PRRM USXP_$4K RVMN THTHF etc.
So many. Throw in WEBS Webs Street Securities the first low
cost $5 commissions -- was free if did a Naz trade 1K+ shares
at a time. Floated a stock at $20 and died like EGGS (the
old Egghead stores that hit $20 & died.) $20 seems to be a
magic draw. See VPHM had crash from high $110 to $20 then
hung in $2 range post crash only to rebound on heavy Vol to current H&S top $20 again. Hope they do find the cure for
common cold as promised!
Check out this story on USXP. $4K in cash!?@#$
NEW YORK, Dec 16, 2005 3:45 pm (BUSINESS WIRE) --
Universal Express, Inc. (OTCBB: USXP), addresses AirNet Systems, Inc. (NYSE:ANS) Press Release today entitled, "AirNet Systems, Inc. Announces Termination of Letter of Intent." AirNet Systems Press Release can be found at http://biz.yahoo.com/prnews/051216/clf024.html?.v=32
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Note the $4K 3Q cash on hand for USXP and they float $6.15 offer vs the trading price of $3.67 Santa comes early. Where the
heck do you imagine the coin will be found?! smell test
Mystery Buyer Delays AirNet Sale
Monday , December 05, 2005 16:39 ET
Dec 05, 2005 (Regional Aviation News/Access Intelligence via COMTEX) -- AirNet Systems' [ANS] potential buyer needs two more weeks to examine the books of the largest overnight courier of cancelled checks.
Nov. 30 was the target closing date for the $46.2 million deal that would take AirNet private. The Columbus, Ohio-based cargo operator announced last week that it had granted the undisclosed buyer an additional two weeks to complete its due diligence.
On Oct. 26, AirNet announced that a "nationally recognized, private equity investment firm" made an offer to buy all of AirNet's stock at $4.55 share (RAN, Oct. 31). At that time, the carrier said the review period could possibly be extended until Dec. 15 - the day before its long-delayed annual meeting. Even if the deal is closed on Dec. 15, the company will hold a separate shareholder's meeting to consider the sale.
AirNet has refused to disclose its suitors, or what the future or shape of the company will be. When the Cleveland investment banker, Brown Gibbons Lang, began marketing AirNet last spring, it was suggested that the company might be split into two.
AirNet's long-established business has been as an overnight courier service shuttling canceled checks and other bank documents between branches. The future of this business line is endangered as the nation's financial community begins to switch to digital rather than physical transmission of check data as authorized by the so-called Check 21 legislation, which took effect in October 2004.
AirNet's bank services unit revenues grew by $2.5 million, or 9.4 percent, to $29.1 million in the third quarter over the same period in 2004. However, the bulk of that growth, $2.1 million, came from fuel surcharges passed on to clients. In its third quarter report, AirNet said the total check volume has decreased slightly in 2005 compared to the same period of 2004.
In a diversification move, AirNet several years ago created a passenger charter operation, dubbed JetRide. The JetRide revenues increased by 23.8 percent in the third quarter to $5.2 million. Earlier in the year, several groups of new shareholders sought to remove AirNet CEO Joel Biggerstaff, contending that the creation of JetRide was not a wise diversification move since the charter business is an established and competitive field.
When AirNet announced the potential sale in October, the $4.55 per share offer was less than what the stock had recently been trading at. The day before the offer, the shares were trading at $5.15 a share, which would have valued the sale at $52.3 million. Since the announcement, the price has never closed as high as the $4.55 per share offer, and for several days traded in the $3.97 range.
When AirNet announced its third quarter earnings last month, it took a $16 million impairment charge to adjust the company's book value to the proposed sales price valuation. The valuation was reviewed - and accepted - by an independent, but unnamed, third party, AirNet said.
In addition to announcing the extension of the due diligence period, AirNet last week said it had retained Giuliani Capital Advisors to conduct an independent review of the $4.55 offer and provide a fairness opinion. The New York firm, headed by former Mayor Rudolph Giuliani, includes the former Ernst & Young Corporate Finance unit.
An AirNet spokesman said that Giuliani's firm is not the same firm that provided the independent assessment of the $16 million impairment.
AirNet's special board committee that is handling the sale "believed it was prudent to retain a second independent financial advisor," said James Riddle, the company's lead director.
"I think that is good," said Phillip Goldstein, of New York-based Opportunities Partners, which owns 13.1 percent of AirNet's stock and led one of the groups that tried to oust Biggerstaff.
"I think the company is being sold too cheap. I am in favor of getting the most money possible," he added.
AirNet has received one unsolicited offer from Florida-based Universal Express [USXP]. It is not clear how seriously the board has reviewed the offer of $6.15 per share, or more than $62.4 million in all.
For more than two months before the pending sale was announced, Universal Express had been talking to AirNet and its advisors, said Robert Altomare, CEO of the logistics company. "We are still perplexed why their investment banker thought the lower bid was in the best interest of the shareholders."
In the last several years, Universal Express has made attempts to purchase existing carriers, including North American Airways and Alpine Air Express [ALPE]. In these deals, the proposed sales were never completed and in some cases deposits were never made. Universal Express has been trying to buy a cargo carrier to ferry luggage. One of the firm's units, Luggage Express, spares air passengers the hassle of lugging suitcases through airports and security. For a fee, it will provide door-to-door pick-up and delivery of the luggage.
"We bring the luggage business, the relationships with the couriers and most importantly - which they know - we are bringing two other acquisitions, one charter and one cargo. We are bringing a lot more than what people see," Altomare told Regional Aviation News. Because of confidentiality agreements, he would not disclose the two operators that he is trying to buy.
Admitting that Universal Express is a "minnow trying to eat a whale," Altomare said he has lined up an established investment bank and two lenders to make a deal. According to Universal Express' third quarter statement, it had $4,034 in cash on hand and an accumulated deficit of $62.2 million. It reported a loss of $3.2 million in the quarter on revenue of $219,172.
Universal Express and Altomare continue to face a compliant filed in March 2004 by the U.S. Securities and Exchange Commission (CRAN, Oct. 25, 2004, p. 1). The case is set for final pre-trial motions next July.
Goldstein told Regional Aviation News that Altomare has been in touch with him seeking support.
"I want the most money I can get. As to whether the offer is credible or not, that is up to the board to determine," Goldstein said. "I have spoken to the guy. I don't care if OJ Simpson wants to buy the company, as long as he has a check that doesn't bounce. I don't care about anybody's past."
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