Investor in MAIR Wants Better Deal from Northwest

NEW YORK - Riley Investment Partners said in a regulatory filing it holds a 5.2% stake in MAIR Holdings Inc., the parent company of Mesaba Airlines, and is concerned MAIR isn't receiving fair value in the company's negotiations with Northwest Airlines Corp.

Northwest, currently in bankruptcy protection, is considering sponsoring Mesaba out of its Chapter 11 reorganization.

Riley representatives said in the Dec. 29 filing they are asking that any transaction with Northwest be approved by a majority vote of disinterested shareholders.

Riley said if its concerns were not addressed, it could intervene in either bankruptcy case or call a special meeting of shareholders.

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