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They're not going to change dates a mere two weeks out? What do you think they did on 9/1/2017, a mere two weeks out from the original target date of 9/15/2017?
"the old company did"? Which is so obvious from the very same SEC filings you are referring to, that Baltia Air Lines, Inc is the old company, that is dba USGlobal Airways.
The tail number is N417XA.
It has been in Arizona since 2/6/2017, if it hasn't been hijacked by Avatar.
https://flightaware.com/live/flight/N417XA
It does not have any logos on it.
https://www.planespotters.net/photo/676869/n417xa-songbird-airways-boeing-737-484
The C check, will not begin until Baltia pays for it.
"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),"
The currently amended filings show shares issued for cash, from 1/1/2003 to 3/31/2016, raised $43,649,865.00 after commissions.
During that same period shares issued for services were valued at $35,326,201.00 and shares issued to Igor were valued at $25,747,000.00.
Of course none of that will matter in a few weeks when SongBird becomes part of Baltia Holdings portfolio.
And the trickery of those evil doers that created fake corporations to distract from USGlobal Airways.
Yep, the same evil people that hacked the phone of Mark Mazor, manager of the FAA's National Certificate Holder Evaluation Program (CHEP), also had these fake companies created.
Not in the manner as people are expecting.
They're not going to change the name from BALTIA AIR LINES, INC. to USGLOBAL AIRWAYS, INC.
They've already told us they have the money. We can expect to hear something any day before the "in all events no later than 10/31/17" target date.
First of all, your age does not diminish the significance of your opinion.
They do not need to merge with XtraAirways to expand the fleet.
If the deal does go through, USGlobal will have to prove their fitness to the DOT to expand the fleet.
https://www.transportation.gov/policy/aviation-policy/licensing/US-carriers
As per the agreement, the $6.5 mil is only for the shares of Songbird. If 2.4 & 6.8 are part of the $6.5 mil, they would not state: Buyer shall also pay.
2.2 Purchase Price; Purchase Deposit. The consideration payable for purchase of the Shares is ($6,500,000),....
2.4 Additional Amounts: Buyer shall also pay Seller on or before the Closing Date, such pro rated amounts in respect of payroll payments of Songbird, and similar payments relating to Songbird, prorated with reference to the Closing Date and the Effective Time.....
6.8 Aircraft Lease Agreement.... 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)....
The original no later than target was 9/15/17 for a price of $6.2 mil.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12145666
The new target date is 10/15/17, and in all events no later than 10/31/17( unless rescheduled). This extension that Baltia requested was granted for an additional $300,000, which is why the price is now $ 6.5 mil.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12265350
If Baltia request, and is granted an additional extension, we should expect the price to go up again.
I hope it does work out as you see it. I think as we get closer to the "in all events no later than" target date of 10/31/2017, we'll be given a new target date of approximately 12/15/2017, and a new purchase price of $7 million.
You stated there is no evidence of $125mil raised or spent. Baltia's filings are the evidence.
Well there is the May 2016 10Q showing an Accumulated Deficit of $(119,570,488).
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11401402
Add to that deficit, the unaccounted for money owed to Logistic Air, that Tony is referring to in his second quarter update. Easily over $125 mil.
https://www.usglobal.com/press-release
I do not believe the SEC will accept "waiting to release it at the best time for the greatest impact" as a valid reason for a late filing.
That will only be a problem if they want to do the closing in a Chick-fil-A.
You are correct about having to have a pps of a penny to be listed on the OTCQB.
U.S. companies must have
audited annual financials by a PCAOB auditor.
Minimum bid price of $0.01.
Not be in bankruptcy.
and more...
https://www.otcmarkets.com/content/doc/otcqb/standards.pdf
There is also a $2500 application fee along with a $10,000 annual fee.
Presuming the deal closes and N417AX passes the C check.
What market will USGlobal try to tap into?
While Irma will have sidelined the majority of tourism charters in that area for a while, she may have created another opportunity.
Surely there'll be plenty of relief and construction workers rotating in & out of the islands over the next several months.
If the deal does get completed by no later than 10/31/17 as stated in the 8-k, it won't grow legs. It will sprout 94.75 foot of wings.
What is USGLOBAL's ticker symbol? What is their current A/S & O/S?
What does being a publicly traded company have to do with their perfect service record?
During Baltia Airlines 28 years of service all flights have been on time and they have yet to lose a piece of luggage.
Due to IRMA, Robins AFB was closed to non essential personnel. However ...Employees on approved telework(work from home) agreements are expected to work their full duty day, if able to safely do so...
https://www.facebook.com/RobinsPublicAffairs/
If they were working on it from home before Harvey hit, why stop after?
