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Friday, January 01, 2016 3:17:04 PM
SUMMARY: (Full House) BLTA Shareholder Meeting Monday 12/21/15
https://www.facebook.com/baltiaairlines.us/?fref=ts
Unfortunately, due to a personal situation I was not able to attend the BLTA Shareholder Meeting on Monday 12/21/15. However, from info from public forums, I have quickly compiled a BLTA Meeting Summary.
If any attendees contact me about incorrect info, I will gladly correct any errors.
12/21/15 BLTA Shareholder Meeting Summary
* The airline is operating currently on a shoe string budget so to avoid stock dilution.
* 12/16/16 Meeting between BLTA and FAA went very well.
* Baltia is still waiting on the FAA for an answer on last test and action going forward.
* FAA sent BLTA a letter yesterday admitting that there is an industry wide issue with the slides and will be investigating it along with the NTSB.
* Igor is speculating an answer in January, however the FAA is the FAA.
* Baltia is flight ready when they get the answer from FAA.
* Crews HAVE been furloughed. If we get the green light from FAA within the next 2-3 months they can use the crew, if not they will need to train new crews.
* As Igor put it, they are working with "hand to mouth" finances.
* Igor spent an hour in detail going through each mini. In addition to their efforts toward the fight for # 7. At the end of the day, we stand at the mercy of the FAA.
* Two of the 7 mini evacs were maintenance issues. The other 5 were slide failures.
* There was a guy at the meeting who kept asking Igor "how much money do you need? I'll take out my check book right now." Baltia can raise money.
* My overall impression and takeaway was that Management is very optimistic about FAA response and are expecting an answer as early as Jan 4th-15th, BUT there is no promise and still a possibility of this dragging on further. Cost have been minimized in order to survive as long as possible, based on current funding.
* BLTA put any talks or rumors of a R/S to bed, he (BLTA CEO) shot that idea down immediately, knowing damn well that doing so would do nothing but hurt them and every investor without any positive result.
* Again, Baltia can raise (money) whatever it needs. That's not a problem for them. What they have to deal with is the uncertainty with the FAA's timeline for the evac decision.
* BLTA being fiscally responsible while waiting.
* I just got home I spoke to many sh who will invest to keep baltia going strong I also spoke in lent to a whale who is going to put up whatever baltia needs , this co has strong backers and is here to stay.
* The test is rigged. I could be wrong, but from what I gathered based on a 36% failure rate per slide, the odds that 5 slides would deploy successfully are 1 in 10 (forgot my probability, but I think that's close enough). Igor also went into detail about how they were very involved in exposing the problems and every step of the slide packing procedure, and how it was flawed.
* Moving on to mini 8 would be a crap shoot. Statistically, the chance of passing it would not be good. Each mini involves 5 slides with a 37% chance of failure each. Fight for mini 7, where we have every valid argument that the FAA is ultimately responsible for the vendors qualifications.
* Correct me if I am wrong here but with the current known failure rates of 37% leaves us with an odds of passing at 13.5%.
* Firestream
I just got back to Michigan from New York sorry I couldn't respond sooner!
To answer your question, yes if it goes good for Baltia I expect a R1 deployment just to cover their butts as you put it. They need a slide to do the Ditch so that would work out anyway. Baltia is not opposed to that but does feel they deserve a pass with the evidence provided to the FAA in the Dec. 16th meeting.
To answer what the difference from the November to the December meeting is that in the December meeting Igor and Baltia staff that attended the meeting went into great detail with a Time Line Chart showing every step that happened from table top to the present. The people that are in Washington were not at the test or weeks following the test to understand it or what actions Baltia took after each problem arise. 5 out of 7 tests were due to a failure of the slides. Not one single test did the crew not exceed expectations, which is the part that many airlines fail in the Mini's besides slide issues. The first meeting was only 1 hour to go over the whole presentation of why Baltia should be given a pass. In that presentation Baltia stated that they took appropriated actions to resolve the issues but did not go into details of what was actually done. The FAA staff in that meeting didn't understand what steps Baltia took each time. Igor laid that out for them and showed the FAA over a 2 hour period in the second meeting that they took actions each time to try and correct a problem that no one from the FAA to the manufacture could ever figure out how to correct ( the industry wide slide failures). But Baltia did find out what the issue was and corrected it ( the length of a strap was the issue). Mini 7 would have passed because Baltia fixed the deployment issue ( all slides did deploy), but the slide was internally pack incorrectly from the FAA approved vendor. There was no way that Baltia could see that. They would be responsible for all the outside components, but Baltia can't be held responsible for the inside when they don't have the ability to inspect this. Yet Baltia stepped up one more time and after mini 7 went down to the packing facility and went step by step with the manuals that Boeing says the slides must be packed like and watched every step to make sure it was done to the manufactures specifications. No other Airlines do this, they just slap the slides in and forget it until they come up for replacement. Then slap another one in. Baltia took corrective actions and that's what they showed to the FAA in GREAT detail in the second meeting. From what they felt the meeting went very well. They are now waiting to hear what the FAA will say.
