After spending a fair amount of time talking in today’s PBB about the financial shenanigans going on at World Airways Holdings, the news just came over the wire that Global Aero Logistics Inc., is going to purchase World.

World, North American and ATA will then operate independently under the holding company structure.

MatlinPatterson Global Opportunities Partners II is the majority shareholder of Global Aero Logistics Inc., which already owns ATA Airlines.

Under the terms of the agreement, World Air Holdings shareholders will receive $12.50 in cash for each share of World Air Holdings common stock they own, representing a premium of 56 percent over the company’s average closing price for the 30 trading days prior to World’s announcement on Sept. 5, 2006 of the formation of a special committee of the board to explore strategic alternatives to enhance shareholder value.

interesting. Because if they had calculated the price based on the last 30 trading days, the price would be higher.

Shaking my head. I have to think about this one.