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.
I think that was a Update they had to release knowing that the DOT would issue the Consent Order on the "too many flights" violation. It was the right thing for them to do, because if investors saw the Consent Order with explaination, it may have cause alarm. This buffered the release and explained that the DOT application would now move forward.
Hearing that the Cuba authority application is in final stages of approval was good news.
Revenue info was good news and the Berry alliance was nothing new, but the fact that it is still in the works and details being worked out, is promising.
So I guess there's some meat and a little update fluff. I think we will all agree, it's nice to hear that things are progressing.
I think there could be worse things than being violated for finding the need to fly too many flights!!
Note to Investors... if you wait for DOT, Cuba Authority or details of Berry alliance to buy in or add, it will be too late. This will take off fast and furious on any one of these.
BUY NOW, there won't be any cheap shares left. AAVG is a great deal at these prices!!
Gone again now..lol, did you also notice the shifting on the bid?
NITE is now on the top with his 1.3 mil bid @ 21
Spoke to soon, NITE just went to the bottom again...after 100K bid went through for 22...unreal.
Nows the time to burn through the 24's, I see NITE is off the 23's and 24's. Lets see if he moves back up...
All I can say, that 23 ask was gone, I did an 11K paint on the 24's and the 800K @23 reappeared about a minute after I entered my buy. My 11K filled at 23.. strange.
Typical Tuesday trading, no volume anywhere today.
I'm not sure that Twin Air ever refurbished the fourth plane, they may have decided that it was more economical to lease the fourth. If you look at the new website Peorge made. They are using three of their own planes and one apparently leased plane from a Partner.
Thanks for your hard work on this website Peorge, I know the time and effort it took for you to put this together. I think it also shows that the company is willing to interact with investors!
This will benefit both AAVG and investors, old and new.
Consent Order is out.
This Consent Order is in a totally different Docket than the Commuter Status application, so the current link for the application won't find it. Link is at bottom of page.
The Order is strictly about the violation and does not mention the application. This read pretty much identically to others with the same violation.
Here is the entire Consent Order:
Order 2012-2-20
UNITED STATES OF AMERICA
DEPARTMENT OF TRANSPORTATION
OFFICE OF THE SECRETARY
WASHINGTON, D.C.
Issued by the Department of Transportation
On the Twenty-Fourth day of February, 2012
Twin Air Calypso Limited, Inc.
Docket OST 2012-0002 Violations of 49 U.S.C. §§ 41101, 41712, and 41738, 14 CFR Part 298, and Order 2005-3-38
Served February 24, 2012
CONSENT ORDER
This consent order concerns unauthorized scheduled passenger service as a commuter air carrier by Twin Air Calypso Limited, Inc., (TAC) in violation of 49 U.S.C. §§ 41101, 41712, and 41738 and 14 CFR Part 298, the Department’s commuter air carrier requirements, as well as Order 2005-3-38. It directs TAC to cease and desist from further violations of these statutory provisions, federal regulation, and order, and it assesses the carrier a compromise civil penalty of $70,000.
Applicable Law
Pursuant to 49 U.S.C. § 41101, citizens of the United States1 must have a certificate of public convenience and necessity from the Department prior to engaging in air transportation. Part 298 creates an exemption from the certificate requirement in section 41101 for a class of carriers called air taxi operators, which are carriers that use only small aircraft2 and perform either on-demand service or no more than four round-trips per week in any single market according to a published schedule. The economic
1 A “citizen of the United States” includes a corporation organized in the United States that (1) meets certain specified standards regarding the citizenship of its president, officers, and directors, as well as of the holders of its voting interest, and (2) is under the actual control of citizens of the United States. 49 U.S.C. § 40102(a)(15).
2 Small aircraft are aircraft originally designed to have a maximum passenger capacity of 60 seats or fewer or a maximum payload capacity of 18,000 pounds or less. 14 CFR 298.2.2
licensing requirements of section 41101 and Part 298 are separate and distinct from the safety-related licensing requirements of the Federal Aviation Administration (FAA). Holding out or operating scheduled service in excess of this level renders the air taxi operator a “commuter air carrier” for purposes of Part 298. Under 49 U.S.C. § 41738, the Department must find a commuter air carrier “fit, willing, and able” prior to commencing such scheduled service. Section 298.21(d) of the Department’s regulations implements the statutory fitness requirement with respect to air taxi operators seeking to provide service as commuter air carriers. Operating, advertising, or otherwise holding out commuter air service without having first been found fit violates section 298.21(d), as well as 49 U.S.C. §§ 41101 and 41738. In addition, violations of this regulation and these statutory provisions also constitute violations of 49 U.S.C. § 41712, which prohibits carriers from engaging in unfair and deceptive practices and unfair methods of competition.
