no way someone walks in and buys it without:

1) bringing pay current 1.5 mil (guess) 3 pay periods
2) having enough to make pay current and keep it current for some time until revenues allow for company to be operated with positive cash flow
3) makes payroll taxes, quarter ends sept 30
4) works a deal with airport auth for back rent 880k owed
5) reworks leases or gets a deal on those
6) pays insurance premiums going forward
7) proves to state,federal agencies including but not limited to
IRS,FAA,DOT,DOL, and others that it has cash to operate properly

we are not going from the frying pan into the fire... no way, no mas

 

And my high-up buddies @ MBDA said that it is in the contract. MBDA had to pay the fuel cost, which is why they were upset over the -200 as the fuel burn is significantly less on the -300s and -500s (well, should be about the same, same motors, right?).

 

this legal case should be shortlived when the judge denies the first motion, and says, "if you ever bring this (brown baby ruth lookin stuff) back into my court, I'll hit you myself"

 

So what are the odds someone comes in and buys us this week...I'm sayin' not very good.

 

Why assume all the liabilities just to get some outdated equipment and no ongoing business? They really did it this time.

 

There is at least one investment group that has agreed to assume ALL of Pace's debt and pay a significant amount of cash to Mr. Rogers. The roadblock is that allegedly, Mr. Rogers has sold 50% of the company stock to Mr. Lee Booth who assumed 50% of the debt. Apparently, Mr. Booth wants to play "hardball". I'm on the outside looking at this kinky drama unfold, but it appears that Rogers and Booth have little, if any, bargaining power and this group of investors is too smart to pay these clowns more than $ 1.50 without 100% ownership of the company and it's assets.

My opinion, and I'm just a tea leaf reader, is that the investor group will just wait until the N.C. Dept of Labor (along with federal authorities) have conducted a full and complete investigation of Pace Airlines; Mr. Bill Rogers; Darrell Richardson; and Stuart Carney and then they can buy the remains at a "fire sale", bargain basement price after legal action has been taken.

The unfortunate aspect of this melodrama is that a lot of good people will loose their livelihood because of the arrogance, ignorance and egos of a few individuals that seems to put themselves above everyone else. It's unfortunate that one individual can gain control and then destroy a company all within 100 days.

G'Luck to everyone at Pace

 

OH ...ME...

 

why bring Jo H into it? Is she involved?

 

Jo Harding is apparently listed as a officer of the corporation and as such, is "fair game" for anyone that wants a target to aim at. That's the benefit of being an Officer of any corporation. I don't know who "Jo" is except she, assuming it's a woman, is listed as Vice President-Chief of Staff.

Far be it from me to know the players in this kinky melodrama. The music just gets crazier with every stanza.

G'Luck Mates

 

I noticed the 757 was flying yesterday. Weren't all operations suspended on Friday due to the act of vandalism on a Pace executive? Or is it possible that Triton has asked for their airplanes to be returned? This would explain why the MLW aircraft are still flying - because they are owned by MLW.