MAIR Holdings approves distribution of $45.2 million to shareholders as part of planned liquidation

By Lisa Kerner

Charlotte, N.C., July 31 - The board of directors of MAIR Holdings, Inc. approved an initial liquidating distribution to its shareholders of a minimum of $3 per share, or a total of $45.2 million.

The distribution will be paid in cash on or about Aug. 22 to shareholders of record as of July 7, according to a form 8-K filing with the Securities and Exchange Commission.

MAIR expects to have $22.4 million in cash and assets following the $3-per-share initial distribution.

The company said it will reserve funds for liquidation expenses, ongoing litigation and remaining SEC reporting requirements.

Additional liquidating distributions will be made to shareholders when deemed appropriate by the board, the filing noted.

MAIR ceased to maintain offices, terminated its fax services and intends to shut down its web site.

In March, MAIR announced that its subsidiary Big Sky Airlines ceased all operations.

Minneapolis-based MAIR operated as a holding company that offered regional air carrier services.

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