Phil,
Here's the latest off of DayTraders. Posted today from a guy named Bear:
I ran across this accidently. This SEEMS to be the straight scoop. Personally I think its dead. The certificate should have been worth something by itself. The people running this can't be real smart. Anyway the current stock holders certificates are now rolling paper because whoever 'white knights' this thing is going to dilute it down to nothing. Air 21 will be able to keep its jets until at least Feb. 11, a federal bankruptcy judge said. Judge Brett Dorian could have let USAir, which owns three of Air 21's four leased aircraft, to start the revocation process sooner, but instead delayed it. The judge's ruling also prevents the airports that Air 21 flew to from terminating their leases and evicting the carrier, said Russell Greer, Air 21's bankruptcy attorney. USAir went to court to gain possession of the three jets, even though it only plans to park them in the desert air of Arizona. The lessor of the fourth jet isn't pressing for its return. Air 21 filed for protection from creditors on Jan. 6 in an effort to lure out potential white knights. The low-fare jet carrier flew from Fresno to several cities, but ran out of money during the Christmas holiday season. It later grounded itself, furloughed its work force and started the reorganization process. Greer said at least three groups of investors appear to be serious. One group sent Greer a proposal Tuesday morning and indicated that a letter of credit for a $95,000 goodfaith payment was in the mail. The second and third groups also could be submitting proposals this week, he said. He declined to reveal their identities. Air 21 voluntarily surrendered its operating certificate after it was grounded, and any new owner would have to get it reissued. Klaskin said he is confident the operating certificate could be reissued within 30 to 45 days, and that it should be "light years easier" than starting from scratch. Air 21's bankruptcy attorney, in a letter to investors this week, said he must "respectively request" that all serious proposals be accompanied by a cashier's check for $95,000 put into a trust account. "The amount is fully refundable upon your demand, unless otherwise agreed between you and the debtor," said attorney Russell Greer. Greer Friday described the payment as a "good-faith deposit with no strings attached." He said that he and Joe Levy, the sole remaining director of Air 21, have been deluged with telephone calls from potential investors. At least five of the investor groups appear to be serious, he said
I like the part about potential investor groups being interested but I won't be buying anymore soon.
Jay |
