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It's a shame... I agree!
Regards
Don't sound good.
Many people buy shares today.
Look SOFN is back in the play.
Predictions for tomorrow?
Open @ $0.12
No, I always go to the hole. Lol
It say;
Issue New shares to creditors!
It dosn't say:
MESAQ shares are worthless!
PRESS RELEASE: Mesa Air Group Exits Chapter 11 as a Strong, Competitive Airline
PRESS RELEASE: Mesa Air Group Exits Chapter 11 as a Strong, Competitive Airline
Mesa Air Group Exits Chapter 11 as a Strong, Competitive Airline
PHOENIX--(BUSINESS WIRE)--March 01, 2011--
Mesa Air Group´s Plan of Reorganization became effective today, allowing the company to emerge from its reorganization under Chapter 11 of the U.S. Bankruptcy Code. Mesa and its related subsidiaries entered bankruptcy protection on January 5, 2010 and Mesa´s exit from bankruptcy protection in 13 months places it among the fastest reorganizations in aviation history. Mesa is well positioned to compete aggressively in the regional aviation industry, having shed inefficient aircraft, significant debt and extended our partnership with US Airways.
In celebrating the company´s emergence, Mesa Chairman and Chief
Executive Officer Jonathan Ornstein said: "Today marks a new beginning
for Mesa, one that allows the company to build on its almost 30-year
history and reestablish ourselves as one of the world´s leading regional
airlines. We are deeply appreciative of the support we have received
during our reorganization from our creditors, airline partners and
employees, and we will work hard to repay this trust by building a
successful Mesa Air Group."
The Company´s restructuring accomplishments included:
-- Elimination of 100 excess aircraft and associated leases and debt which
contributed to the deleveraging of Mesa´s balance sheet in the
approximate amount of $700 million in capitalized leases and $50 million
in debt;
-- Restructuring of aircraft leases and financings for Mesa´s remaining CRJ
200 and Dash 8 fleets resulting in flexibility, no long term lease
exposure and lower costs on the CRJ 200 50-seat regional jet aircraft;
-- Emerging as a private company that will issue four new series of notes,
shares of common stock, and/or warrants to purchase shares of its common
stock to its creditors in exchange for their claims in the Chapter 11
proceedings;
-- Extending the term of the code-share agreement with US Airways through
September 2015.
"Upon our exit from bankruptcy, we will take the intensity and effort of
the past 13 months and transfer it from the triage of the bankruptcy
process to focus on opportunities that exist in our rapidly changing
industry," continued Ornstein. "Throughout our bankruptcy the Company´s
operations remained at the highest level of reliability and safety. Our
people did a fantastic job and nothing reflects their competitive spirit
better than the fact that during our bankruptcy Mesa consistently
delivered operational performance which continues to lead the regional
airline industry in nearly every category monitored by the U.S. Dept. of
Transportation.
"This strong operational performance came during a time when many of our
employees contributed to our financial savings by taking additional
unpaid days off. This level of dedication and the resulting operational
performance has provided a solid foundation upon which to return our
airline to sustained profitability and future growth. In addition,
through the restructuring process Mesa is among the first regional
airlines to address the risks associated with fifty-seat regional jet
aircraft which have increasingly fallen out of favor with mainline
carriers. We believe the elimination of exposure related to this fleet
provides Mesa with a significant competitive advantage," noted Ornstein.
"We would like to welcome the new members of Mesa´s Board of Directors
who will be joining us today including: Daniel J. Altobello, retired
Chairman of LSG/Sky Chefs Onex Food Services, Inc.; Ellen N. Artist, ENA
Advisors, LLC; Mitchell I. Gordon, President, Morpheus Capital Advisors;
Dana J. Lockhart, DJL Advisors, LLC; Grant Lyon, President, Odyssey
Capital Group; Harvey W. Schiller, Vice Chairman and President of the
Sports, Media, and Entertainment Practice of Diversified Search Odgers
Berndtson; Mark J. Schulte, Managing Director and head of transportation
investment banking at Dahlman Rose & Co.; Don Skiados, President,
Leadership Communications and Training, LLC. We look forward to working
with all of our new Board members and are honored to have such
distinguished individuals serving the Company," said Ornstein.
"In addition, we would also like to thank our retiring Board members for
their service, dedication and friendship over the years including:
Richard R. Thayer; Carlos E. Bonilla; Joseph L. Manson; Maurice A.
Parker; Peter F. Nostrand; Robert Beleson," added Ornstein.
