Dissident shareholders at Midway Airlines Friday dropped their quest to gain control of the board and signed a five-year agreement with the company that limits their future involvement. The action ended a month of name-calling, charges and countercharges as the dissident group sought to gain control of the company through a ”consent solicitation” of shareholders and to return the airline to its low-fare, ”no-frills” roots. The group, which included two of Midway`s founders and had named itself the Stockholders`
Committee to Revitalize Midway Airlines, owned a 5.8 percent stake in the Chicago-based carrier. Group members were not available for comment Friday. But David B. Armstrong, Midway`s vice president of legal affairs, said, ”It was their decision to stop the consent solicitation.” He said he could not say why, but added, ”There was a lot of litigation going on.”
