Hooters air bid goes bust

[P][BR][A href=http://www.thekansascitychannel.com/money/1686928/detail.html]http://www.thekansascitychannel.com/money/1686928/detail.html[/A][/P]
[P][BR]AMong other things they found Hooters to be inadequate. Can't please everybody I guess.[/P]
I guess someone had to say it went bust.
Maybe Vanguard was looking for a bigger cup -sorry I couldn't resist. But in all seriousness, good luck to all those associated with Vanguard!
[BLOCKQUOTE][BR]----------------[BR]On 9/25/2002 7:56:00 PM ITRADE wrote:
[P]I'm gonna get flamed for this one...[BR][BR]Maybe, it went T1TS up???[/P]----------------[/BLOCKQUOTE]
[P]No flaming here...most of us know you are somewhat politically incorrect. But that really was funny.[/P]
I know I have had a little fun on this thread. I wish the best to all 1000 of you! I enjoyed working with all of you. And as a point of thought ---Vanguard went out with a perfect safety record --- something to be proud of.
Hey I hear there is a new offer on the table and possibly even another one according to the CEO??? Any info anyone?
Posted on Fri, Oct. 04, 2002

New, undisclosed bidder makes offer on Vanguard Airlines
The Kansas City Star

Vanguard Airlines Inc. may be on life support, but the carrier says it's not dead yet.

Vanguard has received another offer to acquire the bankrupt carrier's assets, said Scott Dickson, the airline's chairman and chief executive officer.

Dickson declined to identify Vanguard's latest suitor. Last week, Vanguard's board of directors rejected a proposal to be bought by an investor group led by Robert H. Brooks, chairman of Hooters of America Inc.

It's difficult to say who the new bidder might be, although it could be someone not in the airline business. Vanguard has let its gate leases go at Kansas City International Airport, and it now has just one leased plane, which allows it to keep its operating certificate, the airline's key asset.

Vanguard had set Thursday as the deadline for other proposals to buy the carrier's assets out of bankruptcy.

Dickson said that Vanguard might yet receive a second new offer, although he would not comment further.

More information probably won't be available until the latter part of next week, he said.

We have to convene our board of directors and work through the (bankruptcy) court and the creditors committee, he said. But things are looking up, definitely.

After years of losses, Vanguard shut down and filed for Chapter 11 bankruptcy protection on July 31, laying off more than 1,000 employees and stranding about 6,500 customers.

For several weeks after the shutdown, Brooks provided more than $350,000 to allow Vanguard to maintain a skeleton staff while he evaluated a possible acquisition. But last week, Vanguard's board of directors and creditors committee deemed Brooks' bid insufficient.

Brooks said last week he did not plan to make a second offer for Vanguard, although he indicated that he might look for other investment opportunities in the airline industry.

Vanguard maintained about 80 employees immediately after its shutdown, but the airline now has only six persons remaining. Vanguard has proceeded with liquidation plans amid the possibility that it could be revived from bankruptcy.

The company has surplus equipment valued at more than $4 million that could be liquidated and distributed to creditors.