MESA AIR GROUP INC - FORM 8-K - EX-99.1 - MONTHLY OPERATING REPORT - December 22, 2010

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Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
 
 
Debtors: Mesa Air Group, Inc., ET AL. (1)
Case Number: Jointly Administered 10-10018 (MG)
 
 
Monthly Operating Report for the Period:
Month ended November 30, 2010
 
Federal Tax ID # 85-0302351
 
Debtors' Address:
410 N 44th Street Suite 700
Phoenix, AZ 85008
 
 
Monthly Net Income/(Loss): ($0.304) million
 
 
Debtors' Attorney:
Pachulski, Stang, Ziehl & Jones LLP
780 Third Avenue, 36th Floor
New York, NY 10017-2024
Telephone: (212) 561-7700
Fax: (212) 561-7777
http://www.pszjlaw.com
 
 
Report Preparer: Mesa Air Group, Inc.
 
The undersigned, having reviewed the attached report and being familiar with the Debtors'
financial affairs, verifies under the penalty of perjury that the information contained therein is
complete, accurate and truthful to the best of my knowledge. (2)
 
 
 

Date: December 20, 2010   

/s/ Mike Lotz                  
     Mike Lotz
     President and Chief Financial Officer
 
 
(1) See next page for a listing of Debtors by case number.
(2) All amounts herein are unaudited and subject to revision. The Debtors reserve all rights to revise this report.

 

 

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
     
(1) The Debtors in these jointly administered cases are as follows:    
     
    Case
Debtor Name
  Number
Mesa Air New York, Inc.   10-10017
Mesa Air Group, Inc.   10-10018
Mesa In-Flight, Inc.   10-10019
Freedom Airlines, Inc.   10-10020
Mesa Airlines, Inc.   10-10021
MPD, Inc.   10-10022
Ritz Hotel Management Corp.   10-10023
Regional Aircraft Services, Inc.   10-10024
Air Midwest, Inc.   10-10025
Mesa Air Group Airline Inventory Management, LLC   10-10030
Nilchi, Inc.   10-10027
Patar, Inc.   10-10028

 

 

Case Number: 10-10018 (MG) (Jointly Administered)

- 2 -

MESA AIR GROUP, INC., ET AL.
SCHEDULE OF DISBURSEMENTS
         
    Disbursements for Disbursements for Disbursements for
  Case month ended month ended month ended
Debtor Name
Number
November 30, 2010
October 31, 2010
September 30, 2010
Mesa Air New York, Inc. 10-10017 -   -   -  
Mesa Air Group, Inc. 10-10018 1,235,603  1,510,870  967,890 
Mesa In-Flight, Inc. 10-10019 -   -   -  
Freedom Airlines, Inc. 10-10020 284,979  306,684  986,910 
Mesa Airlines, Inc. 10-10021 38,975,470  37,390,290  39,452,779 
MPD, Inc. 10-10022 108,220  129,536  142,280 
Ritz Hotel Management Corp. 10-10023 -   -   -  
Regional Aircraft Services, Inc. 10-10024 530,217  533,859  498,269 
Air Midwest, Inc. 10-10025 -   211  -  
Mesa Air Group Airline Inventory Management, LLC 10-10030 4,159,024  8,107,204  3,345,808 
Nilchi, Inc. 10-10027 -   -   -  
Patar, Inc. 10-10028 -   -   -  
         
    Disbursements for Disbursements for Disbursements for
  Case month ended month ended month ended
Debtor Name
Number
August 31, 2010
July 31, 2010
June 30, 2010
Mesa Air New York, Inc. 10-10017 -   -   -  
Mesa Air Group, Inc. 10-10018 1,520,408  1,421,392  1,852,506 
Mesa In-Flight, Inc. 10-10019 -   -   -  
Freedom Airlines, Inc. 10-10020 1,681,799  1,615,132  2,019,124 
Mesa Airlines, Inc. 10-10021 32,573,328  42,081,014  49,986,705 
MPD, Inc. 10-10022 86,100  107,657  136,761 
Ritz Hotel Management Corp. 10-10023 -   -   -  
Regional Aircraft Services, Inc. 10-10024 552,482  571,129  803,034 
Air Midwest, Inc. 10-10025 -   342  10,500 
Mesa Air Group Airline Inventory Management, LLC 10-10030 6,858,455  6,127,031  7,688,568 
Nilchi, Inc. 10-10027 -   -   -  
Patar, Inc. 10-10028 -   -   -  
         
    Disbursements for Disbursements for Disbursements for
  Case month ended month ended month ended
Debtor Name
Number
May 31, 2010
April 30, 2010
March 31, 2010
Mesa Air New York, Inc. 10-10017 -   -   -  
Mesa Air Group, Inc. 10-10018 2,487,310  1,688,784  1,348,840 
Mesa In-Flight, Inc. 10-10019 -   -   -  
Freedom Airlines, Inc. 10-10020 1,898,294  2,339,613  2,275,702 
Mesa Airlines, Inc. 10-10021 36,930,775  45,289,526  77,630,776 
MPD, Inc. 10-10022 151,703  140,811  150,175 
Ritz Hotel Management Corp. 10-10023 -   -   -  
Regional Aircraft Services, Inc. 10-10024 531,676  526,302  262,892 
Air Midwest, Inc. 10-10025 51  21  2,249 
Mesa Air Group Airline Inventory Management, LLC 10-10030 6,541,883  8,900,924  7,614,996 
Nilchi, Inc. 10-10027 -   -   -  
Patar, Inc. 10-10028 -   -   -  
         
    Disbursements for Disbursements for  
  Case month ended January 5, 2010 to  
Debtor Name
Number
February 28, 2010
January 31, 2010
 
