Exhibit 99.(c)(24)

MERCURY FINANCIAL PROJECTIONS
DATED MARCH 1, 2005

THESE FINANCIAL PROJECTIONS WERE SUBMITTED TO IMPERIAL CAPITAL IN CONNECTION WITH IMPERIAL CAPITAL’S OPINION. PLEASE BE ADVISED THAT THE PROJECTIONS WERE PREPARED ONLY FOR THE USE OF IMPERIAL CAPITAL, AND ARE NOT TO BE USED BY ANY OTHER PERSON OR ENTITY. IN ADDITION, THE PROJECTIONS SPEAK AS OF THE DATE THEREOF, AND MERCURY DOES NOT INTEND TO UPDATE SUCH PROJECTIONS.

Mercury Air Group
Financial Assumptions

MercFuel:		Assumptions
	Commercial volume growth	Assumes no major additions or losses of any major accounts. The projections assume organic growth with existing customers at 6.0% per year.
	Corporate volume growth	Assumes Corporate volume growth at 16% annually over the period as MercFuel focuses on the time share market.
	Annual fuel price increase	The inherently volatile nature of fuel prices makes it difficult to project future revenues. These projections are being generated at a time when fuel prices are increasing dramatically. Given that no forward fuel pricing projections are available, the Company assumes prices remain constant.
	Margin per gallon	Assumes historical gross margin per gallon. There is no mathematical relationship/ratio of fuel prices to margin.
	DSO held flat at 29 days	Customers continue to want increased terms and credit lines putting pressure on the receivables days outstanding.
	DPO held flat	Assumes that the amount of credit and days to pay our suppliers remains constant. The current trend from suppliers is to reduce MercFuel's credit limits and terms.
AirCargo
	Sales Growth	Higher volumes projected as imports continue to increase.
	Cost of Sales Increase	Higher costs associated with the volume growth.
	Operating Expense Increase	Operating expenses are projected to grow at the same or higher rate as the sales growth due to labor and arriving flight inefficiencies.
	DSO held flat at 75 days	Assumes no changes to the existing process for billing and collections.
Maytag
	Sales Growth	Assumes retention of existing contracts. Increase based on cost of living adjustments and addition of small contracts.
	Cost of Sales	Assumes new contracts are won at a lower margin.
	SG&A	Assumes increases based on inflation and insurance costs.
Corporate
	SG&A	Fiscal year 2005 SG&A expenses do not include extraordinary expenditures associated with a lawsuit, severance costs, increased insurance premiums and Sarbanes Oxley 404 costs. The factors for the outyears were based on projected increases in insurance and personnel costs.

Mercury Air Group, Inc.
Comparative Statement of Financial Position
For the Periods ending :
(all amounts in thousands of US Dollars)