Oh no, Harvey destroyed all of Baltia's audit documents & digital files.
IR needs to read the 8k that was filed before feeding people that load of bunk "what IR has said, is that they are seeking a loan against the 747."
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. Proof of funds will be made available to the Seller 15 days prior to the Scheduled Closing Date.
Which 2 loans are you referring to?
They probably owe around $2m on the 7 year old loan from Vic B.
There is the $655k financing from ST. George; it would be nice to know if that has been repaid.
They are in settlement negotiations with Logistic Air, on the $8.8m bill for the engines lease agreement.
I guessing the available funding the Songbird 8k refers to might be $10m.
See if it turns into a Trick or a Treat first.
Why should people not think they have the money?
Section 5.6, contradicts your no money theory. "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. (3.2 At the Closing, Buyer shall deliver, or shall cause to be delivered, to Seller the following: i. the balance of the Purchase Price, plus such other amounts due and payable to Seller on or before the Closing. Those other amounts are from 2.4 regarding payroll for Songbird employees and the C check in section 6.1.) Proof of funds will be made available to the Seller 15 days prior to the Scheduled Closing Date."
That deposit return feature. Looks like it will require a material breach of the agreement by AerSale, for Baltia to get any of the Purchase Deposit back.
Item 1.01: The Agreement may be terminated by each of the Company and AerSale at any time prior to the closing if any judgment, order, injunction writ, ruling, verdict, decree, stipulation or award of any governmental authority restrains, prohibits or enjoins either the Company or AerSale from consummation the transaction. In addition, after October 31, 2017, in the event that the closing has not yet occurred due to a material breach by either of AerLine or the Company of any of their representations, warranties, covenants, obligations or agreements made in the Agreement, and such breach is incapable of being cured or, if capable of being cured, shall not have been cured within 15 days after written notice thereof, then the other party may terminate the Agreement. In the event that the Company terminates the Agreement pursuant to such terms, AerSale shall return to the Company any and all amounts of the purchase price paid by the Company to AerSale, minus any fees due to the escrow agent.
8.1 Termination of Agreement . This Agreement may be terminated and the transactions contemplated hereby abandoned at any time prior to the
Closing:
(a) By Buyer:
i. if any Order restraining, prohibiting or enjoining Seller from consummating the Transaction shall have been entered and such Order shall have become a final Order at any time before the earlier of the Closing or October 31, 2017;
ii. at any time after October 31, 2017, if the Closing shall not have occurred solely because there shall have been a material breach by Seller of any of its representations, warranties, covenants, obligations or agreements contained in this Agreement, which breach would result in the failure to satisfy one or more of the conditions set forth in Section 7.1, and such breach shall be incapable of being cured or, if capable of being cured, shall not have been cured within fifteen (15) days after written Notice thereof shall have been received by Seller, and in any event not cured on or before October 31;
iii. upon receipt of a copy of Buyer’s written notice of termination to Seller pursuant to paragraphs 8.1(a)i. or (a)ii. above, Seller shall pay to Buyer the Purchase Deposit, and the Escrow Agent shall pay to Buyer the balance of funds held by the Escrow Agent pursuant to the Escrow Agreement, after deducting Buyer’s half of the escrow fee charged by the Escrow Agent in connection with the Escrow Agreement in the event that such half shall not have already been paid separately by Buyer.
Oh no, the evil FAA is manipulating Baltia's stock. "Some work for agencies that have personal vendettas against BLTA"
As long as Baltia continues to d.b.a. US Global they are one company. Eventually I think US Global will be spun off so that it won't be linked to Baltia.
Orange Air has not operated under its certificate since August 25, 2016. They had to get their DOT fitness redetermined and resume operations by 8/25/17.
I think SongBird last operated under it's cert 2/6/17 when they put N417XA in storage. Since they're still currently owned by Aerline their DOT fitness should still be current.
Orange Air surrendered its FAA Air Carrier Certificate and Operations Specifications. In addition, on May 17, 2017, Orange Air informed the Department that it would not object to the Department cancelling its interstate and foreign certificates without waiting for the one-year dormancy period to be complete.
Under these circumstances, and in accordance with section 204.7 of our rules, we cancel Orange Air’s interstate and foreign charter certificate authority. This action is without prejudice to the company’s filing for new certificate authority in the future.
Aerline never threw in the towel on SongBird, they knew a turnip truck would eventually come by the office.
Keeping the SongBird staff is, or will be, the key factor for transferring the cert.
Why do Baltia's financial have to be done before 10/15?
After 28 years of growth with Baltia has produced gallstones, not milestones.
There might not even be a R/S. JD is bankrolling this venture.
You're absolutely right, the majority of R/Ss in the Pinks end a lot worse than that.