Rocky Mountain Investment Club

[bliz82]

BLTA looks to be in financial trouble according to the latest 10Q

They have 20K in cash as of 9/30/2009 but have raised an additional 1.5M since then. However, they've already burned through 4.1M this year and almost a million just this past quarter. They just spent another 475K for the 747. Based on that, they only have about 1M left. They need to send the plane to Malaysia for repairs/renovation and that will be of considerable cost, and they need sufficient funds through the first Q of 2010 just to prepare for flight. They are supposed to have the first 3 months of expected expenses on hand (which should be about 4M) plus they need enough money to fix the plane, handle the FAA certification, pay employees and pay the bills (like JFK). They don't appear to have it right now based on the 10Q.

http://www.sec.gov/Archives/edgar/data/869187/000116519509000013/b10q93009.txt