Facts and Conclusion
TAC is a Florida-based on-demand air carrier registered under 14 CFR Part 298. TAC advertises on-demand air carrier operations between Fort Lauderdale, Florida (FLL), and points in the Caribbean. At all times relevant to this matter TAC did not hold a commuter air carrier authorization from the Department. For a period of time during 2011, TAC regularly operated more than four round-trips per week between FLL and Marsh Harbour (MHH) and Treasure Cay (TCB) in the Bahamas. Additionally, TAC held out a schedule for these flights to investigators who inquired via telephone and in-person at the airport. By holding out and operating these flights more than four times per week, a level of service that required it to be found fit as a commuter air carrier, TAC exceeded the scope of its exemption authority under 14 CFR Part 298, thereby also violating 49 U.S.C. §§ 41101, 41712, and 41738.
We are particularly concerned about these violations since TAC is a successor company to Twin Town Leasing Company d/b/a Twin Air, an on-demand carrier registered under 14 CFR Part 298. On March 28, 2005, Twin Air agreed to the issuance of Order 2005-3-38 for similar violations of 49 U.S.C. §§ 41101, 41712, and 41738, as well as 14 CFR Part 298, was assessed $20,000 in compromise civil penalties, and was ordered to cease and desist from similar violations in the future. At that time, Twin Air was holding out and operating six flights per week from FLL to North Eleuthera in the Bahamas, a level of service that required it to be found fit as a commuter carrier. The violations described above also constitute violations of Order 2005-3-38.
Mitigation
In mitigation, TAC states that it did not intend to violate the federal aviation statutes, the Department’s economic regulations, and Order 2005-3-38. TAC further states that it cooperated fully with the investigation by the Office of Aviation Enforcement and Proceedings and that it cancelled flights that would have exceeded its economic authority.
3
Decision
The Office of Aviation Enforcement and Proceedings (Enforcement Office) has carefully considered the information provided by TAC but continues to believe that enforcement action is warranted. The Enforcement Office and TAC have reached a settlement of this matter in order to avoid litigation. TAC consents to the issuance of an order to cease and desist from future violations of 49 U.S.C. §§ 41101, 41712, and 41738, as well as 14 CFR Part 298 of the Department’s regulations and Order 2005-3-38 and to the assessment of $70,000 in compromise of potential penalties otherwise due and payable pursuant to 49 U.S.C. § 46301.
This compromise assessment is appropriate considering the nature and extent of the violations described herein and serves the public interest. It represents a strong deterrent against future noncompliance with the Department’s economic licensing requirements by TAC as well as by other carriers.
This order is issued under the authority contained in 49 CFR 1.57a and 14 CFR 385.15.
ACCORDINGLY,
1. Based on the above discussion, we approve this settlement and the provisions of this order as being in the public interest;
2. We find that Twin Air Calypso Limited, Inc., violated 14 CFR 298.21(d), 49 U.S.C. §§ 41101 and 41738, and Order 2005-3-38 by holding out and operating commuter air service without having first been found fit as a commuter air carrier;
3. We find that by violating 14 CFR 298.21(d), 49 U.S.C. §§ 41101 and 41738, and Order 2005-3-38, as described in ordering paragraph 2, above, Twin Air Calypso Limited, Inc., engaged in an unfair and deceptive practice and an unfair method of competition in violation of 49 U.S.C. § 41712;
4. We order Twin Air Calypso Limited, Inc., and all other entities owned or controlled by, or under common ownership of Twin Air Calypso Limited, Inc., and its successors and assignees, to cease and desist from future violations of 14 U.S.C. §§ 41101, 41712, and 41738, 14 CFR Part 298, and Order 2005-3-38. Failure to comply with this cease and desist provision shall subject Twin Air Calypso Limited, Inc., and its successors, affiliates, and assignees to further enforcement action;
5. We assess Twin Air Calypso Limited, Inc., $70,000 in lieu of civil penalties that might otherwise be assessed for the violations described in ordering paragraphs 2 and 3, above. Of this total penalty amount, $35,000 shall be due and payable in seven equal installments of $5,000. The first installment of $5,000 is due and payable within 30 days of the issuance date of this order, the second installment of $5,000 is due and payable within 60 days of the issuance date of this order, the third installment of $5,000 is due and payable within 90 days of the issuance date of this order, the fourth installment of $5,000 is due and payable within 120 days of the issuance date of this order, the fifth installment of $5,000 is due and payable within 150 days of the issuance date of this order, the sixth installment of $5,000 is due and payable within 180 days of the issuance date of this order, and the seventh and final installment of $5,000 is due and payable within 210 days of the issuance date of this order. The remaining $35,000 shall be due and payable immediately if Twin Air Calypso Limited, Inc., violates this order’s cease and desist or payment provisions within one year of the issuance of this order; and
6. We order Twin Air Calypso, Ltd., to remit the payments assessed in paragraph 5, above, by wire transfer through the Federal Reserve Communications System, commonly known as "Fed Wire," to the account of the U.S. Treasury in accordance with the instructions contained in the attachment to this order. Failure to pay the penalty as ordered shall subject Twin Air Calypso, Ltd., to the assessment of interest, penalty, and collection charges under the Debt Collection Act, and to possible enforcement action for failure to comply with this order.