				Actual
	FY2004			As of			FY2005			FY2006			FY2007			FY2008
	Actual			31-Dec-04			Projection			Projection			Projection			Projection
Assets
Current Assets
Cash	$	4,690		$	6,316		$	1,270		$	1,000		$	1,000		$	1,000
Accounts Receivable		50,974			56,912			61,570			68,077			73,132			78,453
Inventories		1,165			1,619			1,334			1,427			1,500			1,500
Prepaid Expenses and Other		5,696			3,657			4,585			4,628			4,450			4,450
Deferred Income Tax		1,451			1,451			1,451			1,451			1,451			1,451
Total Current Assets		63,976			69,955			70,210			76,583			81,533			86,854
Non Current Assets
Prop Plnt & equip, net		10,349			7,564			7,182			6,459			5,736			5,013
Restricted Cash		24,403			8,418			6,764			6,764			6,764			6,764
Other		7,229			8,144			8,144			8,130			7,730			7,578
Total Non-Current Assets		41,981			24,126			22,090			21,353			20,230			19,355
Total Assets	$	105,958		$	94,081		$	92,300		$	97,936		$	101,763		$	106,209
Liabilities & Shareowners Equity
Current Liabilities
Accts Payable		32,784			36,390			39,349			42,375			45,018			47,557
Accrued Exp		11,825			8,558			8,457			8,763			8,473			8,473
Income Tax Payable		769			0			1,219			390			424			595
Current Portion of LTD		139			1,021			1,137			1,137			1,137			1,137
Total Current Liabilities		45,516			45,969			50,163			52,665			55,052			57,762
Non-Current Liabilities
Long Term Debt		18,459			21,221			15,270			18,619			18,966			19,342
Senior Subordinated Note		0			0			0			0			0			0
Deferred Income Taxes		0			0			(38	)		(38	)		(38	)		(38	)
Other		9,569			10,722			8,612			7,595			7,595			7,595
Total Non-Current Liabilities	$	28,028		$	31,943		$	23,844		$	26,176		$	26,523		$	26,899
Total Liabilities	$	73,545		$	77,912		$	74,006		$	78,841		$	81,575		$	84,661
Shareowner’s Equity
Pref Stock		518			468			486			522			558			594
Common Stock		30			31			31			31			31			31
APIC		20,737			21,473			21,473			21,473			21,473			21,473
Translation Adj		(46	)		194			194			(42	)		(42	)		(42	)
Notes Rec		(3,302	)		(2,983	)		(2,783	)		(2,390	)		(1,997	)		(1,604	)
Treasury Stock		(120	)		(43	)		(43	)		(43	)		(43	)		(43	)
Retained Earnings		14,596			(2,971	)		(1,065	)		(455	)		208			1,139
Dividends Declared					0			0			0			0			0
Total Shareowners Equity		32,413			16,169			18,294			19,096			20,188			21,548
Total Liabilities & Shareowners Equity	$	105,958		$	94,081		$	92,300		$	97,936		$	101,763		$	106,209

Mercury Air Group, Inc.
Comparative Statement of Earnings
For the 12 Month Periods Ending:
(all amounts in thousands of US Dollars)

	FY 2005			FY 2006			FY 2007			FY 2008
	Projection			Projection			Projection			Projection
Revenue
Maytag		20,999			21,980			22,639			23,318
MercFuels		537,474			628,383			684,142			746,243
Cargo		43,839			46,306			48,913			51,668
Total Rev		602,312			696,669			755,694			821,229
Cost of Sales
Maytag		16,573			17,856			18,677			19,229
MercFuels		529,555			620,048			675,343			736,779
Cargo		39,441			41,572			43,955			46,353
Cost of Sales		585,569			679,475			737,975			802,361
Gross Margin
Maytag		4,426			4,124			3,962			4,089
MercFuels		7,919			8,335			8,799			9,464
Cargo		4,398			4,734			4,958			5,314
Gross Margin	$	16,743		$	17,193		$	17,719		$	18,867
Gross Margin %		2.78	%		2.47	%		2.34	%		2.30	%
Provision for Bad Debt		1,383			1,477			1,560			1,772
SG&A		10,366			10,729			11,051			11,493
Gain(Loss) on Investment		0			0			0			0
Other Income		0			0			0			0
EBITDA	$	4,994		$	4,988		$	5,108		$	5,602
Depreciation		2,511			2,679			2,723			2,723
Interest and Other		1,143			1,310			1,298			1,353
Pre-Tax Oper Earnings	$	1,340		$	999		$	1,087		$	1,527
Income Tax Expense		523			390			424			595
effect tax rate		39.00	%		39.00	%		39.00	%		39.00	%
Net Income Before Extraordinary Items	$	818		$	609		$	663		$	931
Extraord Items/FBO Sale		958			0			0			0
Net Income	$	1,775		$	609		$	663		$	931

Mercury Air Group, Inc.
Comparative Statement of Cash Flow
For the Quarterly Periods:
(all amounts in thousands of US Dollars)

