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

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…

By Douglas A. McIntyre
Published April 27, 2007, 2:40am ET · 1 min read

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.
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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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