Mesa Air New York, Inc. 10-10017 -   -    
Mesa Air Group, Inc. 10-10018 1,244,806  1,128,964   
Mesa In-Flight, Inc. 10-10019 -   -    
Freedom Airlines, Inc. 10-10020 1,945,715  1,137,194   
Mesa Airlines, Inc. 10-10021 30,568,004  20,791,947   
MPD, Inc. 10-10022 156,100  102,356   
Ritz Hotel Management Corp. 10-10023 -   -    
Regional Aircraft Services, Inc. 10-10024 519,981  575,558   
Air Midwest, Inc. 10-10025 147  195   
Mesa Air Group Airline Inventory Management, LLC 10-10030 5,833,085  811,717   
Nilchi, Inc. 10-10027 -   -    
Patar, Inc. 10-10028 -   -    

 

 

Case Number: 10-10018 (MG) (Jointly Administered)

- 3 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
INDEX
         
         
Description       Page
Condensed Consolidated Debtors-in-Possession Statement of Operations for the month ended        
November 30, 2010 and filing to date       5
Condensed Consolidated Debtors-in-Possession Balance Sheets as of November 30, 2010        
and all subsequent periods post-petition date       8
Condensed Consolidated Debtors-in-Possession Statement of Cash Flows for the month ended        
November 30, 2010 and filing to date       11
Notes to the Condensed Consolidated Monthly Operating Report       14

 

 

 

 

Case Number: 10-10018 (MG) (Jointly Administered)

- 4 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS

           
(In $U.S. 000's)   Month ended Month ended Month ended Month ended
    November 30, 2010
October 31, 2010
September 30, 2010
August 31, 2010
           
Revenues:          
     Passenger   $ 55,461  $ 57,080  $ 60,733  $ 65,145 
     Cargo   -  -  -  - 
     Other   301 
334 
456 
406 
          Total Revenue   55,762 
57,413 
61,188 
65,551 
           
Operating Expenses:          
     Flight Operations   15,042  14,983  14,270  16,942 
     Flight Operations - Nonoperating Aircraft   13  25  1,029  1,068 
     Aircraft Fuel   18,694  18,283  17,392  18,643 
     Aircraft and traffic servicing   3,835  3,798  3,567  4,008 
     Maintenance   9,797  13,481  8,300  12,508 
     Promotion and sales   372  468  363  449 
     General and administrative   4,019  4,322  4,804  3,501 
     Depreciation and amortization   2,951  2,942  2,879  3,160 
     Impairment of long-lived asset   - 
- 
- 
- 
          Total operating expenses   54,721 
58,304 
52,605 
60,279 
           
Operating Income (Loss)   1,041  (890) 8,584  5,272 
           
Nonoperating income (expense)          
     Interest Income   369  370  315  370 
     Interest Expense   (1,183) (1,199) (954) (567)
     Other, net (Note 9)   (562)
(336)
(708)
(469)
          Total Nonoperating income (expense)   (1,375)
(1,165)
(1,348)
(666)
           
Income (Loss) before reorganization items and income taxes   (334) (2,055) 7,236  4,605 
           
     Income taxes   (178) (6,322) (44,824) (116,776)
     Loss (Gain) on reorganization items (Note 5) (1)   148 
14,664 
134,345 
322,859 
           
Income (Loss) before discontinued operations   (304) (10,398) (82,285) (201,478)
           
Loss (Gain) from discontinued operations   - 
- 
(262)
- 
           
Net Income (Loss)   (304)
(10,398)
(82,023)
(201,478)
           
The accompanying notes are an integral part of the financial statements.
           
(1) The majority of reorganization expense in August, September and October was for unsecured claims related to the rejection of aircraft leases.

Case Number: 10-10018 (MG) (Jointly Administered)

- 5 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS

           
(In $U.S. 000's)   Month ended Month ended Month ended Month ended
    July 31, 2010
June 30, 2010
May 31, 2010
April 30, 2010
           
Revenues:          
     Passenger   $ 65,917  $ 73,955  $ 65,209  $ 70,078 
     Cargo   -  -  -  - 
     Other   425 
469 
424 
509 
          Total Revenue   66,342 
74,424 
65,632 
70,586 
           
Operating Expenses:          
     Flight Operations(1)   17,538  17,654  18,692  20,426 
     Flight Operations - Nonoperating Aircraft (1)   2,622  752  5,790  4,615 
     Aircraft Fuel   18,190  17,900  18,635  18,635 
     Aircraft and traffic servicing   3,929  3,751  3,604  4,258 
     Maintenance   17,148  12,142  12,288  14,217 
     Promotion and sales   472  738  468  263 
     General and administrative   3,095  4,449  3,169  3,330 
     Depreciation and amortization   3,215  3,343  3,328  3,330 
     Impairment of long-lived asset   - 
- 
- 
- 
          Total operating expenses   66,208  60,729  65,974  69,072 
           
Operating Income (Loss)   134  13,695  (341) 1,514 
           
Nonoperating income (expense)          
     Interest Income   393  441  370  381 
     Interest Expense   (1,316) (1,270) (1,349) (1,334)
     Other, net (Note 9)   (133)
(1,693)
(312)
(519)
          Total Nonoperating income (expense)   (1,057)
(2,523)
(1,291)
(1,472)
           
Income (Loss) before reorganization items and income taxes   (923) 11,173  (1,632) 42 
           
     Income taxes   (16,449) (162,400) (1,553) (937)
     Loss (Gain) on reorganization items (Note 5) (2)   43,414 
448,910 
2,553 
2,590 
           
Income (Loss) before discontinued operations   (27,888) (275,336) (2,633) (1,612)
           
Loss (Gain) from discontinued operations   - 
- 
- 
- 
           
Net Income (Loss)   (27,888)
(275,336)
(2,633)
(1,612)
           
The accompanying notes are an integral part of the financial statements.
           
(1) In June adjustments were booked reducing lease expense for rejected aircraft leases. Actual expense in June was $17,994 for flight operations and $2,558 for 
     flight operations - nonoperating aircraft.
           
(2) The majority of reorganization expense in June and July were for unsecured claims related to the rejection of aircraft leases.

