Re: Logan (continued)
Regarding the proposed takeover of KIWI, it appears Logan did find a partner:
Edwards is part of a partnership, Edwards-Wasatch Enterprises, which rescued Kiwi in November and has since loaned it an additional $5 million. The $16.5 million offer includes the approximately $10 million already loaned.
The holding corporation is wholly owned by Edwards-Wasatch Enterprises, said Joe Logan Jr., president of the other partner, Wasatch International Corp. of Boynton Beach, Fla. That was disputed by others involved in the case, who said Edwards himself is the majority owner.[16]
I'm not sure how that supposed partnership ever worked out, but in March of 1998 it looks like Logan tried a different approach: using Aviation Industries.
Kiwi International Air Lines has gone to an old source for some new money in a deal that could lead it to merge with another carrier. Aviation Industries Corp. of Roseland, whose president at one time was in line to head Kiwi, said that it has increased its stake in the carrier and is negotiating to merge with the airline's parent, Kiwi International Holdings Inc. [17]
KIWI was shut down for safety concerns on 4/1/99 [18]. It is now in the process of being liquidated. Again, I'm not sure exactly what role if any Logan played in keeping it afloat over the years.
It emerged two years ago from its first bankruptcy when Baltimore surgeon Charles C. Edwards bought the airline and took majority ownership of the company from the employees.
[...]
``The only reason they lasted as long as they did is because Edwards showed up and pumped $20 million into it,' said Iverson, who went on to start a three-jet charter carrier, Sky Trek International Airlines, based at Mercer County Airport in Trenton. [19]
[16] jrnl.com
[17] library.northernlight.com
[18] crashpages.com
[19] jrnl.com
- Jeff |
