Monday, December 11, 2006

Northwest Airlines (NWACQ) Continues Run-Up, Owl Creek Again Requests Equity Committee

In an amended 13D filing on bankrupt airline Northwest Airlines (OTC: NWACQ) this morning, 5% holder Owl Creek Asset Management again requested the company appoint an Official Northwest Equity Committee to represent shareholders' interest in Northwest cases.

Owl Creek said the recent filing of an application by Northwest to hire Evercore Group for the "evaluation and possible implementation of strategic alternatives", proves their point that there is inherent recoverable value in Northwest's shares.

Owl Creek said, ""strategic alternative" is investment banker-speak for the merger, acquisition, or consolidation transaction of which Owl Creek advised in its November 21 letter."

In its November 21st letter to the company, Owl Creek said NWACQ could be worth $19.75-$33.50 per share.

Shares of Northwest Airlines are 18% higher to $5.80 in early action Monday.

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