The fact that CAI probably has been registered in 1994 is not strange in any way. The would-be investors have obviously taken a dormant company, which has not been active for some years, maybe changed the name and business idea and then have used it to make a bid for Alitalia. Itīs easier to use a company which has already been legally registered in Italy - easier than founding a new company from scratch. Happens all the time. Some law offices actually SELL pre-registered companies for people who are in a hurry.