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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __)*
CCAIR INC.
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(Name of issuer)
COMMON STOCK, par value $.01 per share
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(Title of class of securities)
124868100
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(CUSIP number)
Frederick S. Downs, Jr.
Vice President
Par Capital Management, Inc.
One Financial Center, Suite 1600
(617) 526-8990
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(Name, address and telephone number of person authorized to receive notices and
communications)
December 4, 1997
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(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 which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
(Continued on the following pages)
(Page 1 of 9 Pages)
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*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 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).
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CUSIP No. 124868100 SCHEDULE 13D Page 2 of 9 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAR Investment Partners, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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7. SOLE VOTING POWER
560,000
NUMBER OF -------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY None
EACH -------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 560,000
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10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
560,000 shares of Common Stock
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
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14. TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 124868100 SCHEDULE 13D Page 3 of 9 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAR Group,L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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7. SOLE VOTING POWER
560,000
NUMBER OF -------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY None
EACH -------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 560,000
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10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
560,000 shares of Common Stock
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
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14. TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 124868100 SCHEDULE 13D Page 4 of 9 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAR Capital Management, Inc.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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7. SOLE VOTING POWER
560,000
NUMBER OF -------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY None
EACH -------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH: 560,000
-------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
560,000 shares of Common Stock
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
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14. TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1. SECURITY AND ISSUER.
This Statement relates to the common stock, par value $.01
("Common Stock"), of CCAir Inc. (the "Issuer"). The principal executive offices
of the Issuer are located at 100 Terminal Road, 2nd Floor, Charlotte, NC 28208.
ITEM 2. IDENTITY AND BACKGROUND.
(a), (b) and (c). The persons filing this Statement are PAR
Investment Partners, L.P., ("PIP"), PAR Group, L.P. ("PAR Group") and PAR
Capital Management, Inc. ("PAR Capital").
PIP is a Delaware limited partnership. Its principal business is
that of a private investment partnership engaging in the purchase and sale of
securities for its own account and its address is Suite 1600, One Financial
Center, Boston, MA 02111.
The sole general partner of PIP is PAR Group, a Delaware limited
partnership. The principal business of PAR Group is that of a private investment
partnership engaging in the purchase and sale of securities for its own account
and its address is Suite 1600, One Financial Center, Boston, MA 02111.
The sole general partner of PAR Group, is PAR Capital, a Delaware
S corporation. The principal business of PAR Capital is to act as the general
partner of PAR Group. Its offices are located at Suite 1600, One Financial
Center, Boston, MA 02111.
Paul A. Reeder, III is the President and sole director of PAR
Capital. He is a controlling shareholder of PAR Capital. Frederick S. Downs, Jr.
is a vice president and a controlling shareholder of PAR Capital. Arthur G.
Epker, III is a vice president and a controlling shareholder of PAR Capital. The
business address of Paul A. Reeder, III, Frederick S. Downs, Jr. and Arthur G.
Epker, III is Suite 1600, One Financial Center, Boston, MA 02111.
(d) and (e). During the last five years PIP, PAR Group, and PAR
Capital have not (i) been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction as a result of
which they were or are subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violations with respect to such laws.
During the last five years Paul A. Reeder, III, Frederick S.
Downs, Jr. and Arthur G. Epker, III have not (i) been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which they were or are subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any
violations with respect to such laws.
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(f) Paul A. Reeder, III, Frederick S. Downs, Jr. and Arthur G.
Epker, III are all citizens of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATIONS.
PIP purchased 460,000 shares of Common Stock of the Issuer in
open market transactions and an additional 100,000 shares of Common Stock in a
private placement, bringing PIP's total ownership to 560,000 shares. The sole
source of the funds used in making purchases of the Common Stock was the PIP
cash account. No part of the purchase price is represented by funds or other
consideration borrowed or otherwise obtained for the purpose of acquiring,
holding, trading or voting the Common Stock. No source of the funds is a loan
made in the ordinary course of business by a bank, as defined in Section 3(a)(6)
of the Act. The amount of funds used in making the purchases is set forth in
Item 5.
