Mesa seeks relief - Hawaii Business

Mesa seeks relief - Hawaii Business

There are 17 comments on the Honolulu Star-Bulletin story from Jan 6, 2010, titled Mesa seeks relief - Hawaii Business. In it, Honolulu Star-Bulletin reports that:

Mesa Air Group Inc., faced with millions of dollars in annual lease payments for dozens of idled aircraft, attempted for two years to lower its expenses.

Join the discussion below, or Read more at Honolulu Star-Bulletin.

Since: Nov 09

Keauhou, HI

#1 Jan 6, 2010
Why should holders of Mesa stock be left with valueless stock because Mesa wants to restructure to reduce its debt and operating fleet. It's not as if they are going belly up.
Why buy any stock if the company can render your investment worthless at their whim.
John Spain

Laguna Niguel, CA

#2 Jan 6, 2010
Can the shareholders look forward to seeing Mr. Ornstein in prison? Look at how and what Jon Ornstein has done to the stock of MESA over the past three years, while he has drained more and more money into his pocket. Justice would indicate JO serve at least 10 years.
etops

Oklahoma City, OK

#3 Jan 6, 2010
The same guys that "speared" others with bankruptcy now seeks bankruptcy as his "shield!" What a crock!
Rubba Slippa Man

AOL

#4 Jan 6, 2010
How do you spell relief????????
poetic justice

Kailua, HI

#5 Jan 6, 2010
They are just frauding investors, in short stalling so the CEO can maintain his high salary for just a bit longer, for the inevitable bankruptcy. CEO pay and contracts should be wiped out in bankruptcy also and re-negotiated. They claim it is due to a lost contract with UAL. Bogus. They are ideling app 75 planes out of how many? Why don't they use those planes in other mrkts, afterall they claim thier business plan is working? Bottom line, basically all airlines are loosing money and to loose less, you have to have the lowest % of planes flying vs competitors. If these planes were brought in gradually with CASH, this would also not be a problem to idle them. Competitors only have to copy Mesa and in time, Mesa will go under because it is smaller and equally leveraged with debt. Just GO away Mesa. Pun intended. Didn't work for airlines but can't stand cheats that give other hardworking CEO's a black eye with your coniving practice of looking at Aloha's books so you would know how to burry them under the guise of being an ally. Sounds like a traitor to me.
poetic justice

Kailua, HI

#6 Jan 6, 2010
Flexo wrote:
Why should holders of Mesa stock be left with valueless stock because Mesa wants to restructure to reduce its debt and operating fleet. It's not as if they are going belly up.
Why buy any stock if the company can render your investment worthless at their whim.
That was the PLAN from the get go. That is one of the main covenants of stock, that is can go bankrupt and stockholders loose everything. Many airlines have had multiple bankruptcies. The pie is too small to have this many airlines. ie if there are 12 carriers, none make enough to cover fixed expenses. The problem is, if there is too few; then they tend to act like oligopolies since they just copy each other. Gvt wants a lot of airlines because airplane production is a strategic defense item that is complicated to produce. Other strategic industries of the U.S. are healthcare(rich people need poorer people spending money looking for those miracle cures because what good is money if you can't live long and healthy), defense(protect the riches interest), technology, and food. It is no mistake the U.S. leads in all these industries. P.S. Would be interesting to see if CEO was paid in stock options which is customary or mostly in cash. Furthermore, was this RENEGOTIATED because he knew co was going to declare bankruptcy and WHEN.
Lord Haha

Lahaina, HI

#7 Jan 6, 2010
Can Mesa get a "bailout"?

The old planes are surplus...write them off via depreciations schedules and the IRS will send you a check to continue operations.

Too many planes spoil the soup.

Oufit these planes as "drones" and remotely fly them over Pakistan.

I think the stock is a buy at $.03 cents a share. I tried to get some this morning but the bid price was $.05. Now that's way over priced. I would purchase Mesa on the spot at $.02 cents per share. That would be a little cheaper than toilet paper.
Domino

Honolulu, HI

#8 Jan 6, 2010
Tailspin?
Pua

Waipahu, HI

#9 Jan 6, 2010
In other words-- Mesa will stick it to the creditors who have kept them afloat the last year or so. They will walk away & leave the creditors holding the bag. And then Mesa will shuffle around & put a big push on the go! Mokulele flights in an attempt to scuttle Hawaiian Airlines.(There's a reason they didn't include go! Mokulele in the bgankruptcy filing.) Mesa & its CEO, Ornstein, have got to rank at the very top of the scumbag list!!
Fair is fair

Saint George, UT

#10 Jan 6, 2010
Well. if the worst happens, I am sure the State will step up with all sorts of special benefits to help the Mesa employees. Just like Aloha, right?
alice

Hanalei, HI

#11 Jan 6, 2010
they are going down
Fe e

Montréal, Canada

#13 Jan 6, 2010
It's that hanabada husler again. more snivel drivel.
alice

Hanalei, HI

#14 Jan 6, 2010
I don't trsut them!
MokeHo

Garden Grove, CA

#15 Jan 6, 2010
At last Mesa Airlines has paid the price for putting Aloha airlines out of business. I hope they have long multi-year leases on those idle airplanes sitting on the tarmac.
Truth

Pearl City, HI

#16 Jan 6, 2010
i love it when a CEO says they have a business that works right after they file for bankruptcy. Fact is the excess aircraft belong to various leasing companies and Mesa went into Chapter 11 to downsize the fleet by getting the leases cancelled in Bankruptcy so they could return the excess metal to the leasing companies. Mesa might be a different kind of BK because the company might have enough cash to avoid debtor is possession financing and preserve the existing shares (no need to wipe out the shareholders and issue new shares to those holding claims). No doubt BK is a risky route, but Mesa had no choice, they were bleeding cash due to lease payments on parked planes. The had to strike now while they had the cash to survive a BK and shed the excess metal.
Moolah

Laie, HI

#17 Jan 6, 2010
So do they pay their local handling companies that keep their worthless airlines flying? I heard that the handlers aren't getting paid.
Dow Jones

UK

#18 Jan 6, 2010
The proverbial 'tailspin' handwriting's on the wall. NASDAQ took Mesa off it's Stock lists.

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