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Post# of 319093
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Alias Born 03/03/2010

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Wednesday, 03/03/2010 10:47:16 AM

Wednesday, March 03, 2010 10:47:16 AM

Post# of 319093
MESAQNext CEMJQ DD AND FACTS filed for BK to cancel/restructure excess leases and not to cancel the common equity. It will take months for POR and court decisions. Latest MOR(Monthly Operating Report) out last week. MESAQ in the initial stages of BK process, with pps at the base low price 0.07. Here is some DD & facts on MESAQ.

1) no DIP financing needed and hence common equity holders are not in a disadvantage.

2) Chapter 11 was not caused by any Debt or covenant default ; Also, there is no cash liquidity constraint and hence no DIP.

3) Asset vs liability looks attractive.

4) Chapter 11 filed to restructure the unused and excess leases, to benefit of MESA.

5) If any new code sharing agreements announced ( with United, Delta etc), then MESA will really FLY.

6) Cash position increased to $68 million as of latest MOR ending Jan 31, 2010.

7) debt to equity conversion occured in 2009, which is a good reason to preserve & enhance equity value during and after BK.

8) Millions of dollars currently spent each month on unused and excess planes. Contracts will be renegotiated/cancelled thru BK court. Any court decision will be better than the current situation, IMO.

9) Court is expected to rule in favor of MESA in the case against Delta for $70 mil claim very soon.

MESAQ is a good BK play like GGWPQ, CEMJQ, PGPDQ etc.

MESAQ check the chart last time it had this setup over a 100% gain

http://finance.yahoo.com/echarts?s=MESAQ.PK#chart3:symbol=mesaq.pk;range=1y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined

go back to March 17 2009 see it at .07 then see what happens now look to the far right of the chart see the exact same setup???

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