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National Airlines Could Be Sold For $40 Million  
User currently offlineDefunctairline From , joined Dec 1969, posts, RR:
Posted (13 years 3 months 1 week 2 days 4 hours ago) and read 2142 times:

I heard from an insider that the Las Vegas based national airlines could be sold to a holding company for a tentive 40 million. National Airlines is in chapter 11 bankruptcy.

29 replies: All unread, showing first 25:
 
User currently offlineNdebele From Germany, joined Apr 2001, 2899 posts, RR: 23
Reply 1, posted (13 years 3 months 1 week 2 days 4 hours ago) and read 1995 times:

Let me guess... American will buy National. They buy *every* airline, and 40 million, that's about as much as they pay for a single 738(!).

User currently offlineAKelley728 From United States of America, joined Dec 1999, 2189 posts, RR: 5
Reply 2, posted (13 years 3 months 1 week 2 days 4 hours ago) and read 1979 times:

I hope that CO buys National. National operates RR powered 757s, which would mesh perfectly with CO. CO needs a presence out west, and this would be perfect... it would give them an instant mini-hub in Las Vegas.

User currently offlineSkippy208 From , joined Dec 1969, posts, RR:
Reply 3, posted (13 years 3 months 1 week 2 days 4 hours ago) and read 1979 times:

Well, Defunctairline, better buy yourself a couple of extra Lotto tickets. This could be your big chance.

An insider?. Please.

Skippy


User currently offlineTripleseven From United States of America, joined Jul 2000, 118 posts, RR: 0
Reply 4, posted (13 years 3 months 1 week 2 days 4 hours ago) and read 1965 times:

Any idea when this might happen?

Didn't National just take delivery of another 757 this week?


User currently offlineB747-437B From , joined Dec 1969, posts, RR:
Reply 5, posted (13 years 3 months 1 week 2 days 3 hours ago) and read 1941 times:

Defunctairline - can you drop me a private email please. I have some questions for you about this. Thanks.

User currently offlineCactusA319 From United States of America, joined Jan 2000, 2918 posts, RR: 25
Reply 6, posted (13 years 3 months 1 week 2 days 3 hours ago) and read 1931 times:


$40 million? Sounds kind of cheap for an airline.


User currently offlineAKelley728 From United States of America, joined Dec 1999, 2189 posts, RR: 5
Reply 7, posted (13 years 3 months 1 week 2 days 3 hours ago) and read 1920 times:

CactusA319:

All of National's 757s are leased, so a $40 million price tag isn't too far-fetched.

Hmm, I wonder what 'assests' National has?


User currently offlineBen88 From United States of America, joined Dec 1999, 1093 posts, RR: 3
Reply 8, posted (13 years 3 months 1 week 2 days 3 hours ago) and read 1917 times:

More than kinda cheap. One fully owned 757 is worth twice that.

User currently offlineBen88 From United States of America, joined Dec 1999, 1093 posts, RR: 3
Reply 9, posted (13 years 3 months 1 week 2 days 3 hours ago) and read 1914 times:

Thanks Akelley didn't know that.

User currently offlineFxra From United States of America, joined Jul 1999, 705 posts, RR: 2
Reply 10, posted (13 years 3 months 1 week 2 days ago) and read 1874 times:

Maybe Pan Am will buy them... again.

Still, even without airplanes.. that seems kinda cheap.



Visualize Whirled Peas
User currently offlineDefunctairline From , joined Dec 1969, posts, RR:
Reply 11, posted (13 years 3 months 1 week 2 days ago) and read 1871 times:

history repeats it self

User currently offlineCactusA319 From United States of America, joined Jan 2000, 2918 posts, RR: 25
Reply 12, posted (13 years 3 months 1 week 2 days ago) and read 1850 times:


Yeah I could really see Pan Am buying them. Start up that non-stop ABE-LAS service or SFB-GYY-LAS. Although it would be cool to see a PA 757 in GYY....what am I saying????


User currently offlineTravelin man From United States of America, joined Mar 2000, 3489 posts, RR: 0
Reply 13, posted (13 years 3 months 1 week 1 day 23 hours ago) and read 1835 times:

Hmmm...I have tickets on National to go LAX-LAS in June. I wonder if they'll still be operational then?

User currently offlineVirginA340 From United States of America, joined Jul 2005, 15 posts, RR: 0
Reply 14, posted (13 years 3 months 1 week 1 day 23 hours ago) and read 1828 times:

Hey guys; did it ever occur to you that if PA 3 buys National that they could go out of business like PAN AM 2 when they bought Canival Airlines? Remember that when you buy any airline in chapter 11; You also buy the debt that come with it along. I can hear the pitter patter feet of the credititors running in you direction now wanting their money or else. If Dave Fink is smart that he will stay out of this. Right now I think he should just keep PAN AM 3 focused on the eastcoast and the Carribbean as well as the charter operations. Rumor has it that PA will have scheduled flights to Canada. They already service that country as a charter.


"FUIMUS"
User currently offlineCactusA319 From United States of America, joined Jan 2000, 2918 posts, RR: 25
Reply 15, posted (13 years 3 months 1 week 1 day 23 hours ago) and read 1826 times:


Pan Am 3 won't buy anything man. It's a joke. They can barely keep themselves alive, they're going to take over a bankrupt airline with a completely different route structure and niche. It just won't happen.



