Good Post. I did some research earlier on how long a plane is good to fly. The longevity of an aircraft appears to be a function of how often it is used, and more importantly, how often it is pressurized. Pressurization, and the subsequent release of pressure tend to weaken the metal around areas such as rivet holes. That being said, Baltia's plane has just been dismantled and inspected both visually and by electronic means. The FAA would NOT allow a plane such as this to pass inspection if it were found to be defective in any way. Many of these older planes are more than fit to be in the air. If metal is fatigued, it is replaced. It's no different than putting a new fender on a car or truck.
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