Mooney Aerospace Group Ltd. Announces Preliminary Arbitration Award
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Business Editors KERRVILLE, Texas--(BUSINESS WIRE)--MASG-- Mooney Aerospace Group Ltd. (OTCBB:MASG) announced today the completion of arbitration proceedings of a claim for alleged damages due to termination of its lease at its former headquarters building in Long Beach, Calif. In response to the award, Mooney is seeking a jury trial in the South District of Los Angeles County. The preliminary award of the arbitrator was $23,901,617.90, plus attorney's fees to be determined separately later. Mooney believes the arbitrator's preliminary award is non-binding, and the decision of whether there is any liability to the former landlord, AP Long Beach Airport LLC, will ultimately be decided by a jury in a trial that will be presided over by the Hon. Tracey Marino in Long Beach, Calif. Mooney President J. Nelson Happy stated: "Although the arbitrator made a preliminary award to the plaintiff, we do not believe it is binding on us and we look forward to positive resolution at a jury trial. We believe that we have substantial defenses to the landlord's claim. I am pleased that the process is moving along, and the arbitrator's preliminary award will have no effect whatsoever on our operating subsidiary, Mooney Airplane Company." Mooney believes that under California's Judicial Arbitration Act, it retained its right to seek a jury trial on the issues while separately pursuing arbitration. According to Mr. Happy, "This procedure allowed us to hear the landlord's case, so we will be fully prepared to respond to it at the jury trial." However, Mr. Happy said he also expects that AP Long Beach Airport LLC will argue that the arbitration award is final and should be enforced. "It will require several weeks to resolve the issue of the finality of the award," Mr. Happy said. Mooney Aerospace Group Ltd. is a general aviation holding company, located in Kerrville, Texas. Mooney currently sells five models; the highest-performing four-place single-engine piston-powered aircraft, the Bravo DX, which is available with the Garmin G-1000 glass panel display as the GX; and its stablemates, the highly rated Ovation2 DX and GX, and the economical Ovation. Mooney is celebrating is 51st Anniversary in Kerrville, Texas this year, where it has manufactured more than 10,000 aircraft which have been delivered worldwide. Complete information about Mooney aircraft is available at www.mooney.com. This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings. -0- *T Mooney Aerospace Group Ltd. Terry Freeman Louis Schreiner Field Kerrville, Texas 78028 Phone: 830-792-2935 *T KEYWORD: TEXAS CALIFORNIA INDUSTRY KEYWORD: LEGAL/LAW TRAVEL TRANSPORTATION TRANSPORTATION AIRLINES SOURCE: Mooney Aerospace Group Ltd. CONTACT INFORMATION: Mooney Aerospace Group Ltd., Kerrville Terry Freeman, 830-792-2935
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Just hate bad news, even though they tried to spin it to their favor. Sold for a 10% loss @ .0115. I'll wait for the dust to settle and buy back at lower PPS.
Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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Press Release Source: Mooney Aerospace Group Ltd.
Mooney Aerospace Group Ltd. President Interviewed by Wall Street Reporter Wednesday May 19, 7:00 am ET
KERRVILLE, Texas--(BUSINESS WIRE)--May 19, 2004--Mooney Aerospace Group Ltd. (OTCBB:MASG - News) announced today that its president, J. Nelson Happy, was interviewed by Scott Banks, Senior Analyst of the Wall Street Reporter. In the interview, Mr. Happy outlines Mooney's plans for the future, as well as discusses the company's current business plan. The interview can be heard on the Wall Street Reporter's Web site, www.******************.com in the section devoted to OTC companies.
Mooney Aerospace Group Ltd. is a general aviation holding company, located in Kerrville, Texas. Mooney currently sells five models; the highest performing four-place single engine piston powered aircraft, the Bravo DX, which is available with the Garmin G-1000 glass panel display as the GX; and its stablemates, the highly rated Ovation2 DX and GX, and the economical Ovation. Mooney is celebrating its 51st Anniversary in Kerrville, Texas this year, where it has manufactured more than 10,000 aircraft which have been delivered worldwide. Complete information about Mooney aircraft is available at www.mooney.com.
Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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Is the dust settle now? Do you think is a good time to buy? Tx.
quote:Originally posted by will: Just hate bad news, even though they tried to spin it to their favor. Sold for a 10% loss @ .0115. I'll wait for the dust to settle and buy back at lower PPS.
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I don't know, gets good support in that .008 area, but the way I been going lately as soon as I buy it will look for a new bottom. Right now, I'm going to wait.
quote:Originally posted by mamboking: Is the dust settle now? Do you think is a good time to buy? Tx.
Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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It may be a good thing to wait.Everything I buy is going down.Took some of this at .0087..Half way between ask and bid at that time.
Posts: 95 | From: Cocoa,Fl,USA | Registered: Feb 2004
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Sooooooo, WTF does this mean for MASG holders? I don't get a warm fuzzy feeling from this bullchit.
Mooney Aerospace Group Ltd. Sells All Stock of Mooney Airplane Company to Allen Holding Finance Ltd.
KERRVILLE, Texas, Jun 1, 2004 (BUSINESS WIRE) -- Mooney Aerospace Group Ltd. (OTCBB:MASG), announced today that it has sold all of the stock of Mooney Airplane Company, formerly its wholly owned subsidiary, to Allen Holding Finance Ltd. ("Allen") a private investment company. As part of the transaction in consideration for the stock, Allen agreed to assume all of the debt owed by MASG to its secured debenture holders, an amount in excess of $21 million, and invest $4 million in new capital for Mooney Airplane Company by July 27, 2004.
According to J. Nelson Happy, MASG President and Board Vice-Chairman, "The company's secured debenture holders declared their notes in default. As a result, the MASG board accepted the offer to purchase all of Mooney Airplane Company's stock by Allen, and the sale was completed last Friday morning."
Because of the stock sale, MASG no longer has any financial interest in Mooney Airplane Company.
"The board of MASG deeply regrets that the sale of Mooney Airplane Company's stock was made necessary," Happy said. "However, Allen has assumed over $21 million of the Company's debt owed to the secured debenture holders, and has also agreed to provide $4 million of new capital for the operating company within 30 days. This is good news for Mooney Airplane Company, which will now have adequate capital to meet its business plan," according to Happy.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing and other risks described in the Company's SEC reports and filings.
Mooney Aerospace Group Ltd. J. Nelson Happy Louis Schreiner Field Kerrville, Texas 78028 Phone: 830-792-2917 SOURCE: Mooney Aerospace Group Ltd.
Mooney Aerospace Group Ltd., Kerrville J. Nelson Happy, 830-792-2917 Customize your Business Wire news & multimedia to match your needs. Get breaking news from companies and organizations worldwide. Logon for FREE today at www.BusinessWire.com.
Mooney Aerospace Group Ltd. Announces Over $23 Million Judgment Entered by California Superior Court
KERRVILLE, Texas--(BUSINESS WIRE)--June 1, 2004--Mooney Aerospace Group Ltd. (OTCBB:MASG) announced today that on May 28, 2004 the Superior Court of Los Angeles County entered judgment in favor of MASG's former landlord AP Long Beach Airport LLC. affirming a prior arbitrator's award of $23,901,617.90 against MASG.
J. Nelson Happy, MASG's President and Vice-Chairman, stated: "We were very disappointed at the outcome of this case, but we must abide by the court's decision. We fought the landlord's claim with all of our legal resources, but in the end the landlord prevailed. The board is inclined to appeal the decision, however."
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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No, it doesn't sound good to me, but it makes you wonder why would someone would buy a companys all shares, and assume all of the debt owed by a company and on top of that invest $4 ml of capital in the same company?....unless they think or they know that the company has potential for a properous future. May be is a good thing. Can someone educate. Opinions pl.
Posts: 290 | Registered: Dec 2003
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I had this on watch from a screener, your right in that it could be good. Usually though, it hits the fan, therefore often if you sell on bad news you can always buy in lower when things are figured out.