This order will become a final order of the Department ten days after its service date unless a timely petition for review is filed or the Department takes review on its own initiative.
BY:
ROSALIND A. KNAPP
Deputy General Counsel
http://www.regulations.gov/#!documentDetail;D=DOT-OST-2012-0002-0012
Yeah, but who would fly on an airline without rules or oversight?
Not me!!
Under Twin Air's current Part 135 certification as an "air charter" they are only allowed to make a certain number of flights to certain destinations per week. Also these can not be regularly schedule flights and must be charter or on-call. Basically, you call Twin Air, tell them you need a certain flight and when you need to go, they tell you if they are available. Under Part 135 they can not post any schedule or fly regularly scheduled flights.
This is why they applied for Commuter Air Carrier status, which allows for more flights and flight scheduling.
Capt is right, it is not unusual to have competition among the charter services, I guess that it could be compared to cab services in major cities competing for fares. If you throw another scheduled bus route in the cabs service area it's going to hurt their business....
Everything depends whats contained within, we'll have to wait and see.
If that Consent Order is issued in the next few days, there is a period of time for "public comment", then "operational approval" could come. But, we will need to wait and see the wording of the consent order. If it is looking for comments on the AAVG application thats good IMO. It will also likely mention the complaint, violation and resolution.
This is just based on the many others I've read.
Without any further oppositions from competitors, I'd say we see DOT approval in 30-60 days. Thats a normal time frame following issuance of Consent Order.
Like I said last week, a consent order from DOT normally is followed in short term by an approval, but we will have to wait and see what the consent order says.
If a competitor filed a complaint with DOT, that means to me that this particular competitor is threatened by Twin Air getting DOT approval. This is actually a good sign! It means the business is out there for Twin Air.
This also showed that AAVG was being truthful in saying there was nothing to release previously. Obviously details of the DOT fine/agreement could not be released until finalized. Everything else, we all pretty much already knew from emails and our own DD.
What part of there is nothing to report don't you understand?
A few of you and you reasons to bash are becoming more and more apparent, because a true investor in AAVG would not come to this board day after day to tell everyone how bad this company's management is and how the PPS is falling back into the teens.
It's been stated that AAVG management doesn't know how to run a penny stock company. Well I for one am very glad they don't run this as any other penny stock, because the majority of them are scams.
The important thing here is they are being honest, if there is nothing to report, thats exacatly what I want to hear from them.
Talking about different online brokers scares away new investors? Wouldn't think so.
I think your going to see this more and more, the SEC and DTCC are trying to discourage penny trading in an attempt to stop the Pump and Dumps and Scam companies. Some brokers just are not willing to take the extra steps necessary to trade the pennies.
I have used Sharebuilder for many years, haven't really had problems. The one thing that I really don't like is their low-cost share fee, which is high. They recently charged me a $900.00 fee to cash in some shares in a stock. Add that to the fee they assesed when they were purchased and it really cuts into profits.
My Tradeking account is useless for pennies, they discourage trading anything under $1.00 and prohibit anything under .01.
I just this past week opened an account with Just2Trade, they are very pennies friendly with no low cost fees and $2.50 trades. Bad part is they require $2500.00 to open and maintain account. I'd move my Sharebuilder account completely, but really can't have the account tied up for 4-6 weeks during the transfer. There also may be a problem moving AAVG due to the chill.
Exactually, thats right. Brokers will loan, lease, sell your shares to the MM's with the agreement that they will be replaced at a later date. The problem is sometimes they don't get replaced in a timely manner. The world of electronic share markers.
Doesn't matter if it's 1 or 1 million shares, if the MM's let it happen, it's meant to be.
Pinks are a paint and whack world and always will be.
