They keep 30 employees on board in Austin that are focused on servicing the travel needs of passengers with existing reservations while also handling any new booking requests. This is Perx. Technically they are still publicly traded GATT: http://www.perx.com/
When the business starts to pick up, in January 2002, they incorporate as a Foreign Corporation to transact business in Florida: http://www.sunbiz.org/pdf/00783780.pdf
Being foreign and incorporated as Interline, they probably were not obligated to pay any trade creditors or debt holders from the days as GATT.
In November 2005, Synergy invests another $1 million additional in Interline to acquire a competitor in the North American interline travel industry as well as a controlling interest in a European travel retailer: http://findarticles.com/p/articles/mi_pwwi/is_/ai_n15750602
It also states: -On a combined basis ITT and the other companies subject of the acquisitions noted above generated in excess of $60 million in annual travel bookings in Fiscal Year 2004.
In a 2005 Synergy filing they state: -SYBR and PERX have been exploring several opportunities to optimize the shareholder value of both Companies. -The investment consists of a five year 8% Note (ITT Note), and 200,000 warrants exercisable into 200,000 common shares of ITT stock at $5.00 per share (ITT Warrants).
Conclusions (all imo only): -Synergy is ready to cash in on those 200,000 common shares that they invested $1 million in at $5 per share. -Grand Adventures filed the 15-12g exactly 7 years, October 2001 to October 2008, since they announced the liquidation, meaning any outstanding monies owed back in 2001 and prior are washed clean. If you look at the Foreign Corporation filing, the first transaction date was October 30, 2001. Matthew O'Hayer signed the 15-12g on October 30, 2008, exactly 7 years later. -Donald G Davis will bring Interline from a Foreign Corporation to a public corporation and trade it in the GATT shell. He seems to have the know how with all his experience. -From GATT's June 2001 filing, Duane Boyd and Matthew O'Hayer entered into a consulting agreement with the Company. These individuals receive no immediate compensation from such agreements, but rather will receive future compensation in the form of cash, or, at the Company's sole option, common stock based upon the future stock price of the Company's common stock.
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