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.

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