Good Luck
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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Thanks Keithsan. Good point. I may do that. thanks again.
quote:Originally posted by keithsan: I had this on watch from a screener, your right in that it could be good. Usually though, it hits the fan, therefore often if you sell on bad news you can always buy in lower when things are figured out.
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Well, it appears now that MASG has no source of revenue, and a 23M dollar judgement weighing them down. Smells like bankruptcy to me. I could be wrong??? Still holding a few shares just to remind me not to make stupid choices in the future.
Posts: 33 | From: Bloomington, MN | Registered: Feb 2004
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someone else is holding the share, i'm assuming now in charge of the company could become a shell etc...
they could start a new business with same stock and change the name...
technically I may be off a bit on this thought but it could be similar to a reverse merger. It is cheaper to get on the market that way than through normal channels.
we'll have to wait and see.
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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IMO the company has a good line of planes.. I sold today for a 10% loss.. But now im back in at .003.. Still a good buy to me at .003.. For those still holding good luck and I am riding this thing with you..
Posts: 47 | Registered: May 2004
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quote:Originally posted by microproty: IMO the company has a good line of planes.. I sold today for a 10% loss.. But now im back in at .003.. Still a good buy to me at .003.. For those still holding good luck and I am riding this thing with you..
microproty,
Mooney airplanes does not trade under MASG anymore. "Because of the stock sale, MASG no longer has any financial interest in Mooney Airplane Company." Mooney Aerospace Group LTD trades under MASG. They sold mooney airplanes. I am trying to find out if they have other sources of revenue. Any inputs?
[This message has been edited by SimpleGuy (edited June 01, 2004).]
[This message has been edited by SimpleGuy (edited June 01, 2004).]
quote:Originally posted by will: I don't know, gets good support in that .008 area, but the way I been going lately as soon as I buy it will look for a new bottom. Right now, I'm going to wait.
Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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So am I SCREWED or NOT??? I just heard about this news! Its to late as far as I'm concerned for me to do an EMERGENCY EXIT wih a fast market order for a fast exit. Any one know if I'm screwed or Not??
Posts: 159 | Registered: Jul 2003
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RevDew-It probably isn't worth selling at .0025 unless you have so many shares the cash is worth taking. It may be worth keeping shares and seeing if they come up with a new business plan. MASG sold the $21 Million Dollars of Debt with the plane company. They now have a judgement of $23 M against them but may pull a rabbit out of their hats yet. Ultimately you have to decide. This could go to .0001 and eventually be a shell and go up. Or they may come up with something. Or you could try for a dead cat bounce in a few days and maybe get .005 or so. GLTY-IMO-DD-Debi I sold as soon as I saw it and glad I did. Still lost a few humdred. Ouch!
Posts: 1188 | From: Clinton, MA 01510 | Registered: Jan 2004
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WWJD-thru-me Thanks! I had $2279.21 Playing in this one. I'll make it back. I'm going to just hold on to it. If nothing else it will be a constant reminder. Take care!
Posts: 159 | Registered: Jul 2003
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Mooney Aerospace Group Ltd. Files for Chapter XI Bankruptcy Reorganization Friday June 11, 4:49 pm ET
KERRVILLE, Texas--(BUSINESS WIRE)--June 11, 2004--Mooney Aerospace Group (OTCBB:MASG - News) announced today that it filed a petition for reorganization under Chapter XI of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on June 10, 2004. The company intends to rapidly work to file a plan of reorganization in the proceeding. This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confidant that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
Posts: 2 | From: US | Registered: Jun 2004
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Sure glad I sold for a small loss when the arbitrator ruled against them. Best trade I ever made so far.
quote:Originally posted by asbk: What comes out of it???
Mooney Aerospace Group Ltd. Files for Chapter XI Bankruptcy Reorganization Friday June 11, 4:49 pm ET
KERRVILLE, Texas--(BUSINESS WIRE)--June 11, 2004--Mooney Aerospace Group (OTCBB:MASG - News) announced today that it filed a petition for reorganization under Chapter XI of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on June 10, 2004. The company intends to rapidly work to file a plan of reorganization in the proceeding. This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confidant that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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