	FY2005			FY2006			FY2007			FY2008
	Projection			Projection			Projection			Projection
CASH FLOW FROM OPERATING ACTIVITIES
Net Income	$	818		$	609		$	663		$	931
Less: Income(loss) from Disc Op		958			0			0			0
Income from Continuing Operations		1,775			609			663			931
Adj to derive cash flow from operating activities		0			0			0			0
(Gain)loss on asset sale		0			0			0			0
Bad debt expense		0			0			0			0
Depreciation and amort		2,511			2,679			2,723			2,723
Deferred Income Tax		0			0			0			0
Deferred Rent		0			0			0			0
Exp Related to Remeasurement of Stock options		0			0			0			0
Exp Related to Amort. Of Executive Stock Plan		0			0			0			0
Asset Impairment loss		0			0			0			0
Amort of Deferred Gain		(1,654	)		(1,017	)		0			0
CFK Realty		2,656			0			0			0
Changes in operating assets and liab		0			0			0
Accts Rec		(10,596	)		(6,507	)		(5,055	)		(5,321	)
Inventories		(169	)		(93	)		(73	)		0
Prepaid Expenses & oth current assets		1,111			(43	)		178			0
Accounts Payable		6,566			3,025			2,643			2,539
Income Taxes Payable		372			(840	)		34			171
Accrued exp and other liab		(3,289	)		316			(288	)		(1	)
Net Cash provided(used) by operations		($717	)		($1,870	)	$	826		$	1,042
CASH FLOW FROM INVESTING ACTIVITIES
(Increase)decrease to other assets		(915	)		14			400			152
(Increase)decrease to restricted cash		17,639			0			0			0
(Increase)decrease in notes receivable		519			393			393			393
Acquisition of business, net		0			0			0			0
Proceeds from sale of assets		0			0			0			0
Additions to prop, equip and leaseholds		(2,000	)		(1,956	)		(2,000	)		(2,000	)
Net cash provided by (used in) investing	$	15,243			($1,549	)		($1,207	)		($1,455	)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from LTD		1,976			4,350			1,347			1,376
Reduction LTD		(3,423	)		(1,000	)		(1,000	)		(1,000	)
Capitalized loan fee		0			0			0			0
Proceeds from issuance of Common Stk		814			0			0			0
Other		(17,313	)		(200	)		35			36
Net cash provided by (used for) financing act		($17,947	)	$	3,150		$	382		$	412
Net cash provided by (used for) Disc Oper		0			0			0			0
NET INCREASE(DECREASE) IN CASH AND CASH EQUIV		($3,420	)		($269	)	$	0			($1	)

Mercury Air Group, Inc.
Summary of Long-Term Debt
As of June 30, 2002 through 2008
(all amounts in thousands of Dollars

	As of June 30, 2004				As of June 30, 2005						As of June 30, 2006						As of June 30, 2007						As of June 30, 2008
	Current		Non-Current		Current			Non-Current			Current			Non-Current			Current			Non-Current			Current			Non-Current
Debt before BofA Revolver
CFK Realty		86		2,923
Salem 5		32		634		32			602			32			570			32			538			32			506
CEDFA IRB		0		14,000		1,000			12,500			1,000			11,500			1,000			10,500			1,000			9,500
Col. National		19		232		19			192			19			152			19			112			19			72
Total	$	137	$	17,789	$	1,051		$	13,294		$	1,051		$	12,222		$	1,051		$	11,150		$	1,051		$	10,078
B of A Revolver		0		0		0			1,976			—			6,397			—			7,816			—			9,264
Total Debt	$	137	$	17,789	$	1,051		$	15,270		$	1,051		$	18,619		$	1,051		$	18,966		$	1,051		$	19,342
LOC’s									15,500						14,500						13,500						12,500		$1M reduction for CEDFA
Interest Rates
Salem 5						5.60	%		5.60	%		5.60	%		5.60	%		5.60	%		5.60	%		5.60	%		5.60	%
CEDFA IRB						1.80	%		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Col. National						9.14	%		9.14	%		9.14	%		9.14	%		9.14	%		9.14	%		9.14	%		9.14	%
BofA Revolver						5.00	%		5.00	%		6.00	%		6.00	%		6.50	%		6.50	%		6.50	%		6.50	%
LOC’s						1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest Expense Calculation
Salem 5						1.8			34.6			1.8			32.8			1.8			31.0			1.8			29.2
CEDFA IRB						9.0			238.5			18.0			216.0			18.0			198.0			18.0			180.0
Col. National						1.7			19.4			1.7			15.7			1.7			12.1			1.7			8.4
BofA Revolver									49.4						251.2						461.9						555.1
LOC’s									232.5						217.5						202.5						187.5
Total						12.5			574.4			21.5			733.2			21.5			905.5			21.5			960.2
Note: Used Average for year									586.9						754.7						927.0						981.8