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Exhibit 3.2
 CODE OF REGULATIONS
 OF
 AIRNET SYSTEMS, INC.
 (reflecting amendments through June 6, 2007)
[For SEC reporting compliance purposes only]
  ARTICLE ONEMEETINGS OF SHAREHOLDERSSection 1.01. Annual MeetingsSection 1.02. Calling of MeetingsSection 1.03. Place of MeetingsSection 1.04. Notice of MeetingsSection 1.05. Waiver of NoticeSection 1.06. QuorumSection 1.07. Votes RequiredSection 1.08. Order of BusinessSection 1.09. Shareholders Entitled to VoteSection 1.10. ProxiesSection 1.11. Inspectors of ElectionARTICLE TWODIRECTORSSection 2.01. Authority and QualificationsSection 2.02. Number of Directors and Term of OfficeSection 2.03. ElectionSection 2.04. NominationsSection 2.05. RemovalSection 2.06. VacanciesSection 2.07. MeetingsSection 2.08. Notice of MeetingsSection 2.09. Waiver of NoticeSection 2.10. QuorumSection 2.11. Executive CommitteeSection 2.12. CompensationSection 2.13. By-Laws
 27




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ARTICLE THREEOFFICERSSection 3.01. OfficersSection 3.02. Tenure of OfficeSection 3.03. Duties of the Chairman of the BoardSection 3.04. Duties of the PresidentSection 3.05. Duties of the Vice PresidentsSection 3.06. Duties of the SecretarySection 3.07. Duties of the TreasurerARTICLE FOURSHARESSection 4.01. CertificatesSection 4.02. TransfersSection 4.03. Transfer Agents and RegistrarsSection 4.04. Lost, Wrongfully Taken or Destroyed CertificatesSection 4.05. Uncertificated SharesARTICLE FIVEINDEMNIFICATION AND INSURANCESection 5.01. Mandatory IndemnificationSection 5.02. Court-Approved IndemnificationSection 5.03. Indemnification for ExpensesSection 5.04. Determination RequiredSection 5.05. Advances for ExpensesSection 5.06. Article FIVE Not ExclusiveSection 5.07. InsuranceSection 5.08. Certain DefinitionsSection 5.09. VenueARTICLE SIXMISCELLANEOUSSection 6.01. AmendmentsSection 6.02. Action by Shareholders or Directors Without a Meeting
 28




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##### 



CODE OF REGULATIONS
 OF
 AIRNET SYSTEMS, INC.
 (reflecting amendments through June 6, 2007)
[For SEC reporting compliance purposes only]
   Section 1.01. Annual Meetings
 Section 1.02. Calling of Meetings
 Section 1.03. Place of Meetings
 Section 1.04. Notice of Meetings
    29




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##### 



Section 1.05. Waiver of Notice
 Section 1.06. Quorum
 Section 1.07. Votes Required
 Section 1.08. Order of Business
 Section 1.09. Shareholders Entitled to Vote
 Section 1.10. Proxies
 Section 1.11. Inspectors of Election
 30




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##### 



Section 2.01. Authority and Qualifications
 Section 2.02. Number of Directors and Term of Office
     Section 2.03. Election
 Section 2.04. Nominations
 Section 2.05. Removal
 31




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##### 



Section 2.06. Vacancies
 Section 2.07. Meetings
 Section 2.08. Notice of Meetings
 (A)
    
    In a writing mailed not less than three days before such
meeting and addressed to the residence or usual place of business of a
director, as such address appears on the records of the corporation; or(B)
    
    By telegraph, cable, radio, wireless, or a writing sent or
delivered to the residence or usual place of business of a director as the same
appears on the records of the corporation, not later than the day before the
date on which such meeting is to be held; or(C)
    
    Personally or by telephone not later than the day before the
date on which such meeting is to be held.
  Section 2.09. Waiver of Notice
 Section 2.10. Quorum
 Section 2.11. Executive Committee
   32




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Section 2.12. Compensation
 Section 2.13. By-Laws
   Section 3.01. Officers
 Section 3.02. Tenure of Office
 Section 3.03. Duties of the Chairman of the Board
 Section 3.04. Duties of the President
 Section 3.05. Duties of the Vice Presidents
 Section 3.06. Duties of the Secretary
 Section 3.07. Duties of the Treasurer
 33




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Section 4.01. Certificates
 Section 4.02. Transfers
     Section 4.03. Transfer Agents and Registrars
 Section 4.04. Lost, Wrongfully Taken or Destroyed Certificates
    Section 4.05. Uncertificated Shares
 34




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##### 



Section 5.01. Mandatory Indemnification
 Section 5.02. Court-Approved Indemnification
   Section 5.03. Indemnification for Expenses
 Section 5.04. Determination Required
 35




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##### 



Section 5.05. Advances for Expenses
   Section 5.06. Article FIVE Not Exclusive
 Section 5.07. Insurance
 Section 5.08. Certain Definitions
   36




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##### 



Section 5.09. Venue
   Section 6.01. Amendments
  )
 Section 6.02. Action by Shareholders or Directors Without a Meeting
   37