Harbor Diversified is a non-operating shell company that previously operated Air Wisconsin, a regional airline that flew short- and medium-haul routes connecting smaller communities to major airline hubs. Air Wisconsin operated exclusively under capacity purchase agreements (CPAs), flying under partner airline brands — most recently as American Eagle for American Airlines. Under these CPAs, American controlled scheduling, pricing, and revenue, while Air Wisconsin received fixed payments per aircraft, departure, and block hour flown. This model insulated Air Wisconsin from fuel and fare risk but created near-total dependence on its CPA partners. When American terminated its CPA in April 2025, Air Wisconsin lost substantially all of its revenue. Air Wisconsin's fleet of 50-seat CRJ-200s had become a structural liability as major airlines shifted to larger regional jets, leaving no viable path to win a new CPA. Harbor completed the Aviation Disposition in January 2026, transferring all aviation assets for approximately $125.9M in aggregate consideration. Harbor now holds primarily cash, restricted cash, and marketable securities, with no material debt and no operating business. Management is evaluating strategic alternatives including acquisitions, dividends, share repurchases, or liquidation. Harbor is currently relying on a one-year safe harbor exemption under the Investment Company Act while it seeks to acquire an operating business, investing its liquid assets conservatively in deposit accounts, money market funds, and government-backed securities in the interim.