I’ll weigh in on this one and consolidate what some folks have already said. Mesa still has two standing viable, current contracts. When the bankruptcy court grants the approval to exit bankruptcy, it will be with a business plan that many parties have vetted. At that point, Mesa, a streamlined, debt balanced company, could be “in play” and be bought by another company who would absorb and possibly diversify into the United and USAir contracts with the 700 and 900 flying.
The chances of Mesa just “going away” is too remote and unlikely to even comment on. The UAL and USA contracts with the 7 and 9 flying alone more than likely would stop such an event. Doing a quick scan of the APC profiles show only Mesaba has more 900’s, 3 more, than Mesa. Raise a little money with the sale of GO (to who I don't know!?), and let Piedmont pick a PHX base and everybody’s happy.
My friends there pretty much feel the only way forward, the lesser of evils, would be a purchase of the company, anything to shed their management. Becoming a division of a viable other airline may be a nice change. Who knows, but I guess we will all see soon enough.