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.
25% of $0 is not a very attractive deal. The story also says: "The U.S. airline startup that offered 25 percent stake to Qatar Airways is private". BLTA dba USGL is not private. It's a publicly held company.
certdog Member Level Wednesday, 01/17/18 08:33:12 PM
Re: None
Post # of 96168
Qatar Airways says its was offered a 25% stake in an undisclosed new startup airline from the US.
https://www.cnbc.com/2018/01/17/qatar-airways-says-offered-25-percent-stake-by-us-startup-airline.html
Who do you think the startup might be?
As much as investors would like to hear that the Chouinard case was dismissed, it is still open and was awaiting response by 1/3/18. Lack of such could result in a default judgement for the plaintiff.
https://www.pacermonitor.com/public/case/22942773/Chouinard_v_Baltia_Air_Lines,_Inc
Monroe1 Member Level Wednesday, 01/17/18 11:09:42 AM
Re: IpiIpi post# 96142
Post # of 96148
Probably dismissed by the Judge for lack of merit.
How do you quantify how we are "better off"? Compared to when? Based on what? All they've done is hire a few experienced people. But what actual, quantifiable, measurable progress has the company made in the 13+ months since Tony took over?
Monroe1 Member Level Friday, 01/12/18 11:02:39 AM
Re: Robodog post# 96110
Post # of 96121
Robo, games is all they play. And it is a game for sure.
Those games are not going to change my mind. It has been a tough
road, business is a tough road. We are a whole lot closer now than ever. Songbird was a let down. I once bought a car that was a lemon. Good thing US Global had the sense to avoid a lemon. Somethings may be hard to see...like how we are better off and on more solid ground overall.
January 3rd was the deadline.
https://www.pacermonitor.com/public/case/22942773/Chouinard_v_Baltia_Air_Lines,_Inc
IpiIpi Thursday, 01/11/18 04:46:52 PM
Re: USGlobal4Life post# 96111
Post # of 96112
What is the deadline for him to answer?
Stop the games..THERE ARE NO CURRENT FINANCIALS FILED YET.
You can call/email "the source" all you want. They won't give you a specific release date for them, or a sneak peek at them.
When you see them posted to the SEC site, then they are official. Any other comments from cheerleaders here saying "they are released" or "I have seen them" would be a misleading at a minimum and an outright lie otherwise. Any opinions stating they will be released "soon" or "in a few weeks" are just that - OPINIONS. Tony stated on Nov 14th that they are complete and would be released "in a few weeks". That was 2 months ago, so...take that due diligence for what it's worth.
The SEC link below is the only place you should keep looking for financials to be released to the world.
https://www.sec.gov/cgi-bin/browse-edgar?company=baltia&owner=exclude&action=getcompany
As of now, their most current annual filing was for FY2015 and most recent quarterly filing was Q1 2016. The trail runs cold after that. They're nearing 2 years delinquency on the required filings of a publicly held company.
Capi Thursday, 01/11/18 09:15:56 AM
Re: None
Post # of 96105
Go to the source. Email Baltia/US Global whoever they are, instead of listening to people who don’t have a clue themselves.
Yes, a few weeks is what we were told in the Nov 14 Shareholder letter. It's now going into "a few months".
USGlobal4Life Monday, 01/08/18 08:30:14 PM
Re: redsky7 post# 96050
Post # of 96059
As soon as the financials are released, we will know what happened to the $1 million. They should be released in a few weeks.
The June 27 8K stated that Baltia entered a deal to purchase 100% of Songbird. That includes all assets, which included the 737 and part 121 certificate, for $6.5M. If you're going to tell me Tony agreed to $6.5 for a charter airline cert and no assets, then he really is not fit to run an airline (or any business).
https://www.sec.gov/Archives/edgar/data/869187/000161577417003380/s106693_8k.htm
On June 15, 2017, Baltia Air Lines, Inc. dba USGlobal Airways (the “Company”) entered into a non-binding letter of intent with AerLine Holdings LLC (the “LOI”) for the exclusive right to acquire of all of the issued and outstanding shares of capital stock of Songbird Airways, Inc. (“Songbird”) for an aggregate purchase price of $6,200,000 (the “Acquisition”)...
mysterymeat Monday, 01/08/18 04:48:03 PM
Re: phl08 post# 96035
Post # of 96042
The plane was not part of the $6.5 million price
tag for Songbird's certificates.
That would be a great question at a shareholder meeting. But since the deal failed, it's irrelevant. My guess is the plane was given a high valuation versus the cert.
integral Member Level Monday, 01/08/18 09:22:57 AM
Re: IpiIpi post# 96020
Post # of 96034
My question still goes unanswered, why did Hawaiian Airlines pay $450,000 for Island Air's cert. and Tony attempted to pay $4.5 million for Song's cert?