* They are spending money only on the essential operations that the FAA requires to be in place all the time in the certification process at this point. Reason they left 151. It was a none essential expense at this point of the process. With Terminal 4 and Willow Run they have more then enough room and ability to operate and stay with in the FAA requirements. If they don't keep these essential things funded they would not meet the certification requirements. They said even though it sounds like a lot of work to replace NLG, the wing gear and lubing of tail pins, it would be done in less the 2 weeks. That being generous for planning purposes and in reality could be done in a week. They have investors that will get that paid for and done once the good news comes our way of a pass on the mini.
* About The Meeting (12/21/15):
First I want to say it was great meeting a lot of you last night. It's awesome to be a part of a strong group of investors that want to see this thing through and get this bird in the air.
On that note. For majority of those who are upset or discouraged about the meeting, I want you to think about something really quick. For over a year now the only communication we had was through small Facebook tidbits here and there, or from LT and other insiders. Igor, Tony, Cheryl and the rest informed all of us last night of the entire situation. We never heard directly from any members of Baltia management before regarding the exact results of any tests over the last year. At the meeting, Igor literally went through every single mini-evac test and the status of the company to this present day. The entire staff came out with their hands up and held no information back. They answered any question to the best of their ability. They were as transparent as they possibly could be on the entire matter. In the end, it all comes down to the FAA.
It absolutely sucks that we have to deal with the frustration of playing the waiting game, believe me I know it’s tough. After the meeting we should all be happy we have a better understanding of the entire situation. We should not consider ourselves "in the dark" anymore. We know everything there is to know now. They will not reverse split. They do not intend to dilute shares.
Regardless, what a lot of people need to realize is that Baltia management put everything out there. They gave us the low down on their entire issue with the FAA. Their amount of openness last night was impeccable. Most importantly, they provided us with their solution to said problem. They have everyone on their staff geared up and ready to present their findings and results on mini #3 and mini #7.
Baltia will get everything sorted out. Baltia will see this through. Baltia will be successful.
All those who have stood by with surely be rewarded.
Hope this helps. Will update as appropriate, or new info becomes available.
BLTA
https://www.facebook.com/baltiaairlines.us/?fref=ts
Unfortunately, due to a personal situation I was not able to attend the BLTA Shareholder Meeting on Monday 12/21/15. However, from info from public forums, I have quickly compiled a BLTA Meeting Summary.
If any attendees contact me about incorrect info, I will gladly correct any errors.
12/21/15 BLTA Shareholder Meeting Summary
* The airline is operating currently on a shoe string budget so to avoid stock dilution.
* 12/16/16 Meeting between BLTA and FAA went very well.
* Baltia is still waiting on the FAA for an answer on last test and action going forward.
* FAA sent BLTA a letter yesterday admitting that there is an industry wide issue with the slides and will be investigating it along with the NTSB.
* Igor is speculating an answer in January, however the FAA is the FAA.
* Baltia is flight ready when they get the answer from FAA.
* Crews HAVE been furloughed. If we get the green light from FAA within the next 2-3 months they can use the crew, if not they will need to train new crews.
* As Igor put it, they are working with "hand to mouth" finances.
* Igor spent an hour in detail going through each mini. In addition to their efforts toward the fight for # 7. At the end of the day, we stand at the mercy of the FAA.
* Two of the 7 mini evacs were maintenance issues. The other 5 were slide failures.
* There was a guy at the meeting who kept asking Igor "how much money do you need? I'll take out my check book right now." Baltia can raise money.
* My overall impression and takeaway was that Management is very optimistic about FAA response and are expecting an answer as early as Jan 4th-15th, BUT there is no promise and still a possibility of this dragging on further. Cost have been minimized in order to survive as long as possible, based on current funding.
* BLTA put any talks or rumors of a R/S to bed, he (BLTA CEO) shot that idea down immediately, knowing damn well that doing so would do nothing but hurt them and every investor without any positive result.
* Again, Baltia can raise (money) whatever it needs. That's not a problem for them. What they have to deal with is the uncertainty with the FAA's timeline for the evac decision.
* BLTA being fiscally responsible while waiting.
* I just got home I spoke to many sh who will invest to keep baltia going strong I also spoke in lent to a whale who is going to put up whatever baltia needs , this co has strong backers and is here to stay.
