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.