-----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, JIDJmDb1/naXm20ernOz8+j7hwUNEKulAS5fZgRYdIV+l5Yl8xEaGKeCOyDcycSB 3AYGDQ3M0v9UiKYh66p8sQ== 0001019687-08-003208.txt : 20080725 0001019687-08-003208.hdr.sgml : 20080725 20080725130610 ACCESSION NUMBER: 0001019687-08-003208 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080725 DATE AS OF CHANGE: 20080725 GROUP MEMBERS: B. RILEY & CO. RETIREMENT TRUST GROUP MEMBERS: B. RILEY & CO., LLC GROUP MEMBERS: BRYANT R. RILEY GROUP MEMBERS: RILEY INVESTMENT MANAGEMENT LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MAIR HOLDINGS INC CENTRAL INDEX KEY: 0000835768 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 411616499 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-39823 FILM NUMBER: 08970309 BUSINESS ADDRESS: STREET 1: FIFTH STREET TOWERS, SUITE 1360 STREET 2: 150 SOUTH FIFTH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612 333-0021 MAIL ADDRESS: STREET 1: FIFTH STREET TOWERS, SUITE 1360 STREET 2: 150 SOUTH FIFTH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: MESABA HOLDINGS INC DATE OF NAME CHANGE: 19951002 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Riley Investment Partners Master Fund, L.P. CENTRAL INDEX KEY: 0001385084 IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 11100 SANTA MONICA BOULEVARD STREET 2: SUITE 810 CITY: LOS ANGELES STATE: CA ZIP: 90025 BUSINESS PHONE: (310) 966-1445 MAIL ADDRESS: STREET 1: 11100 SANTA MONICA BOULEVARD STREET 2: SUITE 810 CITY: LOS ANGELES STATE: CA ZIP: 90025 SC 13D/A 1 riley_13da6.txt SCHEDULE 13D AMENDMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (Under the Securities Exchange Act of 1934) (Amendment No. 6)* MAIR HOLDINGS, INC. (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE (Title of Class of Securities) 560635104 (CUSIP Number) BRYANT R. RILEY C/O RILEY INVESTMENT MANAGEMENT LLC 11100 SANTA MONICA BLVD., SUITE 810 LOS ANGELES, CA 310-966-1445 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 21, 2008 (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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.: |X| Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. * 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. 560635104 13D Page 2 - --------- ---------------------------------------------------------------------- 1 Name of Reporting Persons. I.R.S. Identification Nos. of above Person (entities only) Riley Investment Partners Master Fund, L.P. - --------- ---------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - --------- ---------------------------------------------------------------------- 3 SEC Use Only - --------- ---------------------------------------------------------------------- 4 Source of Funds (See Instructions) WC - --------- ---------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [ ] - --------- ---------------------------------------------------------------------- 6 Citizenship or Place of Organization Cayman Islands - ---------------------- ------ -------------------------------------------------- Number of 7 Sole Voting Power Shares 513,641 ------ -------------------------------------------------- Beneficially 8 Shared Voting Power Owned by -0- ------ -------------------------------------------------- Each 9 Sole Dispositive Power Reporting 513,641 ------ -------------------------------------------------- Person 10 Shared Dispositive Power With -0- - --------- ---------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person 513,641 - --------- ---------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - --------- ---------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 3.4%(1) - --------- ---------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions) PN - --------- ---------------------------------------------------------------------- - ---------------- (1) Based on 15,083,049 shares of common stock of MAIR Holdings, Inc. ("MAIR" or the "Issuer") outstanding at May 1, 2008, as reported in MAIR's Annual Report on Form 10-K for the year ended March 1, 2008 filed with the Securities and Exchange Commission on May 30, 2008. - --------- ---------------------------------------------------------------------- 1 Name of Reporting Persons. I.R.S. Identification Nos. of above Person (entities only) Riley Investment Management LLC - --------- ---------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - --------- ---------------------------------------------------------------------- 3 SEC Use Only - --------- ---------------------------------------------------------------------- 4 Source of Funds (See Instructions) AF - --------- ---------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [ ] - --------- ---------------------------------------------------------------------- 6 Citizenship or Place of Organization Delaware - ---------------------- ------ -------------------------------------------------- Number of 7 Sole Voting Power Shares 691,286(2) ------ -------------------------------------------------- Beneficially 8 Shared Voting Power Owned by 652,427(3) ------ -------------------------------------------------- Each 9 Sole Dispositive Power Reporting 691,286(2) ------ -------------------------------------------------- Person 10 Shared Dispositive Power With 652,427(3) - --------- ---------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person 1,343,713 - --------- ---------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - --------- ---------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 8.9%(1) - --------- ---------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions) IA - --------- ---------------------------------------------------------------------- - -------------- (2) Because Riley Investment Management LLC has sole investment and voting power over 513,641 shares of Common Stock owned by Riley Investment Partners Master Fund, L.P. and 177,645 shares of Common Stock owned by investment advisory clients, Riley Investment Management LLC may be deemed to have beneficial ownership of these shares. (3) Riley Investment Management LLC has shared voting and dispositive power over 652,427 shares of Common Stock owned by managed accounts of investment advisory clients, which are indirectly affiliated with Mr. Riley or Riley Investment Partners Master Fund, L.P. - --------- ---------------------------------------------------------------------- 1 Name of Reporting Persons. I.R.S. Identification Nos. of above Person (entities only) B. Riley & Co. Retirement Trust - --------- ---------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - --------- ---------------------------------------------------------------------- 3 SEC Use Only - --------- ---------------------------------------------------------------------- 4 Source of Funds (See Instructions) WC - --------- ---------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [ ] - --------- ---------------------------------------------------------------------- 6 Citizenship or Place of Organization California - ---------------------- ------ -------------------------------------------------- Number of 7 Sole Voting Power Shares 7,548 ------ -------------------------------------------------- Beneficially 8 Shared Voting Power Owned by -0- ------ -------------------------------------------------- Each 9 Sole Dispositive Power Reporting 7,548 ------ -------------------------------------------------- Person 10 Shared Dispositive Power With -0- - --------- ---------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person 7,548 - --------- ---------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - --------- ---------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 0.1%(1) - --------- ---------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions) EP - --------- ---------------------------------------------------------------------- - --------- ---------------------------------------------------------------------- 1 Name of Reporting Persons. I.R.S. Identification Nos. of above Person (entities only) B. Riley & Co., LLC - --------- ---------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - --------- ---------------------------------------------------------------------- 3 SEC Use Only - --------- ---------------------------------------------------------------------- 4 Source of Funds (See Instructions) WC - --------- ---------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [ ] - --------- ---------------------------------------------------------------------- 6 Citizenship or Place of Organization Delaware - ---------------------- ------ -------------------------------------------------- Number of 7 Sole Voting Power Shares 19,000 ------ -------------------------------------------------- Beneficially 8 Shared Voting Power Owned by -0- ------ -------------------------------------------------- Each 9 Sole Dispositive Power Reporting 19,000 ------ -------------------------------------------------- Person 10 Shared Dispositive Power With -0- - --------- ---------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person 19,000 - --------- ---------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - --------- ---------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 0.1%(1) - --------- ---------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions) BD - --------- ---------------------------------------------------------------------- - --------- ---------------------------------------------------------------------- 1 Name of Reporting Persons. I.R.S. Identification Nos. of above Person (entities only) Bryant R. Riley - --------- ---------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - --------- ---------------------------------------------------------------------- 3 SEC Use Only - --------- ---------------------------------------------------------------------- 4 Source of Funds (See Instructions) AF, WC - --------- ---------------------------------------------------------------------- 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 Of America - ---------------------- ------ -------------------------------------------------- Number of 7 Sole Voting Power Shares 717,834(4) ------ -------------------------------------------------- Beneficially 8 Shared Voting Power Owned by 652,427(5) ------ -------------------------------------------------- Each 9 Sole Dispositive Power Reporting 717,834(4) ------ -------------------------------------------------- Person 10 Shared Dispositive Power With 652,427(5) - --------- ---------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person 1,370,261 - --------- ---------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - --------- ---------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 9.1%(1) - --------- ---------------------------------------------------------------------- 14 Type Of Reporting Person (See Instructions) IN - --------- ---------------------------------------------------------------------- - ----------- (4) Because Riley Investment Management LLC has sole voting and investment power over Riley Investment Partners Master Fund, L.P.'s security holdings and Mr. Riley, in his role as the sole manager of Riley Investment Management LLC, controls its voting and investment decisions, each of Riley Investment Management LLC and Mr. Riley may be deemed to have beneficial ownership of the 513,641 shares of Common Stock owned by Riley Investment Partners Master Fund, L.P. and 177,645 shares of Common Stock owned by investment advisory clients. Also includes 7,548 shares owned by B. Riley & Co. Retirement Trust. Because Mr. Riley, in his role as Trustee of the B. Riley & Co. Retirement Trust, controls its voting and investment decisions, Mr. Riley may be deemed to have beneficial ownership of the 7,548 shares owned by B. Riley & Co. Retirement Trust. Also includes 19,000 shares held by B. Riley & Co., LLC. Mr. Riley is the sole indirect owner of B. Riley Co., LLC and its Chairman. (5) Riley Investment Management LLC has shared voting and dispositive power over 652,427 shares of Common Stock owned by managed accounts of investment advisory clients, which are indirectly affiliated with Mr. Riley or Riley Investment Partners Master Fund, L.P. ITEM 2. IDENTITY AND BACKGROUND Item 2 (a) through (c) as previously filed is amended and restated as follows: (a)(i) Riley Investment Partners Master Fund, L.P. (Cayman Islands limited partnership) Riley Investment Management LLC (Delaware limited liability company) Mr. Bryant R. Riley (individual residing in California) (ii) B. Riley & Co. Retirement Trust (employee benefit plan) B.Riley & Co., LLC (Delaware limited liability company) (b) (i) 11100 Santa Monica Blvd. Suite 810 Los Angeles, CA 90025 (ii) 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 (c) Mr. Riley manages and owns all of the outstanding membership interests of Riley Investment Management LLC ("RIM"), an SEC registered investment adviser. RIM is the investment adviser to and general partner of Riley Investment Partners Master Fund, L.P. ("RIP"). Mr. Riley is a Trustee of the B. Riley & Co. Retirement Trust ("BRCRT"). B. Riley & Co., LLC ("BRC") is a FINRA member broker-dealer. Mr. Riley is the Chairman and sole indirect equity owner of BRC. Mr. Riley, RIM and RIP are located at the address specified in (b)(i) above. BRCRT and BRC are located at the address specified in (b)(ii) above. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item 5 as previously filed ishereby amended to add the following: (c) In the last 60 days through July 24, 2008, the Reporting Persons have effected the following transactions in Common Stock: RIP purchased 500 shares at a per share price of $3.70 on July 24, 2008; RIP purchased 252,748 shares at a per share price of $3.40 on July 21, 2008; BRC purchased 19,000 shares at a per share price of $3.40 on July 22, 2008. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: July 25, 2008 Riley Investment Partners Master Fund, L.P. By: Riley Investment Management LLC, its General Partner By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Managing Member Riley Investment Management LLC By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, President B. Riley & Co. Retirement Trust By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Trustee B. Riley & Co., LLC By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Chairman By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley -----END PRIVACY-ENHANCED MESSAGE-----