Originally Posted by
hoover
I used to work for Xtra when the buyout was supposed to happen. Long story short Xtra never received all of the money so the certificate never transferred owners. Both are still separate. Which leads me to the question of who's certificate did they finally buy since I thought PEX gave up on trying to get their own.
PEX paid Xtra a money just to say they bought them so they could raise more money from investers to complete the buyout. Which never happened.
Hoover,
After a some internet searching around, I guess the trail started with Xtra. At some point, as you reported, the deal was not completed. This led to PEX to go after the assets of Ryan which looked promising. But after some digging on behalf of the PEX group, the FAA was going to deny the bid due to Ryan's suspect of the health of the assets and certificate for rapid resumption of services. PEX was offering $500K (yes, thousand) for Ryan assets, but removed themselves from the bidding Feb. 13, 2014. Now it looks like the likely target for PEX is Sky King. But things seem a bit in flux for PEX with the reported resignation of President Mike Morisi and promotion of Jeff Erickson formally of Atlas taking over PEX.
FAJ