The drummer was performing with his band OHM at The Baked Potato jazz club in Studio City, California, when he suffered a "massive heart attack" just three songs into the set. Paramedics were called to the venue and he was admitted to a nearby hospital, where he was subsequently pronounced dead.
Dave paid tribute to Nick on Sunday (22May16) and is now working on plans to reunite former and current MEGADETH members for a concert to benefit Menza's family.
"The band has already agreed (to) do a benefit in California...," Mustaine told New York radio station Q103. "We're working out the details... We're hoping to leave an open stage for all of the alumni for Megadeth to come there and play with us, so that we can help leave behind something for Nick's children, which I think had been kind of left in a bad way.
"We wanted to get all that stuff set up and right now the wheels are all turning in our camp."
Menza played with Megadeth from 1989 through to 1998. In 2004, Dave and Nick attempted a reunion, but their plans fell through.
"People think we had this failed reunion attempt," he continued. "There were several times that we tried to reconcile stuff, and it just didn't happen for whatever reason. I don't know why, but it didn't. Now, I think it's the time to remember Nick and his legacy of just great performances."
"(We were) very, very close," Dave added. "I think when you're that close with somebody the temperatures run a lot hotter than in most relationships. So the love is that much more deeper and the anger is so much more hot and the sadness is so much more profound. So, I think that's when you're really in a relationship that matters to you."