The Appeals Court ruled against ATA and it's award from the FDX lawsuit. Based on what is stated in GAL's Q3 (10-Q) financial statement and it's restructuring plan, I would be concerned about the viability of the company. Below is an excerpt:
SEC Info - Global Aviation Holdings Inc - 10-Q - For 9/30/11
Our strategic initiatives are focused on, among other things, the cost savings described above, cash to be generated through capital restructuring options currently under discussion with key equity and debt holders, and progress on implementing our revenue initiatives, including increasing revenues through entitlement and rates from our AMC business. We believe that cash generated from operations and to be provided through capital restructuring options, coupled together with the timing of cash outflows and existing cash balances will be sufficient to meet our operating requirements and other obligations over the next 12 months; however, our ability to generate cash through the capital restructuring options under discussion will significantly depend on our ability to implement our strategic initiatives and the absence of adverse developments in the appeal of the judgment entered in favor of the ATA bankruptcy estate against FedEx. We cannot provide any assurances that we will be successful in accomplishing any of these initiatives on terms acceptable to us or at all, which could have a material negative impact on our financial condition or results of operations.
I truly wish you all the best of luck.
S