There's a wonderful article in the "World History" part of the World Airways web site at www.worldair.com It gives this carrier's interesting and storied past. World recently moved its headquarters to Atlanta, and is now run by Hollis Harris, a legendary airline executive. Its MD11 fleet seems close to fully-utilized these days, and its passenger DC10s are also in good use. This is largely the result of World's having regained its position as a primary provider of airlift to the US military, and succesfully marketing itself to a few cruise companies and for subservice to at least one international airline. However, it had planned to move aggressively into the cargo charter side, and acquired a couple of DC10s from Continental for conversion to freighters. Rumour has it that those are currently sitting around in the slow economy, and it's anyone's guess how that is going to affect the balance sheet, which otherwise would likely have been improving, in my view. It has stabilized some things, like maintenance costs; it recently entered into a power-by-the-hour engine maintenance agreement on its MD11s with Delta, which adds some predictability, and Delta will also do much of its heavy maintenance work on the MD11s.
The Yahoo! board on WLDA is, in my view, quite negative, and dominated by some negative posters who seem to confuse success and viability as an airline with a sterling stock price. World is unlikely to be a monster moneymaker any time real soon, in my view, but I also think that they will hang on, doing what they do well, for some time, unless the expenses associated with the cargo expansion kill them. (I doubt this to be the case, assuming that the lease prices on their DC10s are as low as I would expect them to be in the current market for old 3-holers.) Just my 2 cents, of course.