There's so much BS out there about XJT, ManaAir, etc. But the details are all right here in the SkyWest annual report from last year. http://inc.skywest.com/assets/Upload...nualReport.pdf page 76

Summary
1) The "asset sale" - UA bought some assets related to XJT from SkyWest for $60mil. " including, among other things, aircraft engines, auxiliary power units, rotable spare parts, ground support equipment and flight training equipment" Note there is no mention of ManaAir related to these assets

2) ManaAir acquired all stock (kind of implying remaining assets) from SkyWest for $16 mil. Kair Enterprises, Inc, is mentioned as the majority owner of ManaAir with United being a minority owner. In the UA annual report from last year, it clearly states that UA owns 49.9% of ManaAir, leaving Kair Enterprises as the 50.1% owner.

3) as part of the deal, SkyWest made a loan to Kair Enterprises of $26mil. Hmm...….

Net - ManaAir did not buy XJT for $60mil or $76 mil. UA bought sims, parts and support equip for $60 mil and ManaAir bought the cert, the employees and the training program for $16mil. And ManaAIr is owned 50.1% by Kair Enterprises and 49.9% by UA.

So what does XJT really own? Seems to me the following:
a) operating certificate
b) stable of well trained and current pilots, FA's, Ops folks, MX folks, etc
c) great EMB145 AQP program
d) a bunch of building leases...…

What's the value of these things in this environment?

And Kair Enterprises had a loan from SkyWest for $26mil. No info on the terms.




Here's the relevant section of the SkyWest annual report for reference

ExpressJet Sale
On January 22, 2019, the Company completed the previously announced sale of its wholly owned subsidiary
ExpressJet. The Company anticipates the sale of ExpressJet will result in a gain in 2019. The closing of the transaction
was completed in two parts, through an asset sale and stock sale, as further described below.


Asset Sale
On January 11, 2019, pursuant to the terms and conditions of the Asset Purchase Agreement, dated as of
December 17, 2018 (the “Asset Purchase Agreement”), by and among the Company, ExpressJet and United, United
acquired certain specified assets and liabilities of ExpressJet, including, among other things, aircraft engines, auxiliary
power units, rotable spare parts, ground support equipment and flight training equipment for $60.0 million in cash,
subject to certain purchase price adjustments (the “Asset Sale”). Certain assets and liabilities of ExpressJet were
expressly excluded from the Asset Sale.

Stock Sale
Additionally, on January 22, 2019, pursuant to the terms and conditions of the Stock Purchase Agreement, dated
as of December 17, 2018, by and among the Company and ManaAir, LLC, a company in which United owns a minority
interest (the “Buyer”), the Buyer acquired all of the outstanding shares of capital stock of ExpressJet from the Company
for $16.0 million in cash, subject to certain purchase price adjustments (the “Stock Sale,” and collectively with the Asset
Sale, the “ExpressJet Sale”). To facilitate payment of the purchase price for the Stock Sale, at the closing of the Stock
Sale, the Company loaned $26 million to Kair Enterprises, Inc., the majority owner of the Buyer. The Company agreed
to lease 16 CRJ200 aircraft to ExpressJet for up to a five year term as part of the transaction.