If Mesa files Chapt. 11 then Delta will pull their contract, and so will US Air. Not sure about United but both Delta and US Air dont want to have anything to do with them anymore. If Mesa goes bankrupt then its basically over for them.

Whats the point in the shareholders meeting, if the date that they will be delisted is before it?

Maybe they're going to appeal.

That's the old policy. Now the U.S. Bankruptcy Court requires DIP financing before the company can even file for CH.11. No DIP your going to CH.7! I really don't think JO can get DIP if MAG were to declare bankruptcy. I mean it's not like MAG is an integral part of the airline trasportation system like say Delta or American are. There are plenty of players to pick up the routes and contracts flown my MAG, so it's not like if MAG were to go into bankruptcy there would be a huge halt in flights across the U.S.

This is a critical point. Naturally nobody wants to be contractually locked to a bankrupt regional feeder, so that is a routine contract clause.

With everyone looking to unload regional capacity in general, (and mesa in particular) a Ch.11 filing would provide an easy out for DAL for sure, USA almost for sure, and probably UAL as well.

Loss of even one major codeshare combined with very low propsects for DIP financing would almost certainly cause a judge to shut them down if they file Ch.11.

For this reason I think JO will not intentionally attempt to use Ch.11 as a reorganization tool. He'll probably go kicking and screaming straight into Ch.7, following FBI raids on the Crystal Palace.

Boy there's a lot of dirt and skeletons in every crevice of that building waiting to be found!;)

What's the best case scenario for mesa? I'm thinking with all that they owe and their contracts up in the air, there is none.

Best case is they start selling stuff..Would they rather keep GO! or there United/USair flying. I think they could sell off there east coast flying to AirWilly and maybe The west coast flying to SkyWest. Or its a free for all when they fill Ch.11. Or someone puts up allot of money and bails them out.

And we think there's a lot of 121 guys on the streets right now....wow.

Yup, there will be alot of Mesa pilots on the streets. But they maybe able to find another job relatively quick becasue their will probably be airlines calling back and maybe hiring to cover their flying. PSA, Piedmont, and Air Wisconsin would get alot of their guys back for the US Airways flying. Im sure Skywest will cover the United side. Mesaba will hire more pilots becasue Im sure that the Delta flying will go to them and not Comair. If they do give it to Comair then they will get to recall their pilots. RAH will probably get all of their pilots back.