Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
No it wasn't. As many of you Baltia BFFs keep telling us we should only believe what the company tells us. Mr Lampl, USGlobal's Vice-President of Corporate Communications stated: "the publicly-traded company couldn’t raise enough capital to complete the purchase before the closing."
http://www.recordonline.com/news/20180220/baltias-plans-for-stewart-airport-delayed-again
Does he ever respond to women?
Like these Federally documented words: 5.6 Sufficiency of Funds. Buyer has sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement.
Maybe Tony will give away another million dollars.
Bring Barry back, he could find the right kind of marks for Baltia investments.
Yep, good ole Tony was mentored by that failed old mindset.
Not in the LOI filed back in June, but there was in the formal agreement. They were suppose to provide proof of funds about 2 weeks before the scheduled closing.
If they had the money in place, or at least secured, then Mr Lampl lied in the interview. Since we have been assured he is not a liar, they did not have the money in place or secured.
They had the $1 mil purchase deposit, and it was place into an escrow account when they announce the LOI back in June of 2017. At that time and prior to entering the formal agreement, it was refundable.
When they entered into the formal agreement the purchase deposit was were released to AerLine on September 1, 2017. Conditions were attached that if the Seller breached the agreement, the buyer could terminate the agreement and was entitled to a full refund of the purchase deposit.
As it turns out the Seller did not breach the agreement. The Buyer did breach the agreement by claiming he had sufficient funds to complete the purchase and all other associated cost. And as Mr Lampls stated they could not complete the deal because they could not raise the funds needed before the closing.
Sort of, the aircraft lease agreement was a separate agreement with AerSale 25417 LLC, that was attached to the stock purchase agreement for Songbird, that was with AerLine Holdings Inc. If Baltia had the money, they could completed the purchase agreement of Songbird and terminated the lease agreement if all of Aersales available 737s that met Songbird's certificate requirements were no good.
The 3rd parties hinted at(the whale, aka 13d filer), are regarding the revised approach, not the termination of the Songbird deal.
If the plane, N417XA, was the problem and found to be unworthy during the inspection, where are the SDR reports? http://av-info.faa.gov/sdrx/Query.aspx
6.8 Aircraft Lease Agreement. Buyer and Seller acknowledge and agree that the Aircraft Lease Agreement shall govern the Aircraft from and after Closing and supersede the previous aircraft lease agreement in respect of the Aircraft. Buyer shall ensure that Songbird meets its obligations under the Aircraft Lease Agreement from and after Closing hereunder. Buyer shall also pay AerSale 25417 LLC before Closing: (a) the cost of the C Check to be performed on the Aircraft around the time of Closing (to be paid before induction into the C Check), (b) all other mutually agreed expenses set forth in the Delivery Workscope of the Aircraft Lease Agreement (the expenses set forth in this 6.8 (b) shall be paid 50% prior to commencement of the workscope and 50% upon completion of same, and shall be reimbursed by AerSale 25417 LLC to Buyer upon Closing), and (c) the Security Deposit under, and as per the provisions of, the Aircraft Lease Agreement.
The point being with the Songbird deal, is Tony told Aerline on August 30, 2017, we have the money to complete this deal. Mr Lampl's statement tells us they did not have money, as stated by Tony.
When Tony told us: The Company received a letter, dated November 22, 2017, from AerLine terminating the Agreement as a result of the Company’s failure to proceed with the closing as scheduled.
We all wondered why. BFFs told us the company will tell us when they tell us.
Mr Lampl has told us the specifics. "Lampl said the publicly-traded company couldn’t raise enough capital to complete the purchase before the closing."
I know it is disappointing they don't match up with the BFF's narrative, but if there was more to it than that, he had the perfect opportunity tell us.
Two different scenarios.
You start out with:
"They need to raise 1.4 million for down payment and to secure a loan."
Tony wasn't trying to get Aerline to finance this deal.
"They raised roughly 1 million dollars."
"We have about 600k in the building fund."
Which is it, roughly a million or about 600k?
Tony handed over the non-refundable $1 million purchase deposit.
