Looking back at AirNet
The mistruths run rampant at AirNet. When U.S. Check reorganized and went public, the company had a chance, yet they kept the same "good ole boys" in charge, who were pushing the bible on everyone yet out rolling on their free time. If you paid the least bit of attention to things where you were at PDQ or went up to the dispatch office you would see the revolving door of support staff. Even mid level management never seemed to have stable positions. The company went public yet was not ready to, Mercer went south and all of the fools were left in place. CEO after CEO, big promises and big dreams yet nothing ever seemed to change. If they had picked a CEO based upon previous success instead of industry relations things may have changed. If they had paid attention they could have marketed the company to FEDEX at the time and everyone would be in a different position right now. For now, the company will flail until the last asset is sold.
Bayside was not foolish in acquiring the company for the price paid, add up the estimate values of the aircraft on hand and the accounts at the time of acquisition.
I look back at the firestorm with Airnet when it started, sold my stock out at 15 a share and went on my way. I feel compassion for those who stayed, yet honestly, the red flags were everywhere with Airnet, everywhere, you just had to look past the good ole boys.