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.
N417XA has indeed been put back on the market.
http://www.aersale.com/ProductsandServices/AircraftSalesandLeasing/Availableaircraft
Man-o-man, best day ever this week for Baltia. Gonna be a nice short commission check for today.
Well they may not have needed him specifically, but they are required to have under PART 119—CERTIFICATION:
Director of Operations
Director of Maintenance
Director of Safety
Chief Pilot
Chief Inspector
https://www.ecfr.gov/cgi-bin/text-idx?SID=3957d8251af576b8ae7086045153bf84&mc=true&node=pt14.3.119&rgn=div5
OYE, will the .002s hold?
You know Avatar hacked their website and posted fake documents, just like the fake DOT letter, the fake relisting of N417XA.....
Now that we're more than 10 days past the termination of the deal Aerline, Aersale, and Songbird can freely speak about Baltia's latest failure.
Nope, it was taken off the list when the Songbird deal was announced 9/1/17 and was relisted in the last couple of days.
Yes sirree, so many bird droppings, uh good things going on for Baltia/USGLOBAL.
The Logistic Air lawsuit.
DOT declaring Baltia unfit.
Director of operations lawsuit.
N417XA is back on the market for leasing.
Failure to close the Songbird deal.
Today will be very messy. Songbird is not restarting. N417XA is back on the market for leasing.
http://www.aersale.com/ProductsandServices/AircraftSalesandLeasing/Availableaircraft
Baltia should be suing all of their Bozos for Non Performance.
6.8 (a) of the 8K filed 9/1/2017
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),
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12265350
Here is a link for the original engine lease for N705BL, and it carried over when they transferred the engines to N706BL. A lot of it is redacted, but it does show there was a "monthly guaranteed utilization hours"
https://www.lawinsider.com/contracts/7Dh30ixwpRT0RE5ZspOfy7/baltia-air-lines-inc/869187/2011-12-21
Here is notification to the NY FSDO of transfer: https://www.sec.gov/Archives/edgar/data/869187/000116519511000025/10-5_LOG_LeasAmd_2011.htm
Regardless of how little Baltia used those engines, there was a minimum use fee in the contract.
"The power-by-the-hour contract contains a minimum flight hour clause. This is the same old fixed cost in another disguise – only now the situation has gone from bad to worse. A previously proportional cost to the airline i.e., maintaining the equipment at levels below the minimum number of flight hours, has now become a fixed cash outflow! Minimum flight hour clauses are common in outsourcing agreements."
https://altavia.com/library/public/Airline%20MRO%20Outsourcing.pdf
Both parties agreed to the $6.5M. I suspect the issues are all on Baltia/USGlobal's side of the deal, because they are unable to meet the DOT's requirements as stated in 14 CFR 204.3 Subpart B—Filing Requirements.
https://www.transportation.gov/policy/aviation-policy/licensing/US-carriers
https://www.transportation.gov/sites/dot.gov/files/docs/CFR-2012-title14-vol4%20Part%20200%20DOT.pdf
I'm sure there are plenty of other 737s, that can be used with Songbirds certificate.
As to what shape N417XA is in, Aerline is not willing to pay for the C-check and the repairs for defects found during the inspection.
Plan A was getting certified using a 36 year old 747 Cougar, that was well past her prime.
Plan B was replacing the 747 with a leased used up 767 from Kalitta.
Plan C was acquiring Songbird's certs.
Plan D is shuttling passengers from Stewart to JFK in a bus equipped with a Crab Shack mini-bar.
There is no new deadline beyond the "in no event later than October 31, 2017".
Frankie got the $1M.
Apparently Aerline had doubts as well.
The Acquisition is scheduled to close on October 15, 2017 (the “Scheduled Closing Date”), but in no event later than October 31, 2017, and the Company is required to present proof of sufficiency of funds to AerLine fifteen days prior to such Scheduled Closing Date.
