What Goes Around, Comes Around

In 2003, I did some work for a client who was seeking to raise capital for a bid to buy the assets of bankrupt Midway Airlines.  Based at RDU airport, Midway had been in chapter 11 bankruptcy for over 2 years, then converted to a chapter 7 (liquidation) case.

With a very tight time frame set by the bankruptcy trustee, we were not able to raise enough capital to pursue a bid, but I sat in the courtroom on the day Mesa Air Group outbid Cerberus Capital for Midway’s remaining assets.

As a side note, I also lost $1.00 that day to former Midway CEO Bob Ferguson on an over/under bet concerning the winning bid.  I picked ‘over’ and upon reflection later realized I had simply made a dumb bet.

So today we read that Mesa Air Group has now filed a chapter 11 bankruptcy.  Click here for more…

What goes around, comes around.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: