Quick Takes

In its continuing effort to take over AirNet Systems [ANS], Universal Express [USXP] last week presented its purchase plan to the AirNet board. While the Florida-based investment company, and parent of Luggage Express, initially approached AirNet last summer with an offer of $6.15 a share, or $62.4 million...

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• In its continuing effort to take over AirNet Systems [ANS], Universal Express [USXP] last week presented its purchase plan to the AirNet board. While the Florida-based investment company, and parent of Luggage Express, initially approached AirNet last summer with an offer of $6.15 a share, or $62.4 million, it never had a chance to make its case to the AirNet board. In October, AirNet selected a proposal from an unnamed private equity group to sell the company at $4.55 a share, or $46.2 million (RAN, Oct. 31, 2005). At the time, AirNet stock was trading for $5.15 a share. After an extended due diligence period, AirNet announced on Dec. 15 that it could not come to terms with the undisclosed suitor. The stock is now trading in the $3.50 range. Despite its negative net worth, Universal Express has insisted that it has the financing ready to buy AirNet. Universal Express also claims that it has two additional air carrier mergers waiting in the wings with these unnamed companies to be folded into AirNet. The U.S. Securities and Exchange Commission has an active case against Universal Express contending that the company has announced takeover deals in the past to hype its stock, and then it fails to close on the deals.
• Linear Air, a budding air taxi firm, has secured $2.5 million in additional equity from new and existing investors. The investors are primarily individuals. Linear Air will use the bulk of the new money for deposits on 30 Eclipse 500s, the new very light jet from Eclipse Aviation, which is nearing certification. Its first Eclipse 500s should be delivered this fall. Linear, based outside of Boston, already flies Cessna Grand Caravans in either traditional charter arrangements or on a per-seat basis on routes in the Northeast. The company obtained its first level of outside funding 18 months ago.
• Bill Boisture has resigned as president of NetJets Aviation, a position he has held since 2003. Boisture has formed W. Boisture & Associates and will continue to consult with NetJets .
• Air T's [AIRT] John J. Goiffre will retire in June after a 22-year tenure as the company's chief financial officer.