"We have sufficient cash to buy the building but we have not raised the amount needed to feel comfortable getting the building as of yet."
I'm sure Tony was hoping he could secure financing before anybody found out he lied about having "sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement."
The time for Feeling Comfortable with this deal, went out the window when Tony signed the agreement on August 30, 2017.
Why in the world, would your church want to secure a loan, that requires a $1.4 million down payment, to buy the building, when the about 600k in the building fund, is sufficient enough cash to buy the building?
They have given us plenty of evidence of what they know.
Well where were those big investors when Tony really needed them to complete the Songbird deal?
"Lampl said the publicly-traded company couldn’t raise enough capital to complete the purchase before the closing." Nothing to misconstrue, no interpretation needed.
It does make a body wonder why the really sharp dude and his highly incompetent team, intentionally made a false claim in the 8k that was filed on 9/1/2017.
5.6 Sufficiency of Funds. Buyer has sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement.
Then why would we need an 8k when he publicly verified the Songbird deal failed simply because Baltia did not have the money? Tony, the really sharp dude, and many of Baltia's BFFs repeatedly told us it was a great deal.
"Lampl said the publicly-traded company couldn’t raise enough capital to complete the purchase before the closing."
Are telling us John W. Lampl, USGlobal's Vice President of Corporate Communications, lied in the interview?
More misdirection. The FAA authority would not have limited Baltia to only the JFK to ST Petersburg route, of which they lost quite a while ago.
So Baltia flat out lied in their 8k claiming they had sufficient funds. Hopefully the SEC does not hear about that.
"Lampl said the publicly-traded company couldn’t raise enough capital to complete the purchase before the closing." But the BFFs kept telling us they had plenty of money.
“It’s a painstaking, slow process,?(Yep, almost 29 years of slow) Lampl said. “You’ve got to find the right group of investors; all the stars have to align.” Step away from the Ouija board and bring Barry back, he had no trouble finding the right kind of investors.
It is nice to see the cause of the Songbird termination was indeed due to another of Baltia's string of failures.
The new direction that Baltia's really sharp dude will announce around Christmas, has no need of an FAA certificate.
They have not filed another application for Part 121 certification.
By letter dated September 13, 2017, we reminded Baltia of the requirements of section 204.7.
Moreover, given several changes in the air carrier’s management, operating plans, and ownership since we last found the air carrier fit in 2009, we informed Baltia that it was our intent to revoke its authority pursuant to section 204.7. We have received no response to our September 13 letter.
In addition, the Federal Aviation Administration informed us that Baltia withdrew its application for air carrier certification. Under these circumstances, and in accordance with section 204.7 of our rules, we find it appropriate to revoke the certificate authority issued to Baltia by Order 2009-3-7.
ACCORDINGLY,
1. We revoke the certificate of public convenience and necessity issued to Baltia Air Lines, Inc., by Order 2009-3-7 authorizing it to engage in scheduled foreign air transportation of persons, property, and mail.
2. Unless disapproved by the President of the United States under section 41307 of Title 49 of the United States Code, this order shall become effective on the 61st day after its submission for section 41307 review or upon the date of receipt of advice from the President or his designee
under Executive Order 12597 and implementing regulations that he or she does not intend to disapprove of the Department's order under that section, whichever occurs earlier.
https://www.regulations.gov/searchResults?rpp=25&so=DESC&sb=postedDate&po=0&s=baltia&fp=true&dct=FR%2BPR%2BN%2BO
Standard Baltia operating procedure. They still have the dead guy listed as CEO at the old address they were evicted from on their NY SOS registration.
Check Vic's form 4s, he has bought shares. Barry bought his from the commissions he made selling illegal shares.
Is there any proof Baltia no longer has N706BL?
"When not working or spending time with his two adult children, Michael is a Board member of the Russian Children’s Welfare Society and SGPA, a global boys and girls scouting organization."
Looks like someone forgot to notify the Russian Children’s Welfare Society of their board membership.
http://www.rcws.org/about/the-board
It looks like there is no global boys and girls scouting organization known as SGPA. Can anyone please provide some more information or links for this SGPA?
