midway's return?

gilbertguy

Senior
Aug 29, 2002
368
0
As the pieces seem to be falling into place, what''s the status of Midway?
They were having problems ''mustering'' the money together to return in Oct. Any idea on their startup as a RJ operator?
 
OP
G

gilbertguy

Senior
Aug 29, 2002
368
0
On 9/27/2002 4:14:50 PM RDU Jetblast wrote:

They just auctioned all of their ground equipment, maintenance equipment, computers and furniture last weekend. Their hope was to raise some cash from the auction but there hasn't been any news on the results of the sale. I think Bob plans to load, fuel, fix and fly all by himself.
 

RDU Jetblast

Veteran
Aug 20, 2002
819
91
North Carolina
They just auctioned all of their ground equipment, maintenance equipment, computers and furniture last weekend. Their hope was to raise some cash from the auction but there hasn't been any news on the results of the sale. I think Bob plans to load, fuel, fix and fly all by himself.
 

airknocker

Member
Aug 21, 2002
52
0
Didn't Wexford Management,aka Republic/Chautaugua/Shuttle America, loan Midway $8 million early this year? Whats the status of that money?
 

Ex-Midway

Newbie
Aug 21, 2002
5
0
www.usaviation.com
I'm kinda guessin' they spent it-or most of it anyway...

Supposedly, the company and the pilots finally reached a no-kidding tentative agreement which should be signed soon.

Word is--the only stumbling block was the pilot's contract and now that hurdle is cleared.
 
OP
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gilbertguy

Senior
Aug 29, 2002
368
0
Thanx for the updates....good luck to you Midway folks.....see you around at US Express.....
 

RDU Jetblast

Veteran
Aug 20, 2002
819
91
North Carolina
I don't know about that. JI successfully managed to double dip on their collateral. For example, JI promised aircraft parts to Wexford at discounted prices but quietly sold them to the highest bidder. This bothered Wexford who complained to the BK court. If I understand the USAir loan, in order to secure it, JI used slots into Reagan and LGA as collateral if they default or fail to get into the air by a certain date. I remember reading that these slots were also promised to Wexford but I don't trust my long term memory on that one. As for the Wexford loan, WRAL reported a while back that they burned through 10 Mil of it.

I don't have links but I believe you can pull the stories from the N&O website.
 

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