Court appearance rescheduled again, new date: 1/16/18.
http://www1.aoc.state.nc.us/www/calendars.Criminal.do?county=999&court=BTH&defendant=weber&start=0&navindex=0&submit=Submit+Query
Random? I feel so cheapened now.
I think Tony and his crew with their many many years in the business, have painfully shown us their competence and knowledge of the ins & outs.
WOW just like Baltia's N706BL. When was this rumored C-check performed?
Tony could stop the PPS slide, but I read somewhere else he is staying quiet so that the true longs can snatch these cheapies out of weak hands.
They're waiting for Songbird's lease of N417XA to expire on 12/29/17.
Being a rental, they must have been using magnetic signs.
The transferring of Songbird's certificates, have to be approved of before the closing, by both the FAA & DOT. If the transfers were approved of, they would become Baltia/USGlobal's certificates after the closing and their responsibility to keep them in good standings.
To add widebody aircraft to the certificate, they would have to go through most of the same steps as they would for a new certificate.
Other than the tail number, I don't believe there are any requirements for the air carrier's name to be easily visible to the naked eye on the fuselage of the aircraft.
That is entirely up to you and whomever else reads those articles.
The CH-Aviation article about Baltia/USGlobal was deemed a respectable source by:
https://investorshub.advfn.com/boards/replies.aspx?msg=136003571
It is a late filing of a lease between Songbird and Aersale. Like Baltia, it appears they are frequently late with their filings.
The only WOW is the free $ million dollars they absorbed from another one Baltia's streak of failures.
The blank pages are just a side effect of how the forms were scanned into the database. They were probably received printed single sided and scanned double sided, Government efficiency at its best.
You'll have to ask Tony why he is being so generous.
The C-check is not the excuse. Until they receive approval to transfer Songbird's “safety” authority in the form of an Air Carrier Certificate and Operations Specifications from the FAA, and their “economic” authority from the Office of the Secretary of Transportation (the Department) in the form of a certificate for interstate or foreign passenger and/or cargo authority issued under section 41102 of the Statute, the C-check will not be needed.
Baltia is unable to meet the following filing requirements that are needed to determine their economic fitness:
(j) To the extent any relevant corporation
has been engaged in any business
prior to the filing of the application,
each applicant shall provide:
(1) Copies of the 10K Annual Reports
filed in the past 3 years by any relevant
corporation required to file such
reports with the Securities and Exchange
Commission, and
(2) Copies of recently filed 10Q Quarterly
Reports, as necessary, in order to
show the financial condition and results
of operations of the enterprise
current to within 3 months of the date
of the filing of the application.
Baltia's last 10Q was for 3/31/16 and the last 10K filed was for 12/31/15. Tony said the last 2 10Ks can't be relied upon.
Study up on the requirements to transfer Songbird's authority to Baltia.
Certificates are not transferable without prior Department approval.
https://www.transportation.gov/policy/aviation-policy/licensing/US-carriers
PART 204—DATA TO SUPPORT FITNESS DETERMINATIONS
https://www.gpo.gov/fdsys/search/pagedetails.action?collectionCode=CFR&searchPath=Title+14%2FChapter+II%2FSubchapter+A%2FPart+204%2FSubpart+B&granuleId=CFR-2012-title14-vol4-part204&packageId=CFR-2012-title14-vol4&oldPath=Title+14%2FChapter+II%2FSubchapter+A%2FPart+204%2FSubpart+A&fromPageDetails=true&collapse=true&ycord=800
And Baltia whom, would have become the operator of Songbird if the deal had closed, has been found unfit by the DOT.
Tony should have used the million dollars to buy a couple of buses to shuttle passengers for Stewart's real airlines.
May as well, everything else about Baltia/USGlobal is a pretense.
More smoke and mirrors. Baltia did not close the deal.
You are correct. It reads as if the acquisition was already completed when the article was written.
The DOT has found Baltia unfit.