Midwest Airlines enters a new era Tuesday when three directors opposed by management join the board of its parent company.Whether that leads to a swift sale of the company to would-be acquirer AirTran Holdings Inc. or intensifies the struggle for one of Milwaukee's signature enterprises is a question very much up in the air.
Directors' Impact On Midwest Unclear; New Faces Still a Minority for Airtran's Plan for Airline
Midwest proponents continue to insist that AirTran's offer is less than the value of the company in the long term. In addition, they note that even if the three directors elected earlier this month with AirTran's backing were to favor a sale, they constitute a minority of the nine-member board. State law and company bylaws give the board majority powerful tools to resist an unwanted proposal for at least another year.AirTran backers counter that the new directors were elected by almost two-third...