I don't think Stewart ever put all their eggs in the BLTA basket. And they do have "airliners" now. Norwegian, Jet Blue, Frontier, American.... they want to grow the footprint, which doesn't require a BLTA 767 or ratty old 737.
FlyBaltia747 Sunday, 01/07/18 01:08:23 PM
Re: None
Post # of 96033
Hudson will bring in a real airliner. They cannot risk their airport on Tony's waffling. Commissioners and other people with real jobs at the airport cannot rationalize and not having a real airliner there is holding back the airport. Is obvious
Again...he already made it clear in the SH letter that it is difficult to obtain capital due to the history of BLTA. He could be best buds with some of the biggest pockets, but at the end of the day it's an investment and - from an investors perspective - highly risky given the lack of transparency (i.e. SEC mandated financials).
redsky7 Friday, 01/05/18 11:35:07 AM
Re: Inorout post# 95983
Post # of 95992
I completely disagree. Tony has
connections in the financial world (b/c
he spent years in it) and the airline
sector, too. And he's got a good BOD
to help and back him up with knowledge
and guidance.
-It takes time to clean up a 29 year old mess,
don't you think?
-It cost millions and time to start an airline,
don't you think?
Sure there's lots of capital out there, but as Tony stated in the shareholder letter....it's difficult for BLTA to get any of it due to the history.
Monroe1 Member Level Friday, 01/05/18 10:07:08 AM
Re: Inorout post# 95983
Post # of 95989
Not at all. Lots of capital and more waiting in the wings. Great job thus far Tony. We support you and the team.
You have a lot of faith in Tony. And for all we know he's doing the best he can. However...it's been over a year since he's taken the reigns and you say it's been a "good year". What criteria do you use to characterize 2017 as a good year for BLTA? Where are they now versus one year ago?
When Tony puts out a SH letter on November 14, 2017 stating that the financial audit is complete and will be released within "a few weeks" (pending final review)....that raises questions when we're coming upon 2 months and still nothing. His letter was perfectly timed with a pronounced fall in price (and increasingly negative chatter on various boards). That same letter stated that they were committed to complete the Songbird deal, but it's hard to believe he had no idea that it was a week away from being dead in the water. He would have been better to just say nothing than a few puffery sentences that boosted the stock briefly, only to see it fall again.
My opinion is that he's in over his head. You believe in his vision. I also have a vision. A lot of investors have a vision. But at the end of the day we're left with a shell company with a bad history, no FAA certificate, no plane, delinquent financials and a slew of other shortcomings. It's a laughing stock in the aviation world and - if it ever does fly - will take a lot to overcome that stigma, if it can at all.
It seems that if one wants to start up an airline, they would go from scratch without the baggage of a 30 year old startup that's never made a dime of revenue. Build a strong team and attract some investors and do it up right.
Deltasaint Wednesday, 01/03/18 01:20:11 PM
Re: None
Post # of 95943
We both know that is not the case where the majority of discussion is altogether vendetta based not investment based.
...
He is by far our best opportunity of the three and it is still early
...
Tony has been on the Job for a year and it has been a good year. I am only frustrated with the fact we are not generating revenue sooner than later, but I understand why...
...
I actually believe his effort and vision will get this airline over the hump finally....
It was actually in the November 14th SH letter that Tony said the financials were done and would be released in "a few weeks". So, we're well beyond a month now, which is well beyond 'a few weeks'.
He also said in that same letter that they were committed to completing the Songbird deal, until they were notified by AerSale a week later that the deal was terminated....
AKthisistheone Thursday, 12/28/17 09:53:30 AM
Re: None
Post # of 95820
Where is the news of the new path? Tony said in the end of November in a few weeks, its now a month! Is there a new path or a scramble to keep the hope alive?
I called the NY Division of Corporations to inquire a bit more about this new filing.
What they confirmed is that it is a business name reservation and nothing more. It means someone spent $20 to reserve the name and now have 60 days to formally file the corporate paperwork with the state of New York. If they do not do so, the name reservation expires and anyone can grab it. There are also some extensions available with the right criteria met if they fail to file the corporate paperwork by February 17, 2018.
What this means anyone with $20 could have filed this name reservation.
I've filed a formal SEC complaint on this scam. I'm sure I'm not the only one that's done so, but there's too many open questions and not enough answers that shareholders are legally entitled to have.
Tony said in the Nov 14 Shareholder letter that the financials were complete and - after review - would be filed within a few weeks. Well, we're a week from the one month mark so I'm wondering what his definition of "a few weeks" means. It's been 3. Next week will be 4 1/2. Tick tock....
