I was actually thinking of starting this very thread. I have a small position @ $1.99/ share and watched it go up to $3+ in anticipation of the SKYW $3.50/ share deal but I didn't sell and then when the deal fell apart it went down to where it is now. I'm thinking of adding a lot at these prices, but there is a significant risk. July 31 at 5:00 pm Eastern time XJT will know how many notes are being submitted for repayment, and if those holders will want cash, stock, or a combination. If everyone wants payment, and in cash it could be bad news
an excerpt from their SEC filing dated July 2
If we do not meet the conditions to using our Common Stock in connection with our obligation to repurchase Notes under the Indenture, we would be required under the Indenture to purchase with cash consideration all of the Notes tendered in this Offer to Exchange. In the event that we are so obligated to purchase the Notes for cash, we may default on that obligation and the Indenture and may have to seek bankruptcy protection or commence liquidation or administration proceedings. In that case, the Holders may not be repaid the principal amount of their Notes.
we also need to reduce overhead expenses consistent with the operation of a smaller fleet. Our initial goal is to reduce our annual operating costs by approximately $100 million, which will be necessary for us to be profitable. Although a significant portion of that amount will be volume-driven, we anticipate that overhead reductions will comprise at least 35% of that amount, which we intend to address through a reduction in workforce, wage concessions and other expense reductions. There can be no assurance that we will be successful in reducing our expenses or that we will be profitable in the future.