Captain Tony

May 6 is the last day to file objections to Mesa's plan to terminate its aircraft leases. May 13th is the hearing date. The guy on ourasa didn't say anything about May 5th. However, there are several "in the know" GO rats (Biscuit) running around saying something is going to happen May 5th.

InvertedLoop

My prediction. Mesa and Delta announce a settlement on the ERJ's May 5th so they can include the ERJ in the return leases on the 13th so they can get to their ultimate goal of coming out of bankrupcy with just 700/900s.

winglet

Panama Jones,

The only significance of May 5th concerning MAG is that it was the original deadline for MAG to submit a Plan of Reorganization. That deadline has been extended to September 2nd.

See my previous posts on this issue:

Post #587

Post #590

Post #600

The next important date is a hearing on May 13th concerning claim settlement procedures.

winglet

GearMover

I agree with InvertedLoop. Mesa wins they go to Delta and offer to get the ERJ out of the Connection system for a LARGE fee. Delta wins the planes will be parked within a few days. Flying the ERJ doesnt fit in a world where 50 seat airplanes are not wanted or needed. I don't think thats going to change anytime soon. If Mesa can dump those airplanes AND have some cash to aquire new aircraft or maybe a nice new lawn jockey for JO's house in Hawaii I bet they will jump at the chance.

However it turns out I know one thing for sure. As soon as Freedom/Mesa gets out of the Connection system some furloughed 1st or 2nd year FO will be on here crowing how he/she is glad Mesa is gone and glad they will "get our flying back" They will go on to bash Mesa and Freedom on how they bring down the industry. They will go on to state that as soon as they get their recall notice they leave that FO job that is paying them $18hr. When they are asked simple questions like: When did Comair go on strike or why did Freedom (the Delta Connection addition) come into being they wont know the answer. They will just know they are getting what they deserve.

A few more days and we shall see whats going to happen.

hslightnin

i can totally go for another paid summer vacation, if you guys are right i think thats gona happen

winglet

The March MOR has been submitted.

Summary:

Total Revenue: $72,669,000
Total Operating Expenses: $71,551,000
Total Non-Operating Income (Expense): ($767,000)
Income (Loss) Before Reorganization Items and Income Taxes: $824,000
Income (Loss) Before Discontinued Operations: ($2,328,000)
Net Income (Loss): ($2,328,000)

Total Assets: $946,387,000
Total Liabillities: $843,126,000
Total Liabilities and Stockholder's Equity: $946,387,000

Cash and Cash Equivalents at End of Period: $54,109,000
Cash and Cash Equivalents at Beginning of Period: $78,707,000
Increase (decrease) in Cash and Cash Equivalents: ($24,598,000)

Foley, Paul F $12,788.52

winglet

Aquapilot

Thanks Winglet for the continual updates.

As suspected, they are really going to have to cut some expenses to get back in the black

winglet

Aquapilot,

The negative numbers are reflecting the fact that MAG is now beginning to park a large number of aircraft (United Express) but is still obligated to pay leases and interest payments on the aircraft that haven't yet been "rejected or abandoned". The clock is ticking and there is now some intense pressure to settle the litigation issues and/or get new lease and debt agreements approved by the Court before the piggy bank is empty.

winglet

eaglefly

I wonder if certain parties could stall things out at Mesa's detriment. It wouldn't surprise me to believe some involved in the process would like this.

pdub20s

And I finally end up on the street.