The liquidation of Aloha Airlines continues.

The defunct airline’s court-appointed trustee Dane Field has already sold Aloha’s profitable cargo division, its contract services unit and their receivables for more than $20 million.

And last week the carrier’s main investor Yucaipa Co. bid $10 million of the debt owed by the airline to acquire the legal claims against go! airlines’ Phoenix-based parent Mesa Air Group.

Jim Wagner, Field’s attorney, said after a court hearing last week that Field plans to sell another $10 million to $15 million for remaining aircraft frames, engines and aircraft parts.

That would bring the total haul to somewhere between $40 million to $46 million for the defunct airlines assets.

Aloha’s break-up value is just a fraction of the $215 million in assets that the company listed when it filed for bankruptcy protection on March 20.

That loss of value gives you some measure of how much more a living company, its employees and its goodwill is worth to a community than a mere shell of a corporation.

Tags: Aloha, bankruptcy

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