AKthisistheone Monday, 12/04/17 01:59:45 PM
Re: Monroe1 post# 94631
Post # of 94636
FAA owes us BIG time!!! Maybe today is the day they finally give Baltia flight ability!!!!
Tony's Nov 14 shareholder update maintained that they were committed to the deal.
Aersale canceled it on Nov 22 for reasons we can speculate, but I find it highly suspect that Tony was genuine in his statement that they were committed to the deal 8 days before the other party terminated it. It couldn't have been a surprise.
And then his Nov 30 letter goes on about this is the best direction for the company, blah blah blah.
This stinks to high heaven. And still, no official press release since July 24. No SEC filings. No idea what the true financial picture looks like.
Joe -
None of what you say has been verified as fact.
1.) We don't know what kind of working capital they have since there are no financials made public for several years now.
2.) The USGlobal.com website is a joke. Any one of us could whip that up in an hour or less. The latest press release is July 24. Tony's letter on Nov 14 was not a press release, it was a carrot to appease the investors calling and freaking out about the falling share price and lack of any information on the Songbird acquisition that was stated in an 8K to be complete "no later than October 31, 2017". This was after the July 24 press release said "We are working to close this acquisition on or before September 15, 2017.".
3.) The audit is not "out of the way" until the filings are reported to the SEC for public consumption. Tony's shareholder letter said they are complete but have to be reviewed. That actually means they're not complete yet. A review could find discrepancies that require further rework. They will be complete when they are filed for the world to see.
Small Time Joe said:
USGlobal Airways has all the necessary working capital required and are not defunct. Shareholders should never base their DD by going to any board. Go to the usglobal.com website they have links there for latest press release, investor updates and a link under investor relations for SEC filings. Call the company, they are hard at work. Check out all the qualifications of the Executive Management. Beware some group tried putting up a fake website. The Audit is out of the way as the CEO said. That's the first box we can check off. Next file 10Ks and Qs which will be done very soon, name and ticker symbol change, and the purchase of SongBird. One step at a time this will get done. Good Luck to All Investors. Have a great day.
Certdog - why fund USGL when someone with $$$ to burn can just form a new company, hire skilled management and buy Songbird or another carrier with a part 121 cert?
If it were me, I wouldn't want any of the BLTA/USGL baggage at this point. Stewart will be happy to take any airline that desires to start commercial service.
Cert Dog said:
I would imagine there is someone who is willing to fund USGlobal but if it was me, I'd have a few pre-conditions for writing the check.
-- Audits up to date
-- SEC filings up to date and reasonable
-- All past claims and lawsuits settled
-- FAA assurance that Songbird can resume flying
I can't imagine what else would be holding the Songbird acquisition up. It's not that complicated a deal.
A penny would mean the market values the company at $94M. Not even close, even with a 25 year old 737 with 50,000+ cycles.
TimePirate says....
we should all value this stock around .01 instead of .004 and stop selling it below a penny.
The story that the WNBC producer is working on is for the NYC Metro area. WNBC News(channel 4) is not the same as NBC National News.
It's unlikely a story about a new part 121 airline buying a single 737 for passenger service is going to warrant national attention. Of course, we don't know what - if any - plane will come with the Songbird deal since the one previously earmarked is on the market for $4.7M asking price.
Tony's Successful Launch of US Global's Passenger Service will combine with this National News Story to catapult this stock into the spotlight.
That news story is brewing now, and if Tony moves quickly his timing will be in perfect synchronicity. Make it happen Tony!!
The messiah has spoken, that's what happened. Euphoria is back. We're still down from .0052 2 weeks ago. We still don't have a deal. We *think* we will see financials, which frankly we already have a good idea of what's on them anyway.
The only good thing for the PPS is REVENUE. Start operating. Start making money. Until then, I don't see this coming close to cracking the 1 cent mark (prior to any reverse split).
For what it's worth, that plane is now listed for $4.7M "as-is" by Aersale. The C-Check is due by 12/30/17. The heavy check will be due by 10/31/2020 or ~9000 more cycles (whichever comes first). So whomever buys it has to invest some maintenance into it. A C check will undoubtedly uncover discrepancies to resolve, as just about any airplane investigation would.
That info is not posted publicly anywhere but it's not confidential. When I emailed to inquire about the plane and specs I got an email back with the asking price and all those details.
So, was BLTA buying a $4.7M plane and a $1.8M operating certificate? Seems steep but what do I know.
As for the reasons for the price drop, all the negative talk on these boards don't likely have much influence on the PPS - especially today's events that had it drop ~35%. The company has been silent too long and events that have and haven't happened are raising eyebrows. I suspect some of those big sales were people with deeper inside knowledge.