Case Number: 10-10018 (MG) (Jointly Administered)

- 6 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS

           
(In $U.S. 000's)   Month ended Month ended January 5, 2010 Filing
    March 31, 2010
February 28, 2010
to January 31, 2010
     to Date     
           
Revenues:          
     Passenger   $ 72,669  $ 65,457  $ 61,488  $ 713,189 
     Cargo   -  -  -  - 
     Other   474 
463 
381 
4,642 
          Total Revenue   73,143 
65,921 
61,869 
717,831 
           
Operating Expenses:          
     Flight Operations(1)   20,697  19,787  20,719  196,750 
     Flight Operations - Nonoperating Aircraft (1)   4,512  5,291  2,163  27,878 
     Aircraft Fuel   18,745  14,992  15,953  196,060 
     Aircraft and traffic servicing   4,506  3,701  3,897  42,854 
     Maintenance   16,001  13,788  10,826  140,497 
     Promotion and sales   471  333  190  4,587 
     General and administrative   3,316  3,342  3,040  40,386 
     Depreciation and amortization   3,304  3,322  2,926  34,700 
     Impairment of long-lived asset   - 
- 
- 
- 
          Total operating expenses   71,551 
64,556 
59,714 
683,712 
           
Operating Income (Loss)   1,592  1,365  2,155  34,120 
           
Nonoperating income (expense)          
     Interest Income   370  369  322  4,069 
     Interest Expense   (1,381) (1,565) (1,343) (13,462)
     Other, net (Note 9)   244 
309 
(323)
(4,503)
          Total Nonoperating income (expense)   (767)
(887)
(1,344)
(13,895)
           
Income (Loss) before reorganization items and income taxes   824  478  811  20,224 
           
     Income taxes   (1,373) (132) (87) (351,030)
     Loss (Gain) on reorganization items (Note 5)   4,525 
854 
1,060 
975,922 
           
Income (Loss) before discontinued operations   (2,328) (244) (162) (604,668)
           
     Loss (Gain) from discontinued operations   - 
2 
(704)
(964)
           
Net Income (Loss)   (2,328)
(246)
542 
(603,704)
           
The accompanying notes are an integral part of the financial statements.
           
(1) For presentation purposes, the March flight operation expense has been adjusted from what was reported on the March MOR to properly reflect the expense for nonoperating aircraft. 
     The net adjustment between the two line items is zero. 

Case Number: 10-10018 (MG) (Jointly Administered)

- 7 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION BALANCE SHEETS

           
(In $U.S. 000's, except share data)          
    November 30, 2010
October 31, 2010
September 30, 2010
August 31, 2010
           
  ASSETS        
Current Assets:          
     Cash and cash equivalents   62,526  60,482  57,733  58,207 
     Short-term investments   1,747  1,681  -   1,478 
     Restricted investments   9,692  9,692  9,692  10,351 
     Receivables, net of allowance   15,154  6,088  6,278  19,458 
     Inventories, net of allowance   27,488  27,000  26,636  26,840 
     Prepaid expenses and other assets   91,403 
96,269 
95,320 
111,230 
Total current assets   208,010  201,212  195,659  227,565 
           
Property and equipment, net   492,006  494,442  496,856  515,264 
Security and other deposits   6,484  6,433  6,430  7,329 
Other assets (1)   477,685 
478,177 
476,879 
431,586 
Total Assets   1,184,184 
1,180,264 
1,175,823 
1,181,745 
           
  LIABILITIES AND SHAREHOLDERS' EQUITY        
Liabilities not subject to compromise:          
Current Liabilities:          
     Accounts payable (Note 7)   14,540  6,622  5,891  3,638 
     Air traffic liability   5,085  5,171  4,950  4,653 
     Other accrued expenses   55,624  52,890  42,611  54,587 
     Income tax payable (1)   2,595  2,597  2,586  2,217 
     Deferred revenue and other current liabilities   -  
-  
-  
-  
Total current liabilities not subject to compromise   77,844 
67,279 
56,039 
65,095 
           
     Deferred credits and other liabilities   55,586  57,827  59,107  95,672 
     Long term deferred income tax   156,719  156,719  156,719  156,719 
     Other long-term debt post petition   -  
-  
-  
-  
Total liabilities not subject to compromise   212,306 
214,546 
215,827 
252,391 
           
     Liabilities subject to compromise (Note 6)   1,392,232 
1,396,368 
1,388,378 
1,269,227 
Total liabilities   1,682,382 
1,678,194 
1,660,244 
1,586,713 
           
Stockholders' equity:          
     Preferred stock, no par value, authorized          
          2,000,000 shares; none issued   -   -   -   -  
     Common stock, no par value and additional paid-in capital,          
          900,000,000 shares authorized; 175,217,249 and           
          175,217,249 shares issued and outstanding, respectively   115,500  115,500  118,676  118,676 
     Deferred Stock Compensation   1,768  1,732  1,667  1,634 
     Retained Earnings   (615,466)
(615,162)
(604,764)
(525,279)
Total stockholders' equity   (498,198)
(497,930)
(484,421)
(404,968)
           
Total liabilities and stockholders' equity   1,184,184 
1,180,264 
1,175,823 
1,181,745 
           
The accompanying notes are an integral part of the financial statements.
           
(1) For presentation purposes income taxes payable have been moved from the Income tax payable line item in current liabilities to Other assets as income taxes payable 
     are an asset as of August 2010.

Case Number: 10-10018 (MG) (Jointly Administered)

- 8 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION BALANCE SHEETS

           
(In $U.S. 000's, except share data)          
    July 31, 2010
June 30, 2010
May 31, 2010
April 30, 2010
           
  ASSETS        
Current Assets:          
     Cash and cash equivalents   53,275  52,165  60,833  57,484 
     Short-term investments   1,405  -   1,258  850 
     Restricted investments   11,125  11,117  11,341  11,348 
     Receivables, net of allowance   17,962  17,307  8,024  6,694 
     Inventories, net of allowance   27,872  27,670  27,631  27,776 
     Prepaid expenses and other assets   132,124 
129,831 
127,244 
140,167 
Total current assets   243,763  238,090  236,333  244,319 
           
Property and equipment, net   537,707  540,650  546,281  547,983 
Security and other deposits   7,929  8,393  12,192  12,192 
Other assets   134,127 
134,389 
133,713 
134,156 
Total Assets   923,525 
921,522 
928,518 
938,650 
           
  LIABILITIES AND SHAREHOLDERS' EQUITY        
Liabilities not subject to compromise:          
Current Liabilities:          
     Accounts payable (Note 7)   1,990  3,220  3,415  4,061 
     Air traffic liability   4,276  4,767  4,909  4,140 
     Other accrued expenses   52,174  40,641  48,317  49,207 
     Income tax payable   (180,339) (164,192) (1,774) (216)
     Deferred revenue and other current liabilities   -  
-  
-  
-  
Total current liabilities not subject to compromise   (121,899)
(115,564)
54,868 
57,192 
           
     Deferred credits and other liabilities   96,435  97,989  97,388  99,738 
     Long term deferred income tax   156,719  156,719  156,719  156,719 
     Other long-term debt post petition   -  
-  
-  
-  
Total liabilities not subject to compromise   253,154 
254,708 
254,107 
256,457 
           
     Liabilities subject to compromise (Note 6)   995,476 
957,716 
519,577 
522,435 
Total liabilities   1,126,731 
1,096,860 
828,552 
836,085 
           
Stockholders' equity:          
     Preferred stock, no par value, authorized          
          2,000,000 shares; none issued   -   -   -   -  
     Common stock, no par value and additional paid-in capital,          
          900,000,000 shares authorized; 175,217,249 and           
          175,217,249 shares issued and outstanding, respectively   118,676  118,676  118,676  118,676 
     Deferred Stock Compensation   1,658  1,637  1,605  1,571 
     Retained Earnings   (323,540)
(295,652)
(20,316)
(17,683)
Total stockholders' equity   (203,206)
(175,338)
99,966 
102,565 
           
Total liabilities and stockholders' equity   923,525 
921,522 
928,518 
938,650 
           
The accompanying notes are an integral part of the financial statements.

Case Number: 10-10018 (MG) (Jointly Administered)

- 9 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION BALANCE SHEETS

         
(In $U.S. 000's, except share data)        
    March 31, 2010
February 28, 2010
January 31, 2010
         
  ASSETS      
Current Assets:        
     Cash and cash equivalents   54,109  78,707  67,471 
     Short-term investments   -   873  885 
     Restricted investments   10,971  11,660  12,764 
     Receivables, net of allowance   9,766  15,600  10,130 
     Inventories, net of allowance   27,352  27,329  27,267 
     Prepaid expenses and other assets   147,607 
125,212 
141,547 
Total current assets   249,806  259,380  260,063 
         
Property and equipment, net   550,505  550,459  552,378 
Security and other deposits   12,192  11,787  11,786 
Other assets   133,884 
134,057 
133,964 
Total Assets   946,387 
955,683 
958,191 
         
  LIABILITIES AND SHAREHOLDERS' EQUITY      
Liabilities not subject to compromise:        
Current Liabilities:        
     Accounts payable (Note 7)   5,912  4,634  4,817 
     Air traffic liability   4,146  4,151  3,791 
     Other accrued expenses   49,282  42,205  41,659 
     Income tax payable   231  3,460  3,597 
     Deferred revenue and other current liabilities   -  
-  
-  
Total current liabilities not subject to compromise   59,570 
54,450 
53,863 
         
     Deferred credits and other liabilities   101,968  102,581  104,612 
     Long term deferred income tax   156,719  156,719  156,719 
     Other long-term debt post petition   -  
-  
-  
Total liabilities not subject to compromise   258,688 
259,300 
261,332 
         
     Liabilities subject to compromise (Note 6)   524,868 
536,132 
537,002 
Total liabilities   843,126 
849,882 
852,196 
         
Stockholders' equity:        
     Preferred stock, no par value, authorized        
          2,000,000 shares; none issued   -   -   -  
     Common stock, no par value and additional paid-in capital,        
          900,000,000 shares authorized; 175,217,249 and         
          175,217,249 shares issued and outstanding, respectively   118,676  118,676  118,676 
     Deferred Stock Compensation   1,555  1,469  1,417 
     Retained Earnings   (16,971)
(14,345)
(14,098)
Total stockholders' equity   103,261 
105,801 
105,995 
         
Total liabilities and stockholders' equity   946,387 
955,683 
958,191 
         

The accompanying notes are an integral part of the financial statements.

Case Number: 10-10018 (MG) (Jointly Administered)

- 10 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF CASH FLOWS

             
(In $U.S. 000's)     Month ended Month ended Month ended Month ended
      November 30, 2010
October 31, 2010
September 30, 2010
August 31, 2010
             
Cash flows from operating activities:            
     Net income (loss) from continuing operations     $ (304) $ (10,398) $ (82,285) $ (201,478)
     Net income (loss) from discontinued operations     $ -  
$ -  
$ 262 
$ -  
     Net income (loss)     $ (304) $ (10,398) $ (82,023) $ (201,478)
             
     Adjustments to reconcile net income/(loss) to net cash used            
          in operating activities:            
          Depreciation and amortization      2,951  2,942  2,879  3,160 
          Impairment charges     -   -   -   -  
          Amortization of deferred credits      (758) (794) (34,949) (870)
          Amortization of restricted stock awards      36  65  33  (23)
          Amortization of contract incentive payments     24  24  27  27 
          Provision for obsolete expendable parts and supplies     101  105  136  477 
     Changes in operating assets and liabilities:            
          Net (purchases) sales of investment securities     (66) (1,681) 1,478  (73)
          Receivables     (9,066) 190  13,181  (1,496)
          Expendable parts and supplies     (589) (469) 67  555 
          Prepaid expenses and other assets     4,866  (1,623) 15,910  20,894 
          Other assets     50  50  -   690 
          Accounts payable     9,047  9,960  (11,215) 456 
          Income taxes payable     (180) (6,311) (44,252) (117,413)
          Air traffic liability     -   -   -   -  
          Other accrued liabilities     (1,199)
14,661 
149,831 
343,235 
     Net cash provided by (used in) operating activities     4,912  6,722  11,104  48,142 
             
Cash flows from reorganization activities            
     Net cash provided by (used in) reorganization activities     (148)
(12,879)
(134,345)
(322,877)
             
     Total net cash provided by (used in) operating activities     4,765 
(6,157)
(123,241)
(274,735)
             
Cash flows from investing activities:            
     Capital expenditures      (514) (922) (1,607) 1,762 
     Proceeds from sale of flight equipment and expendable inventory            
     Change in restricted cash      -   -   659  774 
     Equity method investment     584  353  637  128 
     Investment deposits     -   -   -   -  
     Change in other assets      5  1,412  1  156 
     Net returns (payments) of lease and equipment deposits      (51)
(3)
899 
599 
     Net cash (used in) provided by investing activities     24 
841 
588 
3,419 
             
Cash flows from financing activities:            
     Unsecured claims for rejected aircrafts     -   10,883  124,701  279,150 
     Principal payments on long-term borrowings     (2,744)
(2,817)
(2,523)
(2,902)
             
     Net cash (used in) provided by financing activities     (2,744)
8,066 
122,178 
276,248 
             
Increase (decrease) in cash and cash equivalents     2,044  2,749  (474) 4,932 
             
Cash and cash equivalents at beginning of period     60,482 
57,733 
58,207 
53,275 
             
Cash and cash equivalents at end of period     62,526 
60,482 
57,733 
58,207 
             

The accompanying notes are an integral part of the financial statements.

Case Number: 10-10018 (MG) (Jointly Administered)

- 11 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF CASH FLOWS

             
(In $U.S. 000's)     Month ended Month ended Month ended Month ended
      July 31, 2010
June 30, 2010
May 31, 2010
April 30, 2010
             
Cash flows from operating activities:            
     Net income (loss) from continuing operations     $ (27,888) $ (275,336) $ (2,633) $ (1,612)
     Net income (loss) from discontinued operations     $ -  
$ -  
$ -  
$ -  
     Net income (loss)     $ (27,888) $ (275,336) $ (2,633) $ (1,612)
             
     Adjustments to reconcile net income/(loss) to net cash used            
          in operating activities:            
          Depreciation and amortization      3,215  3,343  3,328  3,330 
          Impairment charges     -   -   -   -  
          Amortization of deferred credits      (1,565) (494) (1,357) (1,363)
          Amortization of restricted stock awards      21  32  33  16 
          Amortization of contract incentive payments     27  27  27  27 
          Provision for obsolete expendable parts and supplies     107  155  301  122 
     Changes in operating assets and liabilities:            
          Net (purchases) sales of investment securities     (1,405) 1,258  (408) (850)
          Receivables     (644) (9,283) (1,331) 3,072 
          Expendable parts and supplies     (308) (195) (155) (546)
          Prepaid expenses and other assets     (2,254) (5,165) 12,922  7,441 
          Other assets     50  50  50  188 
          Accounts payable     10,882  (6,948) (1,398) (1,270)
          Income taxes payable     (16,148) (162,418) (1,557) (447)
          Air traffic liability     -   -   -   -  
          Other accrued liabilities     42,388 
452,445 
2,005 
1,259 
     Net cash provided by (used in) operating activities     6,476  (2,526) 9,828  9,367 
             
Cash flows from reorganization activities            
     Net cash provided by (used in) reorganization activities     (43,414)
(448,910)
(2,553)
(2,590)
             
     Total net cash provided by (used in) operating activities     (36,938)
(451,436)
7,275 
6,777 
             
Cash flows from investing activities:            
     Capital expenditures      -   2,314  (1,599) (781)
     Proceeds from sale of flight equipment and expendable inventory         -   -  
     Change in restricted cash      (8) 225  7  (377)
     Equity method investment     151  (785) 334  516 
     Investment deposits     -   -   -   -  
     Change in other assets      7  5  6  (130)
     Net returns (payments) of lease and equipment deposits      (90)
(14)
-  
-  
     Net cash (used in) provided by investing activities     60 
1,745 
(1,253)
(772)
             
Cash flows from financing activities:            
     Unsecured claims for rejected aircrafts     40,587  443,717  -   -  
     Principal payments on long-term borrowings     (2,599)
(2,695)
(2,673)
(2,629)
             
     Net cash (used in) provided by financing activities     37,988 
441,023 
(2,673)
(2,629)
             
Increase (decrease) in cash and cash equivalents     1,110  (8,668) 3,350  3,375 
             
Cash and cash equivalents at beginning of period     52,165 
60,833 
57,484 
54,109 
             
Cash and cash equivalents at end of period     53,275 
52,165 
60,833 
57,484 
             

The accompanying notes are an integral part of the financial statements.

Case Number: 10-10018 (MG) (Jointly Administered)

- 12 -

MESA AIR GROUP, INC., ET AL.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF CASH FLOWS

             
(In $U.S. 000's)     Month ended Month ended January 5, 2010 Filing to
      March 31, 2010
February 28, 2010
to January 31, 2010
      Date      
             
Cash flows from operating activities:            
     Net income (loss) from continuing operations     $ (2,328) $ (248) $ (162) $ (604,671)
     Net income (loss) from discontinued operations     $ (0)
$ 2 
$ 704 
$ 968 
     Net income (loss)     $ (2,328) $ (246) $ 542  $ (603,704)
             
     Adjustments to reconcile net income/(loss) to net cash used            
          in operating activities:            
          Depreciation and amortization      3,304  3,323  3,362  35,137 
          Impairment charges     -   -   (1,080) (1,080)
          Amortization of deferred credits      (512) (1,464) (1,338) (45,464)
          Amortization of restricted stock awards      86  52  65  417 
          Amortization of contract incentive payments     27  27  27  293 
          Provision for obsolete expendable parts and supplies     148  108  127  1,887 
     Changes in operating assets and liabilities:           -  
          Net (purchases) sales of investment securities     873  12  (885) (1,747)
          Receivables     5,834  (5,470) 3,626  (1,386)
          Expendable parts and supplies     (171) (170) (13) (1,995)
          Prepaid expenses and other assets     (22,396) 16,335  19,133  66,064 
          Other assets     50  50  50  1,277 
          Accounts payable     5,219  1,098  9,026  24,857 
          Income taxes payable     (3,230) (137) 569  (351,523)
          Air traffic liability     -   -   -   -  
          Other accrued liabilities     (2,339)
916 
9,188 
1,012,390 
     Net cash provided by (used in) operating activities     (15,435) 14,435  42,399  135,424 
             
Cash flows from reorganization activities            
     Net cash provided by (used in) reorganization activities     (1,186)
(854)
(1,060)
(970,816)
             
     Total net cash provided by (used in) operating activities     (16,621)
13,581 
41,339 
(835,392)
             
Cash flows from investing activities:            
     Capital expenditures      (3,324) (1,378) (1,538) (7,587)
     Proceeds from sale of flight equipment and expendable inventory     -   -   -   -  
     Change in restricted cash      688  1,104    3,071 
     Equity method investment     (238) (213) 340  1,805 
     Investment deposits     -   -   -   -  
     Change in other assets      9  16  11  1,498 
     Net returns (payments) of lease and equipment deposits      (404)
(1)
(47)
888 
     Net cash (used in) provided by investing activities     (3,269)
(471)
(1,235)
(324)
             
Cash flows from financing activities:            
     Unsecured claims for rejected aircrafts     -   -   -   899,038 
     Principal payments on long-term borrowings     (4,708)
(1,874)
(1,867)
(30,030)
             
     Net cash (used in) provided by financing activities     (4,708)
(1,874)
(1,867)
869,008 
             
Increase (decrease) in cash and cash equivalents     (24,598) 11,236  38,238  33,293 
             
Cash and cash equivalents at beginning of period     78,707 
67,471 
29,233 
29,233 
             
Cash and cash equivalents at end of period     54,109 
78,707 
67,471 
62,526 
             

The accompanying notes are an integral part of the financial statements.

Case Number: 10-10018 (MG) (Jointly Administered)

- 13 -

MESA AIR GROUP, INC., ET AL.
 NOTES TO MONTHLY OPERATING REPORT

1. Background and Organization

General - Mesa Air Group, Inc. ("Mesa" or the "Company") is a holding company whose principal subsidiaries operate as regional air carriers providing scheduled passenger and airfreight service. As of November 30, 2010, the Company served 92 cities in 37 states, the District of Columbia and Mexico and operated a fleet of 77 aircraft with approximately 465 daily departures.

Chapter 11 Reorganization Cases - On January 5, 2010 (the "Petition Date"), Mesa Air Group, Inc. and its eleven subsidiaries (the "Debtors") filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York (the "Court"). The Debtors continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. On January 14, 2010, the Office of the United States Trustee for the Southern District of New York appointed a statutory committee of unsecured creditors.

2. Basis of Presentation

Condensed Consolidated Debtor-in-Possession Financial Statements - The unaudited financial statements and supplemental information contained herein represent the condensed consolidated financial information for the Debtors. The results of operations for the period from January 5, 2010 to January 31, 2010 were estimated based upon estimates that included the use of statistical data, processed revenue, fuel purchases and a pro-ration of calendar days within the month of January. Amounts presented in the unaudited Statement of Cash Flows for the period from January 5, 2010 to January 31, 2010 were based on estimated asset and liability balances as of the filing date and actual balances as of January 31, 2010, as well as the aforementioned estimated results of operations for the period from January 5, 2010 to January 31, 2010.

American Institute of Certified Public Accountants Statement of Position 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code" ("SOP 90-7"), which is applicable to companies in chapter 11, generally does not change the manner in which financial statements are prepared. It does, however, require that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. The Debtors' financial statements contained herein have been prepared in accordance with the guidance in SOP 90-7. Further information concerning the Debtors' accounting policies will be found in the footnotes to our Annual Report on Form 10-K for the period ended September 30, 2009 once filed and subsequent filings on Form 10-Q when filed with the United States Securities and Exchange Commission.

The unaudited consolidated financial statements have been derived from the books and records of the Debtors. Certain financial information, however, has not been subject to procedures that typically would be applied to financial information presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and, upon the application of such procedures, the Debtors believe that the financial information will be subject to changes. These changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that typically would be made for quarterly financial statements in accordance with U.S. GAAP. Certain prepaid balances and pre- and post- petition trade accounts payable balances are subject to further review and reclassification. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, this report should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10- K for the period ended September 30, 2009 once filed and subsequent filings on Form 10-Q when filed with the United States Securities and Exchange Commission.

The results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year, and may not necessarily reflect the consolidated results of operations, financial position and cash flows of the Debtors in the future.

Case Number: 10-10018 (MG) (Jointly Administered)

- 14 -

Intercompany Transactions - Intercompany transactions between Debtors have been eliminated in the financial statements contained herein.

Property and Equipment, net - Recorded at cost net of accumulated deprecation.

Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records deferred tax assets for the value of benefits expected to be realized from the utilization of alternative minimum tax credit carry forward, capital loss carryforward and state and federal net operating loss carryforward. We periodically review these assets to determine the likelihood of realization. To the extent we believe some portion of the benefit may not be realizable, an estimate of the unrealized position is made and an allowance recorded. The Company and its consolidated subsidiaries file a consolidated federal income tax return. As of November 30, 2010, the Company estimated an effective tax rate of 36.85%.

The Debtors have received approval to pay pre-petition employee withholding obligations in addition to employment and wage- related taxes, sales and use taxes, and certain other taxes due in the normal course of business through certain first day motions. As such, the Debtors have paid such taxes when due. In addition, all post-petition tax obligations have been fully paid to the proper taxing authorities to the extent they were due during the current reporting period.

Further, employee withholding obligations are pre-funded by the Debtors and paid directly by the Debtors' payroll contractor, Automatic Data Processing, Inc. ("ADP"). Thus, no further information regarding taxes is included in this report.

3. Insurance

All insurance premiums have been paid to the proper insurance company or broker when due during the current reporting period, and all insurance policies are in force as of the filing of this report.

4. Cash Management System & Use of Cash

The Court has entered orders authorizing the Debtors to continue to use their existing cash management system including: (i) investment guidelines; (ii) maintenance of existing bank accounts and business forms; and (iii) the authorization to open and close bank accounts. The Debtors are continuing to collect and disburse cash since the Petition Date using the existing cash management system, as modified to comply with applicable orders of the Court.

 

 

 

 

 

Case Number: 10-10018 (MG) (Jointly Administered)

- 15 -

5. Reorganization items

SOP 90-7 requires separate disclosure of reorganization items such as realized gains and losses from the settlement of pre-petition liabilities, provisions for losses resulting from the reorganization and restructuring of the business, as well as professional fees directly related to the process of reorganizing the Debtors under Chapter 11. The Debtors' reorganization items consist of the following:

(In $U.S. 000's)        
  Month ending Month ending Month ending Month ending
  November 30, 2010
October 31, 2010
September 30, 2010
August 31, 2010
Professional fees directly related to reorganization $ 968  $ 949  $ 1,063  $ 1,048 
Loss on rejection of aircraft leases (1) (1,050) 12,870  129,427  309,361 
Cost related to the early return and sale of aircraft 516  413  509  2,012 
Abandonment of real property (1)     -   -  
Write off of LOC for engine lease termination & return of aircraft     -   774 
Write-off engine lease termination expenses (286) 432  3,545  9,665 
Other  
 
(199)
-  
     Total loss/(gain) on reorganization items 148 
14,664 
134,345 
322,859 
         
  Month ending Month ending Month ending Month ending
  July 31, 2010
June 30, 2010
May 31, 2010
April 30, 2010
Professional fees directly related to reorganization $ 465  $ 1,059  $ 691  $ 2,590 
Loss on rejection of aircraft leases 26,384  446,630  -   -  
Cost related to the early return and sale of aircraft 1,231  1,221  1,862  -  
Abandonment of real property 215  -   -   -  
Write off of LOC for engine lease termination & return of aircraft -   -   -   -  
Write-off engine lease termination expenses 15,119  -   -   -  
Other -  
-  
-  
-  
     Total loss/(gain) on reorganization items 43,414 
448,910 
2,553 
2,590 
         
      January 5, 2010  
  Month ending Month ending to Filing to
  March 31, 2010
February 28, 2010
January 31, 2010
Date
Professional fees directly related to reorganization $ 1,186  $ 854  $ 1,060  $ 11,933 
Loss on rejection of aircraft leases -   -   -   $ 923,622 
Cost related to the early return and sale of aircraft -   -   -   $ 7,764 
Abandonment of real property -   -   -   $ 215 
Write off of LOC for engine lease termination & return of aircraft 2,027  -   -   $ 2,801 
Write-off engine lease termination expenses 1,312  -   -   $ 29,786 
Other -  
-  
-  
$ (199)
     Total loss/(gain) on reorganization items 4,525 
854 
1,060 
975,922 
         
(1) For presentation purposes the abandonment of real property and loss on rejection of aircraft leases in July were adjusted to properly reflect these transactions.  
     The net adjustment between the two line items is zero.

Professional fees directly related to the reorganization ("Professional Fees") include fees associated with advisors to the Debtors, the statutory committee of unsecured creditors and certain secured creditors. Professional Fees are estimated by the Debtors and will be reconciled to actual invoices when received.

Of the 93 aircrafts that have either been rejected or abandoned since the approval of the Rejection Procedures (as defined below), the Debtors have booked the damages arising from the rejection/abandonment of 92 of these aircraft and estimated them to be approximately $909,000,000, which amount is subject to the final settlement between the Debtors and the applicable aircraft parties.

Case Number: 10-10018 (MG) (Jointly Administered)

- 16 -

6. Liabilities Subject to Compromise

As a result of the Chapter 11 Filings, most pre-petition indebtedness is subject to compromise or other treatment under a plan of reorganization. Generally, actions to enforce or otherwise affect payment of pre- Chapter 11 liabilities are stayed. At hearings held in January and February, the Court granted final approval of many of the Debtors' "first day" motions covering, among other things, human capital obligations, supplier relations (including fuel supply and fuel contracts), insurance, customer relations, business operations, certain tax matters, industry agreements, utilities, case management and retention of professionals.

The Debtors have been paying and intend to continue to pay undisputed post-petition claims in the ordinary course of business. In addition, the Debtors may reject pre-petition executory contracts and unexpired leases with respect to the Debtors' operations, with the approval of the Bankruptcy Court. Damages resulting from rejection of executory contracts and unexpired leases are generally treated as general unsecured claims and will be classified as liabilities subject to comprise. Holders of pre-petition claims will be required to file proofs of claims by a bar date to be determined by the Court. The deadline for the filing of proofs of claims against the Debtors was May 21, 2010, with certain exceptions pursuant to the bar date order entered by the Court.

A bar date is the date by which claims against the Debtors must be filed if the claimants wish to receive any distribution in the Chapter 11 cases. Differences between liability amounts estimated by the Debtors and claims filed by creditors will be investigated and, if necessary, the Court will make a final determination of the allowable claim. The determination of how liabilities will ultimately be treated cannot be made until the Court approves a Chapter 11 plan of reorganization. Accordingly, the ultimate amount or treatment of such liabilities is not determinable at this time.

SOP 90-7 requires pre-petition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, or other events.

 

 

 

 

 

Case Number: 10-10018 (MG) (Jointly Administered)

- 17 -

Liabilities Subject to Compromise consist of the following:

(In $U.S. 000's)        
  Nov 30, Oct 31, Sep 30, Aug 31,
  2010
2010
2010
2010
Accounts payable and other accrued expenses $ 62,397  $ 62,781  $ 62,832  $ 62,745 
Accrued interest expense 4,016  4,041  4,023  4,055 
Secured aircraft debt 362,572  365,245  367,935  370,797 
Other secured debt 5,622  5,695  5,908  8,693 
Unsecured debt 32,321  32,321  32,321  32,321 
Bankruptcy related unsecured claims 909,185  910,210  899,553  775,751 
Bankruptcy related admin claims 6,975  6,975  6,750  5,850 
Convertible bonds (1) 9,143 
9,100 
9,057 
9,014 
     Total liabilities subject to compromise 1,392,232 
1,396,368 
1,388,378 
1,269,227 
         
  July 31, June 30, May 31, April 30,
  2010
2010
2010
2010
Accounts payable and other accrued expenses $ 64,373  $ 63,388  $ 62,058  $ 62,364 
Accrued interest expense 4,803  4,805  4,997  4,914 
Secured aircraft debt 373,381  379,490  382,100  384,767 
Other secured debt 9,174  10,369  10,377  10,385 
Unsecured debt 32,321  32,321  51,158  51,160 
Bankruptcy related unsecured claims 498,402  454,439  -   -  
Bankruptcy related admin claims 4,050  3,975  -   -  
Convertible bonds (1) 8,972 
8,930 
8,888 
8,846 
     Total liabilities subject to compromise 995,476 
957,716 
519,577 
522,435 
         
  March 31, February 28, January 31,  
  2010
2010
2010
 
Accounts payable and other accrued expenses $ 62,316  $ 68,090  $ 66,810   
Accrued interest expense 4,903  5,937  6,197   
Secured aircraft debt 387,289  391,771  393,692   
Other secured debt 10,393  10,407  10,414   
Unsecured debt 51,163  59,928  59,889   
Bankruptcy related unsecured claims -   -   -    
Bankruptcy related admin claims -   -   -    
Convertible bonds (1) 8,804 
-  
-  
 
     Total liabilities subject to compromise 524,868 
536,132 
537,002 
 
         
(1) Convertible bonds were listed under unsecured debt in January and February 2010.

Liabilities subject to compromise include trade accounts payable related to pre-petition purchases, all of which were scheduled for payment in the post-petition period. As a result, the cash flows from operations were favorably affected by the stay of payment related to these accounts payable.

Of the 93 aircraft that have either been rejected or abandoned since the approval of the Rejection Procedures (as defined below), the Debtors have booked the damages arising from the rejection/abandonment of 92 of these aircraft and estimated them to be approximately $909,000,000, which amount is subject to the final settlement between the Debtors and the applicable aircraft parties.

7. Post-petition Accounts Payable

To the best of the Debtors' knowledge, all undisputed post-petition accounts payable have been and are being paid under agreed-upon payment terms except for approximately $14.5 million of invoices received, not yet paid, as of November 30, 2010.

Case Number: 10-10018 (MG) (Jointly Administered)

- 18 -

8. Owned and Leased Aircraft

On January 26, 2010, the Court approved the abandonment of twenty (20) Beech 1900D aircraft and related airframe, engines, propellers, avionics and all other equipment, parts and components installed in or on, or acceded to, or associated with the related aircraft and the rejection of five (5) aircraft engine leases. 　On February 23, 2010, the Court approved procedures for the rejection of aircraft related leases and the abandonment of aircraft subject to security agreements (the "Rejection Procedures").　 Since the approval of the Rejection Procedures, the Debtors have filed twenty-three (23) notices of rejection with respect to the leases of seven (7) aircraft engines and ninety- three (93) aircraft.　

The Debtors continue to evaluate their aircraft fleet and will address the remaining leased and owned as necessary.　 During this time, the Debtors continue to accrue lease and interest expenses in accordance with pre- petition contracts until the lease or debt agreements are rejected or abandoned, as the case may be, and new leases or debt agreements are finalized and approved by the Court.　 The line item labeled Flight Operations - Nonoperating Aircraft includes lease expense related to aircraft currently not in operation.

9. Other, Net

Other, Net includes gain / (loss) on disposal of assets, debt conversion expense, recognition of our share of gain/(loss) in our Hawaiian joint venture and other miscellaneous expenses. This total excludes gains / (losses) on minority investments that are reported quarterly.

10. Payments to Insiders

Of the total disbursements listed herein, the amounts paid to insiders during the current reporting period are as follows:

Name
  Type of Payment
  Amount Paid (Nov 1 - Nov 30)
Ornstein,Jonathan G   Wages / Expenses   39,247.59
Lotz,Michael J   Wages / Expenses   33,366.87
Gillman,Brian S   Wages / Expenses   28,553.02
Foley,Paul F   Wages / Expenses   13,537.83
Appling,Gary W   Wages / Expenses   12,668.79
Swigart,James   Wages / Expenses   12,000.00
Butler,David K   Wages / Expenses   10,961.51
Kranzow,Keith C   Wages / Expenses   10,730.76
Pappaioanou,Chris J   Wages / Expenses   9,360.34
Ferverda,Michael L   Wages / Expenses   7,692.30
Gomes,Edward P   Wages / Expenses   7,677.52
Brown, Kenley B   Wages / Expenses   6,246.43
Hornberg,Robert A   Wages / Expenses   6,153.84
Thayer, Richard   Wages / Expenses   2,000.00
Bonilla,Carlos   Wages / Expenses   2,000.00
Beleson,Robert   Wages / Expenses   1,000.00
Altobello,Daniel   Wages / Expenses   1,000.00
Manson III,Joseph   Wages / Expenses   1,000.00
Nostrand,Peter   Wages / Expenses   1,000.00
Parker,Maurice   Wages / Expenses   1,000.00
Gumm,Ryan J   Wages / Expenses   0.00
Gust,Eric W   Wages / Expenses   0.00
        $207,196.80

Case Number: 10-10018 (MG) (Jointly Administered)

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MESA AIR GROUP INC Reports