MAIR Holdings minority shareholder Riley Investment Management, which reportedly holds 5.2% of the Mesaba Airlines parent, said last weekend that Northwest Airlines' offer to acquire Mesaba (ATWOnline, Jan. 8) is "grossly inadequate" and that it will attempt to block or change the deal. Riley said NWA deliberately "destroyed value for MAIR shareholders" and is now trying to buy the bankrupt regional below fair market value.

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