-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TeUNoBtGuogqb7GQMVkdW9r52v3CC1reDAYjfHR/T8Sqg0mbJ205irA/XDylcS61 bwqz6wf/ZB4IX1++Gn0vLg== 0000902664-07-002194.txt : 20070703 0000902664-07-002194.hdr.sgml : 20070703 20070703163158 ACCESSION NUMBER: 0000902664-07-002194 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070703 DATE AS OF CHANGE: 20070703 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WORLD AIR HOLDINGS, INC. CENTRAL INDEX KEY: 0000949240 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 202121036 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45697 FILM NUMBER: 07961274 BUSINESS ADDRESS: STREET 1: THE HLH BUILDING STREET 2: 101 WORLD DRIVE CITY: PEACHTREE CITY STATE: GA ZIP: 30269 BUSINESS PHONE: 7706328000 MAIL ADDRESS: STREET 1: THE HLH BUILDING STREET 2: 101 WORLD DRIVE CITY: PEACHTREE CITY STATE: GA ZIP: 30269 FORMER COMPANY: FORMER CONFORMED NAME: WORLD AIRWAYS INC /DE/ DATE OF NAME CHANGE: 19950908 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CLINTON GROUP INC CENTRAL INDEX KEY: 0001134119 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 32 OLD SLIP 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2128250400 SC 13D/A 1 sc13da.txt WORLD AIR HOLDINGS, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Under the Securities Exchange Act of 1934 (Amendment No. 6)* World Air Holdings, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.001 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 98142V104 - -------------------------------------------------------------------------------- (CUSIP Number) Marc Weingarten, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 (212) 756-2000 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 3, 2007 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ]. NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 10 Pages) - -------------------------- * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). - ------------------------------ --------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 2 OF 10 PAGES - ------------------------------ --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) CLINTON GROUP, INC. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 1,620,681 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,620,681 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 1,620,681 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA; CO - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS - ------------------------------ --------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 3 OF 10 PAGES - ------------------------------ --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) CLINTON MULTISTRATEGY MASTER FUND, LTD. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 1,508,079 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,508,079 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 1,508,079 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS - ------------------------------ --------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 4 OF 10 PAGES - ------------------------------ --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 112,602 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 112,602 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 112,602 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.5% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS - ------------------------------ --------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 5 OF 10 PAGES - ------------------------------ --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) GEORGE E. HALL - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 1,620,681 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,620,681 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 1,620,681 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS - ------------------------------ --------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 6 OF 10 PAGES - ------------------------------ --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) CONRAD BRINGSJORD - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 1,620,681 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,620,681 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 1,620,681 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS - ------------------------------ --------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 7 OF 10 PAGES - ------------------------------ --------------------- The Schedule 13D filed on July 3, 2007 by Clinton Group, Inc., a Delaware corporation ("CGI"), Clinton Multistrategy Master Fund, Ltd., a Cayman Islands company ("CMSF"), Clinton Special Opportunities Master Fund, Ltd., a Cayman Islands company ("CSO"), George E. Hall and Conrad Bringsjord, with respect to the shares of Common Stock, par value $0.001 per share (the "Shares"), of World Air Holdings, Inc., a Delaware corporation (the "Issuer"), as previously amended by Amendment No. 1 on December 4, 2006, Amendment No. 2 on December 20, 2006, Amendment No. 3 on March 16, 2007, Amendment No. 4 on April 25, 2007, and Amendment No. 5 on April 25, 2007, is hereby amended as set forth herein by this Amendment No. 6. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Item 3 is hereby amended and restated as follows: Funds for the purchase of the Shares reported herein were derived from available capital of CMSF and CSO. A total of approximately $14.6 million was paid to acquire such Shares. ITEM 4. PURPOSE OF TRANSACTION. Item 4 of the Schedule 13D is hereby amended by the addition of the following: On July 3, 2007, CGI delivered a letter to the Issuer noting that, due to the Issuer's inability to timely file its financial statements, shareholders will not be able to review first quarter results or any data on the second quarter prior to the special meeting, scheduled on July 18, 2007, at which the merger agreement entered into by the Issuer to be acquired by Global Aero Logistics Inc. is to be voted on by the shareholders. Consequently, the letter requested that the Issuer provide updated 2007 financial guidance so that shareholders can make a more informed decision. CGI also observed that the merger agreement had been weakened by the addition of a financing condition for the acquirer and requested that the terms of the financing and financing commitment be disclosed. Finally, CGI noted that its effort to elect three members to the Issuer's board of directors at the annual meeting has not materialized because the annual meeting has been delayed. CGI requested that the Issuer immediately add CGI's candidates to the Issuer's board, and stated its belief that, if the merger is not consummated, the existing board and management should not stay in place. CGI indicated that, accordingly, it was exploring all alternatives, including a consent solicitation, to improve the Issuer's governance and obtain shareholder representation the board. A copy of this letter is attached hereto as Exhibit F and incorporated herein by reference. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and restated as follows: (a) As of the close of business on July 2, 2007, the Reporting Persons beneficially owned an aggregate of 1,620,681 Shares, constituting approximately 7.2% of the Shares outstanding. The aggregate percentage of Shares beneficially owned by the Reporting Persons is based upon 22,502,917 Shares outstanding as of June 13, 2007, as reported in the Issuer's definitive proxy statement filed June 18, 2007. (b) By virtue of investment management agreements with each of CMSF and CSO, CGI has the power to vote or direct the voting, and to dispose or direct the disposition, of all of the 1,508,079 Shares held by CMSF and the 112,602 Shares held by CSO. By virtue of his direct and indirect control of CGI, George E. Hall is deemed to have shared voting power and shared dispositive power with respect to all Shares as to which CGI has voting power or dispositive power. By virtue of his position as managing director and senior portfolio manager of CGI, Conrad Bringsjord is also deemed to have shared voting power and shared dispositive power with respect to all Shares as to which CGI has voting power or dispositive power. Accordingly, CGI, Mr. Hall and Mr. Bringsjord are deemed to have shared voting and shared dispositive power with respect to an aggregate of 1,620,681 Shares. (c) Information concerning transactions in the Shares effected by the Reporting Persons since the most recent filing on Schedule 13D is set forth in Schedule B hereto and is incorporated herein by reference. All of such transactions were effected in the open market. - --------------------------- --------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 8 OF 10 PAGES - --------------------------- --------------------- Item 7. MATERIAL TO BE FILED AS EXHIBITS. Item 7 of the Schedule 13D is hereby amended and restated as follows: Exhibit A - Joint Filing Agreement, dated December 4, 2006 (previously filed) Exhibit B - Letter, dated December 4, 2006, from CGI to the Issuer (previously filed) Exhibit C - Letter, dated March 16, 2007, from CGI to the Issuer (previously filed) Exhibit D - Letter, dated April 24, 2007, from CGI to the Issuer (previously filed) Exhibit E - Joint Filing Agreement, dated April 25, 2007 (previously filed) Exhibit F - Letter, dated July 3, 2007, from CGI to the Issuer - --------------------------- ------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 9 OF 10 PAGES - --------------------------- ------------------- SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: July 3, 2007 CLINTON GROUP, INC. By: /s/ Francis Ruchalski --------------------------- Name: Francis Ruchalski Title: Comptroller CLINTON MULTISTRATEGY MASTER FUND, LTD. By: Clinton Group, Inc., its investment manager By: /s/ Francis Ruchalski --------------------------- Name: Francis Ruchalski Title: Comptroller CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD. By: Clinton Group, Inc. its investment manager By: /s/ Francis Ruchalski --------------------------- Name: Francis Ruchalski Title: Comptroller /s/ George E. Hall ------------------------------ George E. Hall /s/ Conrad Bringsjord ------------------------------ Conrad Bringsjord - --------------------------- ------------------- CUSIP NO. 98142V104 SCHEDULE 13D PAGE 10 OF 10 PAGES - --------------------------- ------------------- SCHEDULE B TRANSACTIONS IN THE SHARES BY THE REPORTING PERSONS SINCE THE MOST RECENT FILING ON SCHEDULE 13D Clinton Multistrategy Master Fund, Ltd. Trade Date Shares Purchased (Sold) Price Per Share ($) ---------- ----------------------- ------------------- 05/10/07 5,000 11.80 05/14/07 10,000 11.79 05/16/07 5,000 11.78 05/17/07 2,200 11.76 05/18/07 5,000 11.75 05/21/07 18,000 11.71 05/22/07 10,800 11.67 05/25/07 10,000 11.77 05/30/07 10,000 11.75 06/11/07 5,000 11.87 06/12/07 5,000 11.86 06/13/07 20,000 11.85 06/14/07 10,000 11.82 06/15/07 7,214 11.94 06/25/07 5,000 12.00 06/26/07 5,000 11.94 06/27/07 9,000 12.01 06/29/07 23,800 12.01 07/02/07 17,500 11.74 Clinton Special Opportunities Master Fund, Ltd. Trade Date Shares Purchased (Sold) Price Per Share ($) ---------- ----------------------- ------------------- 05/10/07 5,000 11.80 05/16/07 5,000 11.78 05/21/07 2,000 11.71 05/22/07 2,700 11.67 05/30/07 4,202 11.75 06/11/07 5,000 11.87 06/12/07 5,000 11.86 06/25/07 5,000 12.00 06/27/07 9,000 12.01 06/29/07 23,700 12.01 07/02/07 17,500 11.74 EX-99 2 wlda13dltr.txt EXHIBIT F July 3, 2007 General Ronald R. Fogleman Chairman of the Board of Directors World Air Holdings, Inc. The HLH Building 101 World Drive Peachtree City, Georgia 30269 World Air Holdings, Inc. Board of Directors: Given the poor capacity demonstrated by World Air Holdings, Inc. ("World Air" or the "Company) to timely file its financial statements, it unfortunately came as little surprise that the Company once again missed a key deadline. Unfortunately, World Air's latest delay has allowed a renegotiation of the Agreement and Plan of Merger dated April 5, 2007, between Global Aero Logistics Inc., Hugo Acquisition Corp. ("Global") and World Air (the "Merger Agreement"). The proposed business combination makes a great deal of strategic sense and we are inclined to support the board's decision. However, the delay in filing implies shareholders will not be able to review first quarter financial results much less be provided any insight into the second quarter's performance prior to voting at the scheduled special meeting on July 18, 2007 (the "Special Meeting"). With respect to assessing the merits of the Merger Agreement, the letter we received on May 8, 2007 from General Fogleman suggests we rely on what is contained in the proxy statement. In other words, since management has neither been capable of filing the required SEC disclosure nor chosen to enlighten shareholders as to the business prospects of World Air since December 27, 2006 (over SIX months ago), we should look to rely on the financial advisor's valuation analysis that provides little insight into the financial projections or prospects of the Company. WE RESPECTFULLY REQUEST THAT THE COMPANY PROVIDE UPDATED 2007 FINANCIAL GUIDANCE SO THAT WE CAN MAKE A MORE INFORMED DECISION. Further, World Air's continued inability to timely report its financials resulted in weakening the Merger Agreement by providing Global an additional condition to close. While we have a great deal of confidence in Global's desire and capacity to consummate this transaction, WE RESPECTFULLY REQUEST THAT YOU PROVIDE THE FINANCING TERMS AND DETAILS OF THE FINANCING COMMITMENT IN ORDER FOR SHAREHOLDERS TO CONFIRM THE CERTAINTY OF SUCH FINANCING PRIOR TO THE SPECIAL MEETING. Consistent with the Company's pattern of delay, we note that our effort to elect three members to World Air's board of directors at the annual meeting has not materialized because the annual meeting has been DELAYED. The Company's bylaws currently provide for up to 13 board members. WE RESPECTFULLY REQUEST THAT YOU IMMEDIATELY ADD OUR CANDIDATES TO WORLD AIR'S BOARD. Regardless of whether shareholders approve the transaction at the Special Meeting, we believe that if a deal is not consummated the existing board and management should not remain in place. AS SUCH, WE ARE EXPLORING ALL ALTERNATIVES, INCLUDING A CONSENT SOLICITATION, TO MODIFY YOUR GOVERNANCE AND TO ADD SHAREHOLDER REPRESENTATIVES TO YOUR BOARD. We have attempted to contact General Fogleman and are willing to timely discuss these issues and reach a resolution well prior to the Special Meeting. Please contact Conrad Bringsjord at 212-377-XXXX at your convenience. Sincerely, /s/ Conrad Bringsjord - ------------------------- Conrad Bringsjord Senior Managing Director -----END PRIVACY-ENHANCED MESSAGE-----