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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 19, 1996
Vanguard Airlines, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-27034 48-1149290
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
30 N.W. Rome Circle, Mezzanine Level, Kansas City International Airport,
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Kansas City, Missouri 64153
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(Address of principal executive offices including zip code)
Registrant's telephone number, including area code (816) 243-2100
Page 1 of 4
Exhibit at Page 4
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ITEM 5. OTHER EVENTS.
On June 19, 1996, David Golden resigned from his position as a board
member of Vanguard Airlines, Inc. (the "Company"). Mr. Golden is a Managing
Director of Hambrecht & Quist LLC, an investment bank ("Hambrecht & Quist").
Mr. Golden's resignation was precipitated by Hambrecht & Quist's decision to
minimize board participation by its officers in public companies in which
Hambrecht & Quist has a significant investment. The Board of Directors will
consider whether to fill the vacancy on the Board created by Mr. Golden's
resignation.
The Company issued a press release on June 28, 1996, announcing the
resignation of David Golden as board member, a copy of which is attached hereto
as Exhibit A.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized, in the City of Kansas City, State of
Missouri, on July 3, 1996.
VANGUARD AIRLINES, INC.
By
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Robert J. McAdoo
Chairman of the Board, President and Chief
Executive Officer
3.
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EXHIBIT A
PRESS RELEASE
CONTACT: Randy Smith (816) 243-2113
Fred deLeeuw (816) 243-2104
FOR IMMEDIATE RELEASE
DAVID GOLDEN RESIGNS FROM VANGUARD AIRLINES' BOARD OF
DIRECTORS
KANSAS CITY, MO---June 28, 1996---Vanguard Airlines, Inc. (the "Company")
(NADAQ: VNGD) announced today that board member, David Golden, resigned as of
June 19, 1996 from its board of directors. Golden, a Managing Director of
Hambrecht & Quist LLC, an investment bank ("Hambrecht & Quist"), resigned
because of Hambrecht & Quist's decision to minimize outside board participation
by its officers in public companies in which Hambrecht & Quist has a significant
investment.
Bob McAdoo, Chairman and CEO of Vanguard, said, "Mr. Golden has provided
invaluable support and service to the Company, and we are disappointed by his
departure. However, the Company looks forward to continuing its relationship
with Mr. Golden in his capacity as a Managing Director of Hambrecht & Quist."
Vanguard, which began service in December 1994 and is headquarted in Kansas
City, is a low-price, short- to medium-haul passenger airline providing
convenient, scheduled jet services to 10 cities throughout the West, Rocky
Mountains and Midwest. Vanguard currently serves Chicago-Midway, Dallas/Ft.
Worth, Denver, Des Moines, Kansas City, Minneapolis/St. Paul, Salt Lake City,
Wichita, San Francisco and Los Angeles. In addition, Vanguard operates some
charter services. The Company currently employs more than 480 people and
operates a fleet of eight aircraft, consisting of two Boeings 737-300s and six
Boeing 737-200s.