There is nothing in the docket to indicate there is a problem, all correspondence with the applicant is posted in the docket. If a problem with the application arises, it will be posted about a day or two after it is sent to the applicant.
I personally sent an email to Clayton Gamber a few days ago, personally thanking him for what he's trying to do with Avstar/Twin Air. Pretty much a "fluff" email!
Oh..someone bought out the .0023's and we are back to .0024's...hmmmm seems like there are a few people who want AAVG.
You seem to focus on the "bogus" closes, as they have been called, however also seem to use to same small "bogus" whacks to support your theory. If one is bogus, so is the other.
As sells go, someone is buying those, so I don't look at it as a loss. More for us longs I guess. If we can weed out the weak hands it to our benefit in the long run.
Makes no sense to me for you to "wish" this down, if you still maintain a position. I'm here to protect my investment, so no I won't bash the company or this stock. I see no valid reason to at this point.
Supposedly we were going to see the teens last week, didn't happen. We were told that we'd be in the teens this week, didn't happen.
Yes, we are trading sideways in the twenties right now, but DOT news will come, AAVG has risen or maintained since November. This has only dropped a few ticks now and then after flippers moved out. Longs have prevailed and will continue to do so. We just hold many, many shares..
Long will still prevail, even with the recent bashing attempts to bring this back to the teens...
I'm right there with you on that, this would move so easily on a little buying pressure. I too would like to see a base a bit higher before news. The MM's are not parting with shares, simply because they don't have many and can't short here, so they wait for a seller at the appropriate price.
Last week I had to cancel a buy on the ask, it sat and sat without being filled, had to cancel and break it up into smaller buys throughout the day. Never had any problems buying at the ask before.
AAVG
AAIR up today, very low float.
Better volume and up .07 to 1.12 today, nice close.
Naw, can't guess sizes, but I've been surprised that MM's are letting it roll back to .0024 so easily each day, no walls going up.
I know theres a few people out there waiting for funds to show up or clear, so we will see what tomorrow and next week brings.
Would I be going out on a limb to predict we see .0021 tomorrow and close at .0024 ? LOL
Well, wasn't me this time, my paints are always 10K or more...
and glad to see those sells got to the hands of longs...
First, I personally have no expectations that this will get close to trading to far north of .05, if this can build a base in the .01-.02 range, I'll be a happy man.
As I said once before, I have holdings in another air carrier, they have 57 turbo prop planes in service, with a 400 million dollar order out for more. They are always in the air with multiple flights. They trade at around $1.00, give or take, and float is way smaller. This is still on the OTC.
So, in comparision I don't expect AAVG with their fleet of 4 or 5 planes in operation to be trading out of low pennies. But, I do try to look at the bigger picture (the glass if half full, not half empty), with DOT approval and more flights comes more attention by the travel agents and hotels on the islands and mainland. With regularly scheduled flights to the out islands, it will be easier for travel agents and hotels to offer vacation packages (without worrying about charters) and will look to Twin Air for their flights. Increased revenues means a bigger fleet and even more revenues. Thats when the stock grows, over time.
But then again, this is pennyland, there are companies here that don't even have a real office that trade at .10-20, so anything can happen.
For those of you that don't know, here is what 95% of us are considered by at least one here:
LEMMING: A member of a crowd with no originality or voice of his own. One who speaks or repeats only what he has been told. A tool. A cretin.
or at least I hope it's not the other meaning with is a RAT.
I'm not saying they don't have any shares, that would be a dumb statement, but I think the MM's are treading carefully and not easily giving up shares, when not being able to short.
If they had shares they were willing to give up, why would they sit all day yesterday and not fill a bid at the same price?
A bit more on DOT Commuter Status..
Everyone should realize that the DOT Commuter Authorizations mainly deal with the business, financial and organizational aspects of Twin Air/Avstar, not as much into the air worthiness.
The air worthiness has already been determined by the FAA Part 135 Authorization as an Air Carrier. A certificate which is already held by Twin Air Calypso.
and like I've said before, because of the DTC trade-for-trade designation for AAVG, MM's can't fabricate shares (naked short) and can't use the DTC Stock Borrowing system like they do with other stocks. MM's must have shares in hand to sell them!!
The chill is a big question mark, been doing lots of research on this and found no reason for the chill.
I have found that many times even the companies can't find out why they are chilled.
I have emailed and called the DTCC and no one could give me a reason for the AAVG Chill.
I think the most important thing here is that neither the SEC or the OTC has any record of actions against AAVG. So it's no biggy.
Imagine how this will move with some buying pressure, once news comes. The things in a deadlock now because MM's have no shares and can't short.