The truth about phi everyone is afraid to say  

I said cash out, not sell it. Just shows that you have no idea how this works. Private equity does not swoop in and bail out a company in bankruptcy out of the kindness of their heart. They want to get in and get out as soon as possible. Bankruptcy flushes and or restructures the debt. then you stabilize the company, show a profitable company with a substainable  business model going forward. Then you cash out and move on to the next reclamation project. Two ways to cash out. Sell it as a private entity. It was been shopped quietly for two years, no takers. Then you go to plan B. File an S-1 with the SEC and then go public. The S-1 is just a public sales brochure for potential shareholders. Based of feedback on possible desire and potential stock price entry point, you pull the trigger or not. If you pull the trigger then you issue the 24 million plus (out of a possible 100 million) shares under ROTR on the NYSE. If the stock takes off then the private equity group quietly sells the millions of shares they were granted. Preferebly under the guise of "share buybacks" by the company which looks better for the company. The fact that yellow and black has not acted on the now 9 month old S-1 filing is concerning. Read the S-1 (especially the headwinds section)  and draw your own conclusions. But mine are,  the number of aircraft look good till you realize most are older small airframes, few desirable airframes like 92's and 139, with a large amount of those leased. Still carrying lots of debt, with a marginally substainable revenue stream. No one is waiting with baited breath for this IPO or it would be done. Quick and desperate answer? Cut 10% of the workforce, even if not sustainable to make the bottom line numbers look good.......