Sat, Dec 20, 2003
Says ACA's Antitrust Claims Aren't True
Mesa Air Group says it has been advised of a Washington (DC)
federal judge's ruling handed down Thursday, which was "in favor of
certain aspects of Atlantic Coast Airlines's lawsuit against
Mesa.
Although the judge denied all of Atlantic Coast's claims with
respect to antitrust violations, the judge issued a preliminary
injunction against Mesa, stopping it from moving ahead with its
attempt to overthrow the ACA board of directors.
In a statement to Aero-News, Mesa said it does not believe
Atlantic Coast's antitrust claims have any basis in fact and was
surprised with the judge's grant of temporary injunctive relief
when the judge herself admitted that "Atlantic Coast also has not
established a substantial likelihood of succeeding on its claim
that United is an undisclosed participant in Mesa's
solicitation."
Mesa said it was pleased, however, that the judge denied all of
Atlantic Coast's claims with respect to Securities Act violations,
including, among other things, the allegation that Mesa's Consent
Solicitation proxy contained false and misleading information, that
Mesa did not disclose United as a participant, as well as claims of
conflict of interest between Mesa, its board of directors and
certain officers of Mesa.
The airline says the
judge also turned away allegations that Mesa misled investors about
its history of profitability and that several Mesa insiders engaged
in insider trading.
Mesa says it's now deciding whether to appeal the consent
solicitation and its potential exchange offer. In addition, as a
result of Thursday's ruling, the company may just give up and sell
its Atlantic Coast share holdings.
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