Octavian ups stake in Midwest

By Lisa Kerner

Charlotte, N.C., July 23 - Midwest Air Group, Inc. investors led by Octavian Global Partners, LLC purchased 190,800 shares of the company's stock between May 17 and July 11, priced from $13.95 to $15.48 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 1,830,800 shares, or 7.5%, of the Milwaukee-based provider of jet service.

As previously reported, Richard Hurowitz, chief executive of Octavian Master Fund LP, said he was disappointed by the decision of Midwest's board to reject the latest offer from AirTran.

Hurowitz believes a strategic combination of Midwest and AirTran is "extremely compelling."

The investor also took issues with Midwest's legal framework and structure which included a poison pill; a staggered board; an anti-takeover provision and a lack of separation of the role of chairman and chief executive officer.

On April 26, Octavian reported a 5.97% of in Midwest.

AirTran is the parent company of AirTran Airways, a low-fare airline based in Orlando, Fla.

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