Guest

National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 2:09 am

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.
 
Ndebele
Posts: 2847
Joined: Mon Apr 09, 2001 3:16 am

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 2:20 am

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(!).
 
akelley728
Posts: 1965
Joined: Tue Dec 07, 1999 12:35 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 2:25 am

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.
 
Guest

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 2:26 am

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

An insider?. Please.

Skippy
 
Tripleseven
Posts: 114
Joined: Mon Jul 24, 2000 2:19 am

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 2:34 am

Any idea when this might happen?

Didn't National just take delivery of another 757 this week?
 
B747-437B
Posts: 8777
Joined: Thu May 30, 2002 6:54 am

RE: National Airlines Could Be Sold For $40 Millio

Thu Apr 26, 2001 3:17 am

Defunctairline - can you drop me a private email please. I have some questions for you about this. Thanks.
"The A340-300 may boast a long range, but the A340 is underpowered" -- Robert Milton, CEO - Air Canada
 
CactusA319
Posts: 2822
Joined: Fri Jan 21, 2000 1:51 am

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 3:33 am


$40 million? Sounds kind of cheap for an airline.
 
akelley728
Posts: 1965
Joined: Tue Dec 07, 1999 12:35 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 3:43 am

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?
 
ben88
Posts: 1037
Joined: Fri Dec 31, 1999 4:49 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 3:43 am

More than kinda cheap. One fully owned 757 is worth twice that.
 
ben88
Posts: 1037
Joined: Fri Dec 31, 1999 4:49 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 3:45 am

Thanks Akelley didn't know that.
 
fxra
Posts: 600
Joined: Fri Jul 16, 1999 1:03 am

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 6:04 am

Maybe Pan Am will buy them... again.

Still, even without airplanes.. that seems kinda cheap.
Visualize Whirled Peas
 
Guest

RE: National Airlines Could Be Sold For $40 Millio

Thu Apr 26, 2001 6:14 am

history repeats it self
 
CactusA319
Posts: 2822
Joined: Fri Jan 21, 2000 1:51 am

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 6:52 am


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????
 
travelin man
Posts: 3198
Joined: Tue Mar 14, 2000 10:04 am

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 7:13 am

Hmmm...I have tickets on National to go LAX-LAS in June. I wonder if they'll still be operational then?
 
VirginA340
Posts: 2556
Joined: Sun Jul 17, 2005 12:35 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 7:20 am

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"
 
CactusA319
Posts: 2822
Joined: Fri Jan 21, 2000 1:51 am

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 7:23 am


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.

 
ha2vegas
Posts: 147
Joined: Wed Apr 11, 2001 1:02 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 8:20 am

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.
 
Guest

RE: National Airlines Could Be Sold For $40 Millio

Thu Apr 26, 2001 8:48 am

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
 
CactusA319
Posts: 2822
Joined: Fri Jan 21, 2000 1:51 am

Defuntairline

Thu Apr 26, 2001 8:52 am

Yes exactly, Harrah's Hotel and Casino.

 
ha2vegas
Posts: 147
Joined: Wed Apr 11, 2001 1:02 pm

RE: National Airlines Could Be Sold For $40 Millio

Thu Apr 26, 2001 8:55 am

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

Update

Thu Apr 26, 2001 10:47 am

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

National Airlines will fly normal during and after the sale. This is Michael Conways only option to aviod closing down
 
NAACREW
Posts: 167
Joined: Fri Oct 19, 2001 3:05 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 11:10 am

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
 
VirginA340
Posts: 2556
Joined: Sun Jul 17, 2005 12:35 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 11:33 am

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"
 
rominato
Posts: 258
Joined: Sat Nov 27, 1999 12:18 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 12:31 pm

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...
 
Guest

RE: National Airlines Could Be Sold For $40 Millio

Thu Apr 26, 2001 1:08 pm

This new business plan with expand National to an international airline.
 
ha2vegas
Posts: 147
Joined: Wed Apr 11, 2001 1:02 pm

RE: National Airlines Could Be Sold For $40 Million

Thu Apr 26, 2001 2:26 pm

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 of Harrah's Entertainment Inc. filed a lawsuit in Clark County District Court accusing a board director of bankrupt National Airlines of breach of contract.

The suit, filed Monday by Harrah's Operating Co. Inc., seeks more than $4.8 million from Robert K. Moses, described in the filing as a director of and investor in Las Vegas-based National.

The suit says Harrah's, also an investor in National, Moses and National President Mike Conway signed a series of agreements outlining their respective participation in the airline's $8.6 million line of credit with Nevada State Bank.

When National filed for Chapter 11 bankruptcy protection Dec. 6, Moses and Conway held about 56 percent of the ownership of the airline and Harrah's held about 43 percent.

Shortly after the bankruptcy filing, the suit said, Conway and Harrah's signed amendments on participatory rights on the line of credit, but Moses refused to sign after they were orally agreed to by each party.

On Dec. 18 and 19, $8.6 million in sight drafts were delivered against the letter of credit and Harrah's paid the bills.

In the suit, Harrah's has asked Moses to pay his share of the $8.6 million liability, estimated at $4.8 million.

Moses could not be reached for comment.

 
Guest

National Has Been Offered 100 Million

Fri Apr 27, 2001 4:11 am



National Airlines has been offered $100 Million for all assets of the company and a full debt settlement.


 
srbmod
Posts: 15446
Joined: Tue Mar 20, 2001 1:32 pm

RE: National Airlines Could Be Sold For $40 Million

Fri Apr 27, 2001 4:23 am

An aerospace holding company? Could be one of three possiblities: Jet Acquisition Group (one of the bidders for TWA), Global Airlines (yet another one of the groups that tendered an offer for TWA), and Carl Icahn (no further explaination needed). Icahn has already said that he would pony up the cash to either buy of start up an airline for his lowestfare.com website. National would be a good starting place for such an arrangement, but the deal that Icahn had with TWA is what put TWA into the hands of American. Nothing is really known about Jet Acquisition or Global Airlines, but it wouldn't surprise me if Frank Lorenzo (one of Dubya's friends) isn't behind this offer for National. If the actual bidder is another airline, the ideal choice would be someone like ATA. They currently operate the 757. and also currently fly to LAS. This would give them a hub at LAS in which to strengthen western operations. Delta would be unlikely to do it due to the recent labor troubles, but it wouldn't be surprising to see either Delta, Continental or Northwest being the bidders on National in order to strengthen themselves piece by piece.
 
Guest

FAs To Conway : Sell Or Where Walking

Fri Apr 27, 2001 11:27 am

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 since the bankruptcy and since the casinos said " No more money Mike ". I think this is the best deal for them
 
Tripleseven
Posts: 114
Joined: Mon Jul 24, 2000 2:19 am

RE: National Airlines Could Be Sold For $40 Million

Fri Apr 27, 2001 11:36 pm

So, when can we expect to hear an announcement?