User currently offlineHa2vegas From United States of America, joined Apr 2001, 148 posts, RR: 0
Reply 16, posted (13 years 3 months 1 week 1 day 22 hours ago) and read 1813 times:

More likely that someone is interested in Harrah's partial ownership of the airline.

$40 mil would recoup their investment, but anyone who ponied up that kind of cash would still own only about 43% of National, pending the bancruptcy resolution.

Incidentally, Harrah's today filed suit against one of the National Airlines Board members for refusing to sign a participatory agreement regarding the use of an $8.6 mil line of credit with Nevada State Bank.

Harrah's has already paid some bills that were presented against the line of credit, and wants the Director to pay his share of the liability, about $4.8 mil.


User currently offlineDefunctairline From , joined Dec 1969, posts, RR:
Reply 17, posted (13 years 3 months 1 week 1 day 22 hours ago) and read 1804 times:

Isn't the casinos putting there backing ?


Also in bankruptcy it's .10 on a dollar - so if there debt is 100 Million they only pay 10 Million


User currently offlineCactusA319 From United States of America, joined Jan 2000, 2918 posts, RR: 25
Reply 18, posted (13 years 3 months 1 week 1 day 22 hours ago) and read 1804 times:

Yes exactly, Harrah's Hotel and Casino.



User currently offlineHa2vegas From United States of America, joined Apr 2001, 148 posts, RR: 0
Reply 19, posted (13 years 3 months 1 week 1 day 22 hours ago) and read 1794 times:

The casinos (with the exception of Harrahs) have so far refused any investment in the airline.

User currently offlineDefunctairline From , joined Dec 1969, posts, RR:
Reply 20, posted (13 years 3 months 1 week 1 day 20 hours ago) and read 1768 times:

************UPDATE********************

National Airlines will fly normal during and after the sale. This is Michael Conways only option to aviod closing down


User currently offlineNAAcrew From United States of America, joined Oct 2001, 44 posts, RR: 2
Reply 21, posted (13 years 3 months 1 week 1 day 19 hours ago) and read 1756 times:

Tuesday, March 13, 2001
Copyright © Las Vegas Review-Journal

NATIONAL RECEIVES INVESTMENT PROPOSAL





Las Vegas-based National Airlines, under Chapter 11 bankruptcy protection, has received an investment proposal from an aerospace-related company, an airline spokesman said Monday.

"We notified the (bankruptcy) court that we had in fact received a financial proposal in February," Dik Shimizu said.

"We also told them we are making progress with this group. We did not have a final agreement at that time. We are still negotiating with them."

He said National will take a look at anybody that presents a plan with capital.

"We're going to do what's in the best interest of this airline," he said.

Shimizu dismissed speculation that billionaire financier Carl Icahn is a leading suitor for National after being snubbed Monday in his bid to stop American Airlines from acquiring Trans World Airlines.

He said Icahn and National Chief Executive Officer Mike Conway are acquaintances and "periodically speak to each other," dating back to when Conway was at America West.

Shimizu would neither confirm nor deny if the two have spoken about National's bankruptcy situation.

"We don't talk about who we have negotiations with," he said. "Never did, never will."

National continues to operate its regular schedule of 28 to 30 daily flights in and out of McCarran International Airport.

-- REVIEW-JOURNAL

Could Mr. Icahn be the next buyer? (I'm surprised you guys dont check news releases on the web) I would maybe think "Defunctairline" comment "history repeats itself" as maybe Carl is waiting in the wings for a buy out! If he does buy National, there goes another good airline down the tubes.

Bob


User currently offlineVirginA340 From United States of America, joined Jul 2005, 15 posts, RR: 0
Reply 22, posted (13 years 3 months 1 week 1 day 19 hours ago) and read 1745 times:

If Ichan buys this airline you can bet thatthose pilots and FAs will walk off the job rather than have their penisons sucked dry, take paycuts, screwed and lied to and then have the company cut off limb by limb and then cease and disist within 10 years. This will be yet another dark day in aviation history. This would truely be a day that will go down in infamy.


"FUIMUS"
User currently offlineRominato From United States of America, joined Nov 1999, 268 posts, RR: 1
Reply 23, posted (13 years 3 months 1 week 1 day 18 hours ago) and read 1724 times:

Do you have something against National? It seems like every other day you're starting a topic that somehow celebrates the demise of National. Did they do something to tick you off or what?

Just curious...


User currently offlineDefunctairline From , joined Dec 1969, posts, RR:
Reply 24, posted (13 years 3 months 1 week 1 day 17 hours ago) and read 1713 times:

This new business plan with expand National to an international airline.

25 Ha2vegas : I do read the news... From the Las Vegas Sun: Today: April 25, 2001 at 10:48:53 PDT National Airlines board member sued by casino partner A subsidiary
26 Defunctairline : National Airlines has been offered $100 Million for all assets of the company and a full debt settlement.
27 Srbmod : An aerospace holding company? Could be one of three possiblities: Jet Acquisition Group (one of the bidders for TWA), Global Airlines (yet another one
28 Defunctairline : The Flight Attendents have said to Michael Conway who is not in favorte in this sale, we will walk if you don not sell. Natonal can not get any credit
29 Tripleseven : So, when can we expect to hear an announcement?
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