Baltia Air Lines Inc. (fka BLTA)

[mysterymeat]

They had the $1 mil purchase deposit, and it was place into an escrow account when they announce the LOI back in June of 2017. At that time and prior to entering the formal agreement, it was refundable.

When they entered into the formal agreement the purchase deposit was were released to AerLine on September 1, 2017. Conditions were attached that if the Seller breached the agreement, the buyer could terminate the agreement and was entitled to a full refund of the purchase deposit.

As it turns out the Seller did not breach the agreement. The Buyer did breach the agreement by claiming he had sufficient funds to complete the purchase and all other associated cost. And as Mr Lampls stated they could not complete the deal because they could not raise the funds needed before the closing.