* The test is rigged. I could be wrong, but from what I gathered based on a 36% failure rate per slide, the odds that 5 slides would deploy successfully are 1 in 10 (forgot my probability, but I think that's close enough). Igor also went into detail about how they were very involved in exposing the problems and every step of the slide packing procedure, and how it was flawed.
* Moving on to mini 8 would be a crap shoot. Statistically, the chance of passing it would not be good. Each mini involves 5 slides with a 37% chance of failure each. Fight for mini 7, where we have every valid argument that the FAA is ultimately responsible for the vendors qualifications.
* Correct me if I am wrong here but with the current known failure rates of 37% leaves us with an odds of passing at 13.5%.
* Firestream
I just got back to Michigan from New York sorry I couldn't respond sooner!
To answer your question, yes if it goes good for Baltia I expect a R1 deployment just to cover their butts as you put it. They need a slide to do the Ditch so that would work out anyway. Baltia is not opposed to that but does feel they deserve a pass with the evidence provided to the FAA in the Dec. 16th meeting.
To answer what the difference from the November to the December meeting is that in the December meeting Igor and Baltia staff that attended the meeting went into great detail with a Time Line Chart showing every step that happened from table top to the present. The people that are in Washington were not at the test or weeks following the test to understand it or what actions Baltia took after each problem arise. 5 out of 7 tests were due to a failure of the slides. Not one single test did the crew not exceed expectations, which is the part that many airlines fail in the Mini's besides slide issues. The first meeting was only 1 hour to go over the whole presentation of why Baltia should be given a pass. In that presentation Baltia stated that they took appropriated actions to resolve the issues but did not go into details of what was actually done. The FAA staff in that meeting didn't understand what steps Baltia took each time. Igor laid that out for them and showed the FAA over a 2 hour period in the second meeting that they took actions each time to try and correct a problem that no one from the FAA to the manufacture could ever figure out how to correct ( the industry wide slide failures). But Baltia did find out what the issue was and corrected it ( the length of a strap was the issue). Mini 7 would have passed because Baltia fixed the deployment issue ( all slides did deploy), but the slide was internally pack incorrectly from the FAA approved vendor. There was no way that Baltia could see that. They would be responsible for all the outside components, but Baltia can't be held responsible for the inside when they don't have the ability to inspect this. Yet Baltia stepped up one more time and after mini 7 went down to the packing facility and went step by step with the manuals that Boeing says the slides must be packed like and watched every step to make sure it was done to the manufactures specifications. No other Airlines do this, they just slap the slides in and forget it until they come up for replacement. Then slap another one in. Baltia took corrective actions and that's what they showed to the FAA in GREAT detail in the second meeting. From what they felt the meeting went very well. They are now waiting to hear what the FAA will say.
* They are spending money only on the essential operations that the FAA requires to be in place all the time in the certification process at this point. Reason they left 151. It was a none essential expense at this point of the process. With Terminal 4 and Willow Run they have more then enough room and ability to operate and stay with in the FAA requirements. If they don't keep these essential things funded they would not meet the certification requirements. They said even though it sounds like a lot of work to replace NLG, the wing gear and lubing of tail pins, it would be done in less the 2 weeks. That being generous for planning purposes and in reality could be done in a week. They have investors that will get that paid for and done once the good news comes our way of a pass on the mini.
* About The Meeting (12/21/15):
First I want to say it was great meeting a lot of you last night. It's awesome to be a part of a strong group of investors that want to see this thing through and get this bird in the air.
On that note. For majority of those who are upset or discouraged about the meeting, I want you to think about something really quick. For over a year now the only communication we had was through small Facebook tidbits here and there, or from LT and other insiders. Igor, Tony, Cheryl and the rest informed all of us last night of the entire situation. We never heard directly from any members of Baltia management before regarding the exact results of any tests over the last year. At the meeting, Igor literally went through every single mini-evac test and the status of the company to this present day. The entire staff came out with their hands up and held no information back. They answered any question to the best of their ability. They were as transparent as they possibly could be on the entire matter. In the end, it all comes down to the FAA.
It absolutely sucks that we have to deal with the frustration of playing the waiting game, believe me I know it’s tough. After the meeting we should all be happy we have a better understanding of the entire situation. We should not consider ourselves "in the dark" anymore. We know everything there is to know now. They will not reverse split. They do not intend to dilute shares.
Regardless, what a lot of people need to realize is that Baltia management put everything out there. They gave us the low down on their entire issue with the FAA. Their amount of openness last night was impeccable. Most importantly, they provided us with their solution to said problem. They have everyone on their staff geared up and ready to present their findings and results on mini #3 and mini #7.
Baltia will get everything sorted out. Baltia will see this through. Baltia will be successful.
All those who have stood by with surely be rewarded.
Hope this helps. Will update as appropriate, or new info becomes available.
BLTA
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