Yep more BS. Apparently MICHAEL ALEXIS JORDAN said he was a broker as early as May 1999.
https://brokercheck.finra.org/individual/summary/3229615
The rules were defined by any of us, they were defined the SEC.
They are the rules that required Baltia to file an 8k last June announcing the LOI to acquire Songbird.
The same rules required Baltia to file an 8k last September announcing the entry into the formal material agreement to acquire Songbird and the payment of the purchase deposit.
The same rules required Baltia to file an 8k last November when they announced the termination of the Songbird acquisition and restated the payment of the purchase deposit.
The same rules required Baltia to file an 8k announcing the resignation of one officer and the promotion of another.
That is old data. Last May the really sharp dude Tony claimed there was only 9.442 billion outstanding.
So now we're blaming Mario for not securing the funds needed to buy Songbird and to pay off the debts created by the dead guy Igor? Whatever happened to Ned the Head's financial connections that he established during extremely lengthy 15 month career as ambassador to the Bahama?
Where is the required 8k telling us it was refunded?
What a sweet deal, go from $6000.00 a month for doing nothing to $12,000.00.
According to the official filings posted by the Super Sharp Dude Tony, it looks like somebody else is actually spreading misinformation.
"The Company previously made a good-faith deposit of $1,000,000 with a third party escrow agent, which funds were released to AerLine on September 1, 2017."
https://backend.otcmarkets.com/otcapi/company/sec-filings/12265350/content/html
Item 1.02 Termination of a Material Definitive Agreement
On August 30, 2017, Baltia Air Lines, Inc. dba USGlobal Airways (the “Company”) entered into a stock purchase agreement (the “Agreement”) with AerLine Holdings Inc. (“AerLine”) for the purchase of all of the issued and outstanding shares of capital stock of Songbird Airways, Inc. (“Songbird”), a wholly owned subsidiary of AerLine, for an aggregate purchase price of $6,500,000 (the “Acquisition”) to be paid in cash, plus any amounts related to certain pre-paid assets of Songbird. The Acquisition was scheduled to close no later than October 31, 2017. In connection with the Agreement, the Company made a good-faith deposit of $1,000,000 with a third party escrow agent, which funds were released to AerLine on September 1, 2017.
The Company received a letter, dated November 22, 2017, from AerLine terminating the Agreement as a result of the Company’s failure to proceed with the closing as scheduled.
https://backend.otcmarkets.com/otcapi/company/sec-filings/12406444/content/html
If the purchase deposit had been refunded an 8k would have been filed giving notice of that material event.
Like the Songbird deal he was so eager to close and claimed to have had sufficient funds to complete the acquisition?
Another 28 years of failure if thy go that route.
The separate entity that will leave Baltia's current investors holding billions of sheets of TP?
You go right ahead and bet it all on Baltia and the really sharp dude Tony. "By letter dated September 13, 2017, we reminded Baltia of the requirements of section 204.7. Moreover, given several changes in the air carrier’s management, operating plans, and ownership since we last found the air carrier fit in 2009, we informed Baltia that it was our intent to revoke its authority pursuant to section 204.7. We have received no response to our September 13 letter.
In addition, the Federal Aviation Administration informed us that Baltia withdrew its application for air carrier certification."
Yep, Baltia defaulted on the Preferred C shares' dividend payments that were due 12/31/2017.
Baltia will not be changing its name. There will be no reverse split. The financials were never reaccomplished. There never was a new way forward planned for Baltia. The new company will start fresh, free and clear of Baltia & the dead guy's debt. The current shareholders will be left holding the bags as Baltia is abandoned.
Yep, Baltia is in great hands with good ole super sharp dude Tony at the helm.
"By letter dated September 13, 2017, we reminded Baltia of the requirements of section 204.7. Moreover, given several changes in the air carrier’s management, operating plans, and ownership since we last found the air carrier fit in 2009, we informed Baltia that it was our intent to revoke
its authority pursuant to section 204.7. We have received no response to our September 13 letter.
In addition, the Federal Aviation Administration informed us that Baltia withdrew its application for air carrier certification."