return for the rights to the Aloha Airlines trademarks, names, logos, internet presence, corporate identity items, etc. Actually the extent of the deal was not made clear until Mesa posted an SEC filing on Monday, but, well, you can read our post on all of it here.
The only catch was that Yucaipa would need to be the highest bidder at the scheduled auction for the rights to these items, which was scheduled for Tuesday.
Tuesday, the auction took place, and Yucaipa did indeed beat out all comers, including Hawaiian Airlines, bidding $750,000 for the rights to the name. Hawaiian's all-cash bid was $575,000, which was the required overbid after Yucaipa had initiated the auction process as the so-called "stalking horse" with a bid of $525,000.
But then a funny thing happened on the way to Mesa getting the right to use the Aloha name. And the livery. And everything else.
The deal was temporarily blocked by the federal Bankruptcy Court judge who is presiding over the case.
Judge Lloyd King postponed the scheduled hearing on the licensing pact between Mesa and Yucaipa Cos. until Feb. 19 to give supporters and opponents of the deal more time to respond.
"How about all the people whose lives were devastated in this case?" asked King, noting that Mesa and go! are largely blamed for Aloha's demise. "Doesn't that count? Is it just the money?"

"I don't think anyone is sensitive who's involved in this settlement," King said. "If this isn't approved, are people from Yucaipa going to lose their health benefits and their jobs? There hasn't been enough time for people to react."

He said that the extra time would give both supporters and opponents more time to respond.
You know, that's the thing about those federal bankruptcy judges. You just never know what they are going to do. And sometimes -- this turns out to be a good thing.
I guess there's a Santa Claus after all.
 

buxflyr

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It wont matter in the end. Money will win. I hate to say it, but its true.
 

topdawg

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Well with it being postpone till Feb 19....Mesa might not be around by then. Notes are due jan 31 and feb 10.
 

USCtrojan

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Mesa's delist date is around Dec. 16th as well, isn't it? That can't bode well.

Trojan
 

Andy Neill

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I thought their stock price doubled after the announcement of the settlement of the lawsuit with Aloha's creditors?
It went from $0.20 on the 1st to $0.48 on the 3rd. Friday it closed at $0.32. All those still well short of the 10 consecutive days above $1.00 to interrupt delisting.
 

USCtrojan

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It went from $0.20 on the 1st to $0.48 on the 3rd. Friday it closed at $0.32. All those still well short of the 10 consecutive days above $1.00 to interrupt delisting.

Andy, do you know that date? I'm curious how it will affect their overall business.

Trojan
 

USCtrojan

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Date of delisting? Dec 15, 2008. Next Monday.

And as Andy stated, today is Dec. 8th. 10 consecutive days is out of range now. Thanks for listing the date.

Trojan
 

Dan Roman

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It's also interesting that some have said changing the name won't fool the local population but some on the mainland won't know the difference.
The problem with that is everyone on the mainland who comes to Hawaii either flies on Hawaiian or most likely an airline that code shares with Hawaiian. I think only Alaska doesn't code share with HA and they are about to codeshare with Mokulele it looks like. No one will code share with Go inter-island. I wonder why!?
 

Lampshade

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Nasdaq put on hold some of the minimum requirements that companies must ordinarily meet to maintain a listing on the exchange. Under interim orders that expire Jan. 16 2009, companies will not be delisted if their share price or total market value stalls below Nasdaq standards.
 

brokedash

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Actually if you read the fine print on the NASDAQ exceptions list, you will note that companies already on the de-list countdown before Sept. 08 are still subject to the regular rules. Mesa started this countdown this past summer, there by they should not be included in the exceptions arrangement.
 

USCtrojan

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Actually if you read the fine print on the NASDAQ exceptions list, you will note that companies already on the de-list countdown before Sept. 08 are still subject to the regular rules. Mesa started this countdown this past summer, there by they should not be included in the exceptions arrangement.

JO appears to have more lives than a cat on steroids, crack and an overdose of coffee. I wonder if he'll find a way to finagle this one. It appears he has started to burn bridges, at least with the Hawaiian Courts.

Trojan
 

go!ng for broke

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It's Germish
 
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