At this point, it feels like we've been set back a a year and need an injection of positive news that truly turns this around. Otherwise, I think this pipe dream is over.
It's filed with the NY Southern District court. It's very real. It's been linked and posted here all day. You can find it or just google that case number with the court.
Gladly. The story has legs because USGL touted grandiose plans 6 months ago and as of today hasn't shown anything in the way of progress. No reverse split, no ticker change, no audited financials and no deal as stated in the SEC filing. If anything, this will cast doubt on USGL and kill it before it ever gets off the ground in NYC. There's little likelihood that the story will paint BLTA dba USGL as a reputable business the minute they lead the story with "airline in business for 29 years without one single passenger flown"..... God help all investors. Get out now.
Yes, media attention will likely happen in the next few days given the WNBC reporter who has been seeking some investors here to comment. The exposure will be where it will hurt USGL the most - in the NYC metro market where they wish to begin service.
And I personally called the listing agent, Craig, to confirm. He said that the Songbird CEO authorized the relisting. He had no direct knowledge or speculation as to the reasons. But it's a verified fact that the plane is available to anyone with a checkbook now.
Let's review the facts:
1.) Deadline to close the deal "no later than 10/31/17"
2.) Financial audit status unknown
3.) Former $8M law suit on back lease payments
4.) Employee compensation lawsuit
5.) 737 aircraft that was part of the Songbird deal is relisted.
Additional DD:
I did call the seller (Craig) and inquired about #5. Choose to believe me or call yourself for reassurance. He told me that he was authorized by the <Songbird> CEO to market the 737-400. He has no direct knowledge or speculation as to why Songbird is relisting it.
52 last week in anticipation of good news on 10/31. 42 at today's close. That's basically a 20% drop in value. Ya, this bird is destined for greatness. Just you wait...and wait....and wait.
Tony and his crew are getting a vote of no confidence from this investor.
I just called Mr. Lampl (his direct phone number is at the bottom of the May 2017 press release) and asked point blank: When we may get a Q3 update and when will he hear more about the Songbird acquisition.
His answer was: Songbird is still progressing. Cannot say anything more.
For the optimists, this equates to "no news is good news"
For the pessimists, this equates to "something is wrong..this thing is crashing".
+1M traded and down 5 in the first 30 minutes. Another busy day in store....
Planespotters is not official.
The FAA registry is the official, legal source of record of ownership.
Flightaware also shows that this tail number hasn't flown on a flight plan since February when it went off to the airplane graveyard to die. After a C check, a thorough flight test would have to be achieved and if it involves flying over 18,000 feet or on an IFR flight plan there would be a record of it.
No record of test flight = sale not completed.
FAA registry shows Aerosale as the current registered owner.
http://registry.faa.gov/aircraftinquiry/NNum_Results.aspx?NNumbertxt=417XA
We don't know what's in the contract between BLTA and Songbird. Heck, do we even know there is an executed contract or if they are still haggling over it? No, we don't. But as the PPS drops and the days tick by, it's becoming less and less likely this is going to happen. 6M shares traded in first 90 minutes. It's going to be a bloodbath.
Thanks for the link to the history of 417XA. Yep - a 26 year old rickety 737-400 with a range of about 2000nm. Not even enough for a coast to coast nonstop flight.
it's a lovely computer generated image of a 767-300...something BLTA/USGL doesn't have. Let's see a revised pic of the ratty 25 year old 737-400 that barely has the range for 2000nm and say "isn't she awesome.."
Come back to reality. If this deal even happens, which remains questionable, it's a single old plane flying charters. The profits per flight won't be anything close to what's needed to reinvest into larger planes. And they won't likely get the capital to lease or buy a wide body, or two or three anytime soon - even with revised financials.
But we can all keep dreaming, right?
The range of a 737-400 is limited. It can't even go coast to coast if it's outfitted with standard seating (~120-130 seats).
Charters in the 1500-2000nm range are the best option to start making revenue. They won't be ready for scheduled service anytime soon with a single airplane.
yes, lots of hype around Stewart. And none of it is about USGL since their little party back in May.
Norwegian has stolen the show. Their initial numbers are ok at 75-81% load factors between June and August. Allegiant also began service to a few markets. So yes, Stewart is abuzz. But nobody's talking about USGL because they technically don't even exist yet.
Maybe USGL should focus on feeding Stewart. Norwegian doesn't have a partner up there but bringing people in for those European flights might help both carriers. The Winter months will be telling, however, as to what kind of demand exists there.
https://hudsonvalleyone.com/2017/10/29/stewart-airport-passenger-count-continues-its-rebound-to-the-highest-level-in-a-decade/