The Lady And The Shadow: Michele Ballarin & WOW AIR

American arms dealer Michele Ballarin continues to try to invest in what remains of WOW Air. The Grapevine recently published an article mentioning her attempts at involvement with the new company, which the company have rescinded and rebuffed. Even so, Ballarin is back in Iceland with her lawyer, Páll Ágúst Ólafsson, and public relations guru Gunnar Steinn Pálsson. He told Túristi that he is “with” Ballarin, but said nothing else on the topic.

It’s safe to say that Ballarin is serious about investing in WOW AIR if she is working with Gunnar. For those unaware, he is a very well-connected individual and an excellent PR manager. Most notably, he worked with former Icelandic president Ólafur Ragnar Grímsson during the economic crash of 2008.

Ballarin told Morgunblaðið on July 24th that she intends to invest 24 billion ISK in the new company. Such an investment would certainly help get the airline off the ground. However, on July 29th, Þorsteinn Einarsson, one of the liquidators of WOW Air, told the newspaper, “I can confirm that an agreement, which had been reached regarding the sale of these assets, has been canceled. We are, however looking into whether there is reason to negotiate a new agreement with those same parties.” This statement is in line with Ballarin’s presence in Iceland with her entourage.

UPDATE: In the first edition it was stated that Ballarin had something to do with WAB AIR, but those are two completely separated companies and has few ties except that former key staff from WOW Air are co founding WAB Air.