How much is “Aloha” worth?

As part of Aloha Airlines’ bankruptcy liquidation, the defunct carrier’s trade name and intellectual properties are being sold.

It’s difficult to put a price tag on the Aloha name but local marketing expert Gloria Garvey believes the brand still carries a lot of value.

Once dubbed “the People’s Airline,” Aloha has a rich, 60-year history of serving the local market. Memorabilia associated with the airline carries a lot of nostalgic value.

None of the previous interisland carriers that came and went — Discovery Airways, Mid Pacific Airlines and Mahalo Airlines — have anywhere near the following that Aloha had.

Given the sad state of the airline industry, you’re not going to see a the start up of a new interisland carrier anytime soon.

But the economy will improve some day and the airline business will bounce back. When that happens, the Aloha trade name could be resurrected by a start-up. Or someone might want to buy the name to fly charters, Garvey said.

The history of marketing is littered with brands that folded, only to come back years later. Life magazine, Coca Cola Classic, or, more recently, Primo Beer, are just several examples.

One of my co-workers plans to take her family on a trip to Kauai in August. She asked me if she should book he flights now or wait to see if fares drop next month.

Hawaiian Airlines and go! have already raised fares three times this year and twice since Aloha shutdown on March 31.

The standard fare is now $64 one-way fare, or more than double the fares of a year ago.

I told her that I thought that the airlines are going to raise fares again.

Hawaiian Chief Executive Officer Mark Dunkerley all but conceded point during an editorial board meeting with the Advertiser last week.

According to Dunkerley, the price of aviation fuel has nearly doubled to about $4.01 a gallon in the past year, adding $204 million to Hawaiian’s already bloated fuel bill.

While airline executives rarely predict future ticket prices, Dunkerley was quick to quote local aviation industry historian Peter Forman, who believes that that Hawaiian and go! would have to charge between $75 to $85 each way to break even.

Some of my more pessimistic friends in the airline industry think that interisland fares in the $90 range aren’t that far away.

My co-worker’s family trip to Kauai is already going to cost her several hundred dollars more that it would have cost her last year.

But it could cost a lot more if she waits until next month to book her flights.

Warnings that go! airline’s parent company may have to file for bankruptcy protection this summer is more bad news for the interisland market already reeling from the recent shutdown of Aloha Airlines.

Interisland fares are up by more than 32 percent since the March 31 closure of Aloha and the loss of another carrier would mean even higher prices and further economic turmoil for the hotels, car rental agencies and other tourism-related companies on the Neighbor Islands.

But don’t expect Mesa to pull out of Hawaii on its own accord.

In a news release last week, Mesa stressed that it’s here for the long haul and boasted that it’s having its best month ever. Bookings for this summer also look strong, the company said.

For Mesa, the development of its own brands such as go! and its China joint venture Kunpeng Airlines is a major part of its future growth.

Right now, most of the company’s revenues come from providing regional service for major domestic carriers like United Airlines, US Airways and Delta Air Lines.

As the potential loss of the $20 million-a-month Delta contract shows, the company is at the mercy of the big carriers and to major downturns in the U.S. airline business.

But all bets are off if Mesa winds up in a highly contested bankruptcy.

As in the Hawaiian Airlines bankruptcy, creditors could seek the appointment of a Chapter 11 trustee to run the affairs of the airline.

That trustee may not place the same value on a Hawaii airline whose operations lost $20 million even before it had to fork over more than $52.5 million to settle a lawsuit by Hawaiian Airlines for misusing confidential business information.

The stock of go! airline’s parent company has risen 12 percent since it settled a lawsuit by Hawaiian Airlines. Is the worst over?

Shares of Mesa Air Group closed at 74 cents on the Nasdaq market on Friday, which is up from 66 cents on April 30 when Mesa announced its deal with Hawaiian.

The company’s stock hit an all-time low of 45 cents per share on April 24 and is off more than 85 percent since last October when U.S. Bankruptcy Judge ordered Mesa to pay $80 million to Hawaiian for misusing confidential business data.

Wall Street analysts are mixed about the company. Two consider Mesa’s stock a hold while a third — Lily Ng of Merrill Lynch — has a sell recommendation.

Ray Neidl of Calyon Securities stopped covering Mesa on April 11 after Mesa’s market capitalization fell below $20 million.

Despite the Hawaiian settlement, Mesa faces significant challenges.

At its annual meeting on Tuesday, Mesa is expected to ask shareholders for approval to issue new stock. The new shares are to help cover a $37.8 million payment due to Mesa’s bondholders next month.

Mesa did receive some breathing room from its recent settlement with Hawaiian. By agreeing to pay Hawaiian $52.5 million, Mesa gets $37.5 million back from the $80 million bond that it posted after it lost the ruling.

That amount very close to the amount due to bondholders.

But there are other troubles.

Mesa faces the potential loss of a $20 million-a-month contract to fly regional routes on the Mainland for Delta Air Lines. That contract generates about 18 percent of Mesa’s $1.3 billion in annual revenues.

Mesa has similar contracts with United Airlines and US Airways and a merger that’s being discussed between those two legacy carriers would be disastrous for Mesa.

And don’t forget Aloha Airlines’ lawsuit. Aloha may no longer be operating but its court-appointed bankruptcy trustee has a duty to pursue the local airline’s anti-trust suit against Mesa. The potential award from such a lawsuit could be much higher than $80 million.