Schultze Asset Opposes MAIR HOLDINGS (MAIR) Acquisition Plans, Wants Big Sky Subsidiary Sold

Investing

Published: April 27, 2007 2:40 am

From 13D Tracker

In a 13D filing on MAIR HOLDINGS (Nasdaq: MAIR), Schultze Asset Management disclosed a 5.9% stake in the company and said they are disappointed that the Company may be planning to pursue acquisitions that may be outside of the airline industry using shareholders’ cash. The firm believes the board’s and Company’s best course of action would be to distribute any and all cash remaining after the reorganization transaction to shareholders as soon as possible in a tax-efficient manner.

Separately, the firm believes that the Company should initiate efforts to sell its Big Sky subsidiary as soon as possible by retaining a nationally recognized investment bank to do so.

The firm believes that the shares are substantially undervalued based on the amount of cash that would be distributed to shareholders in the event the board implements its suggestions.

The firm said it may make proposals to the board, seek to change the composition of, or seek representation on, the board, all with the underlying purpose of increasing shareholder value. In addition, the Reporting Persons may acquire additional shares (i) for investment purposes, (ii) to change or influence the control of the Company, and/or (iii) with a view toward a possible acquisition of the Company.

www.13dtracker.blogspot.com

Cash Back Credit Cards Have Never Been This Good

Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.