"Finally, we would like to thank all of the stakeholders who worked with
the Company during our restructuring as well as our restructuring
advisors Pachulski Stang Ziehl & Jones LLP, our corporate counsel DLA
Piper, LLP (US), and our financial advisors Imperial Capital, and the
others that have helped make this possible, including the support of our
airline partners, customers and the communities we serve," concluded
Ornstein.
Mesa currently operates 76 aircraft with approximately 450 daily system
departures to 94 cities, 38 states, the District of Columbia, and
Mexico. Mesa operates as US Airways Express and United Express under
contractual agreements with US Airways and United Airlines, respectively,
and independently as go! Mokulele. This operation links Honolulu to the
neighbor island airports of Hilo, Kahului, Kona and Lihue. The Company
was founded by Larry and Janie Risley in New Mexico in 1982.
Statements in this news release that are not historical facts, including
statements regarding our estimates, expectations, beliefs, intentions,
projections or strategies for the future, may be "forward-looking
statements" as defined in the Private Securities Litigation Reform Act
of 1995. All forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially from
the estimates, expectations, beliefs, intentions, projections and
strategies reflected in or suggested by the forward-looking statements.
Investors and other interested parties can obtain information about
Mesa´s Chapter 11 filing on the Internet at Mesa-air.com. Court filings,
claims information and our Plan of Reorganization are available at:
www.dm.epiq11.com/mesa. Caution should be taken not to place undue
reliance on Mesa´s forward-looking statements, which represent Mesa´s
views only as of January 20, 2011, and which Mesa has no current
intention to update.
CONTACT: Mesa Air Group
Chris Pappaioanou, 602-685-4052
SOURCE: Mesa Air Group
Copyright Business Wire 2011
44M. traded
time for a short squeeze.
They going private and down too zero. IMO
Shorters + Dilution?
Bank of Ireland (NYSE:IRE) has a short interest ratio of 0.2 based on average daily volume of 4 million shares and 737,000 shares short. That equates to 0.1% of the 1.3 billion shares outstanding.
Last week, Northern Trust Corporation (NTRS: 51.57 -0.64 -1.23%) announced the acquisition of Bank of Ireland Securities Services (BOISS) for $82 million (€60 million).
BOISS, the fund administration unit of Bank of Ireland (IRE: 2.23 -0.03 -1.33%), comprise the fund administration, investment operations outsourcing and custody business of the bank. Dublin-based BOISS is the largest Irish-owned asset administration provider of specialised, client-driven services to a broad range of funds, including mutual money-market, multi-manager, exchange-traded funds (ETFs), and property funds, serving both the on-shore and off-shore markets.
The acquisition is expected to close in the second quarter of 2011, depending on applicable regulatory approvals and other customary closing conditions.
Through this acquisition, Northern Trust expects to combine the fund administration business with existing activities in Ireland and continue to provide the outstanding consumer service and solutions to clients. The acquisition will improve and expand Northern Trust’s Global Fund Service capabilities, particularly in the fund administration and ETFs.
Owned 36% by the government, Bank of Ireland, is selling assets in an effort to raise 2.2 billion euros of additional capital required by the central bank. The banks in the country are under pressure as bad loan losses are escalating subsequent to the collapse of the domestic real-estate bubble.
Northern Trust anticipates that on completion of the transaction, combined assets under custody and administration in Ireland will increase by approximately $96 billion (€70 billion).
On the other hand, the deal will increase Bank of Ireland’s core Tier 1 capital by €40 million and also the financial potential of the bank. Since 2000, Northern Trust has been providing custody and fund administration services to clients from its Dublin office and opened its Limerick operations in 2006.
Earnings Recap
Last month, Northern Trust reported fourth-quarter earnings of 64 cents per share, below the Zacks Consensus Estimate of 71 cents per share. The decrease was attributable to low interest rate environment, which negatively affected net interest income and trust fees.
Our Take
The combined entity is expected to boost Northern Trust’s position in Ireland and will make the company more competitive in the market. Further, we expect increased asset management and servicing fees based on improvement in equity markets and higher volumes. The company is also poised to benefit with the growth in client network.
However, we expect low interest rate environment to continue restraining earnings, impacting net interest income and securities lending fees. Moreover, the Dodd-Frank Act will ring in numerous regulatory changes over the next several years, which might act as a deterrent to the company’s fundamentals.
1. Naked shorts have to cover ?
2. Delution A/S 900M. new shares?
What you think?
MESA AIR GROUP INC T-3/A 2/28/2011 N/A
Filing on Nasdaq Finance
April 2011 or somewere in 2015????
Good volume... a lot off buyers
No PR information from the company.
