MAIR Holdings, Inc. (NDAQ:MAIR) shares rose $0.32, or 4.43%, to $7.07 today after Shultze Asset Management disclosed a 5.9% stake in the company and expressed their disappointment over the company's plan to pursue acquisitions that may be outside of the airline industry using shareholder cash. The hedge fund believes that the company's best course of action would be to distribute any and all cash remaining after the reorganization to shareholders as soon as possible in a tax-efficient manner.

Shultze also suggested that the company initiate efforts to sell its Big Sky subsidiary by immediately retaining a nationally recognized investment banking firm. In the end, the hedge fund believes that the company's shares are undervalued based on the amount of cash that would be distributed to shareholders if the board implements its suggestions. Finally, Shultze said that it would not be adverse to seeking representation on the board if necessary in order to pursue its objectives. Combined, these factors make MAIR a stock worth watching!

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