ITEM 4. PURPOSE OF TRANSACTION.
PIP acquired the shares of Common Stock in the ordinary course of
business for investment purposes only.
Except as aforesaid, PIP, PAR Group and PAR Capital do not have
any plans or proposals which relate to or would result in:
(a) the acquisition by any person of additional securities of the
Issuer or the disposition of securities of the Issuer;
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Issuer or
any of its subsidiaries;
(d) any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(e) any material change in the present capitalization or dividend
policy of the Issuer;
(f) any other material change in the Issuer's business or corporate
structure;
(g) any changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of the Issuer by any person;
(h) causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
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(i) a class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
(j) any action similar to any of those enumerated in (a) through (i)
above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date of this statement, PIP beneficially owns and
PAR Group and PAR Capital may be deemed to beneficially own 560,000 shares of
the Common Stock of the Issuer, representing approximately 7.2% of the number of
shares of Common Stock of the Issuer currently outstanding. The number of shares
of Common Stock of the Issuer believed to be outstanding as of November 7, 1997,
as reported in the Form 10-Q of the Issuer for the quarterly period ending
September 30, 1997 (which is the most recently available filing by the Issuer
with the Commission) is 7,790,695. The total amount of funds used in purchasing
the 560,000 shares of Common Stock was $1,494,160.04.
To the best knowledge of PIP, PAR Group and PAR Capital, none of
PIP, PAR Group or PAR Capital, nor any officer or director of PIP, PAR Group or
PAR Capital beneficially owns any other shares of Common Stock of the Issuer.
(b) PIP, PAR Group and PAR Capital have sole voting and
dispositive power with respect to the 560,000 shares of Common Stock of the
Issuer.
(c) Except for the purchase of the securities reported above, to
the best knowledge of PIP, PAR Group and PAR Capital, none of PIP, PAR Group and
PAR Capital, nor any officer or director of PAR Capital has effected any
transactions in the Common Stock during the past 60 days.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
7(a) Joint Filing Agreement
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SIGNATURE
After due inquiry, to the best of our knowledge and belief, we certify that
the information set forth in this statement is true, complete and correct.
Dated: December 12, 1997
PAR INVESTMENT PARTNERS, L.P.
By: PAR GROUP, L.P.
its general partner
By: PAR CAPITAL MANAGEMENT, INC.
its general partner
By: /s/ Frederick S. Downs, Jr., Vice President
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PAR GROUP, L.P.
By: PAR CAPITAL MANAGEMENT, INC.,
its general partner
By: /s/ Frederick S. Downs, Jr., Vice President
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PAR CAPITAL MANAGEMENT, INC.
By: /s/ Frederick S. Downs, Jr., Vice President
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EXHIBIT 7(a)
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned agree to the joint filing on behalf of each of
them of a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock of CCAIR INC. and further agree that this agreement be
included as an exhibit to such filing. Each party to the agreement expressly
authorizes each other party to file on its behalf any and all amendments to such
statement. Each party to this agreement agrees that this joint filing agreement
may be signed in counterparts.
In evidence whereof, the undersigned have caused this Agreement to be
executed on their behalf this 12th day of December, 1997.
PAR INVESTMENT PARTNERS, L.P.
By: PAR GROUP, L.P.
its general partner
By: PAR CAPITAL MANAGEMENT, INC.
its general partner
By: /s/ Frederick S. Downs, Jr., Vice President
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PAR GROUP, L.P.
By: PAR CAPITAL MANAGEMENT, INC.,
its general partner
By: /s/ Frederick S. Downs, Jr., Vice President
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PAR CAPITAL MANAGEMENT, INC.
By: /s/ Frederick S. Downs, Jr., Vice President
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