You can do one of those things (per the fly spell, you can ascend at half speed, 45 ft. Even a double move doesn't quite get you to the wizard).
At 90 feet you are almost there.
You get a closer view of Faraugar. Wreathed in trailing black smoke, he is riding a terrible black winged steed with blazing red eyes. On his chest is the Claw of Bane, and in his right hand is a black mace that gives off the noxious smoke that cloaks his form.
He waves a hand and speaks a few words of magic. Your wings instantly revert to a plain black cloak, and you feel gravity take hold...you drift back to earth, but won't reach the ground for two rounds.
"Selunite," cries Faraugar, "You shouldn't have come back."
The flying black steed circles lower...
Your turn, Bear.