The new FINRA rule about shorting: short positions have to be covered the same day with the same volume as shorted. Meaning there won't be any significant failures to deliver anymore AND if there are some SFTD left, they will all need to be covered before the 28th. So, there could be happening a big short squeeze here!
Don't sell your shares!!!!!
IMO
The new FINRA rule about shorting: short positions have to be covered the same day with the same volume as shorted. Meaning there won't be any significant failures to deliver anymore AND if there are some SFTD left, they will all need to be covered before the 28th. So, there could be happening a big short squeeze here!
28% down after houres. That's a joke... or a SCAM. IMO
No thanks... too match nightmares. Lol
Corporate Governance
Mesa Air Group Inc.'s Corporate Governance Quotient (CGQ®) as of Feb 1, 2011 is better than 80.8% of CGQ Universe companies and 48% of Transportation companies.
GOOD LUCK
Sofn go back too the dollar range, and join the Nasdaq!!!!!
(where jou belong)
Weeeeeee
Because only a new CEO can this turn arround.
they can make profits with EVLN SWRS BMGI
The EVFN projects needs a strong hand to finish succesfull. IMO
This doesn't mean that I'm happy with my EVFN & SWRS shares.
IMO This week-end and Monday something gonna happen.
Ire get the 2.4B euro togeter.
According the press is DM (private) bankrupt, not the company.
The "EVLN 10Q filing gonna be late" papers are signed by Mister Chambers (normal CEO DM signs the filings.)
SWRS a month ago have no BID... now SWRS is back a live.
IMO. There is a power fight going on in the companies, DM has always problems with the managers whoes run the co's.
1. Inside problems with AOOR managment
2. DM start up SWRS (a piece from AOOR) and fired the new CEO after 1 month, pps down to $0.0001.
ps: All we need are good CEO's... DM is history. IMO
It's something between EVLN and BMGI managment.
Have nothing to doe with EVFN. IMO
FINE GEAL winner
GO IRE
This was the last day on this board, IMO, with the MESAQ ticker.
Mesa emerges from bankruptcy
By: Gregory Polek
February 25, 2011
Regional Airlines, Air Transport and Cargo
Phoenix-based Mesa Air Group expected to emerge from Chapter 11 bankruptcy in February, after the U.S. Bankruptcy Court for the Southern District of New York in late January approved its reorganization plan.
Mesa listed as its main restructuring accomplishments the extension of its code-share agreement with US Airways through September 2015, the elimination of more than 100 aircraft leases and financings that contributed to the "deleveraging" of its balance sheet by $700 million in capitalized leases and $50 million in debt; the restructuring of aircraft leases and financings for its fleet of Bombardier CRJ200s and Dash 8s, resulting in flexibility and no long-term lease exposure on the 50-seat CRJ200s; and its emergence as a private company, issuing new notes, common stock and warrants to its creditors.
During its restructuring, Mesa cut the size of its fleet from 178 airplanes to 76 CRJ700 and CRJ900 regional jets, while losing a long fight to maintain its Delta Connection code-share contract. The plan cedes control of the carrier to unsecured creditors and grants US Airways a 10-percent stake in the regional group. Mesa and its various units operate as US Airways Express, United Express and go!Mokulele in Hawaii.
EVFN Pinks Limited Information
Chapter 11 NO
Chapter 7 NO
Any hope YES
It isn't over yet.
I don't know. We need another CEO... not a good salesman.
Load zone!
Why are you always here?
Seems to me boring, no?
A very cheap stock, after the gain figures they releast.
US airways is in a WIN/WIN deal here. They extend MESA'S CPA, offering to pay rates that are significantly lower than pre BK, then they let MESA continue to spiral down with what is certain to be a failed emergence from BK since the payment obligations after BK exit are higher than MESA can possibly sustain. Anyone who has done the financial analysis knows I am correct.
Eventually MESA will liquidate operation. All pilots and FA's are let go. Obviously no other airline is interested in MESA crews since they are probably the least valuable and unlikely to be of any interest as far as integration ( Those of you who have insight know what I am talking about without going into detail (Go jets/freedom airlines employees). I seriously doubt any airline would want to touch that group. Only the 900's are of any value. Previously there was a dollar value attached to the CPA with USAIRWAYS but any "REAL" airline would never be able to operate under such a deal thus the CPA would have to be renegotiated.
USAIRWAYS CPA negotiator should get a bonus for this. Basically USAIRWAYS gets bottom rate regional feed from a defunct operation, then when they liquidate they simply take the money they saved ( and made millions in interest) and enter into a CPA with a viable regional airline.
BRILLIANT!
Sentiment : Strong Buy
Copy; yhaoo board by trajan 77
I's a conclusion I make, after reading this Sofn board.