My point is that there is far more worth to this company than the aircraft that was mentioned; and the line item cost you suggest for certification is not including the other associated operating/startup costs that go along with the certification. The "process" to get to where they are now costs a lot of money.
Also, of your completed certifications:
How many of those were section 121 passenger airlines?
How many of those were international airlines?
How many of those were starting a new route?
How many of those included returning a 747 to service?
There does not seem to be a reference for a comparable new "passenger" airline any time in the last decade or so. Setbacks, delays, etc... will always be a part of a start-up such as this and they all eat up time and money.
IOW...Baltia appears to be the comp; and the start-up cost appears to be what they paid.
BLTA will be certified soon. It's not a question of if but a matter of when.
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