Based on my research, John Gulbin and Scott Terry still have a good working relationship. I don't see any lawsuits or defaults as it pertains to the overall Tempus umbrella. It looks like the legal and financing issues are pretty much behind them, and Johan Eliasch was willing to work with them in order to right the ship. I also can't find John Gulbin's letter of resignation anywhere in the filings, but the letters of the other 3 board members are listed. Tempus Aircraft Sales and Service is part of Tempus Intermediate Holdings, which is the private holding company. John Gulbin and Scott Terry are partners on the private side, and I believe Scott has a controlling interest. Per a title/lien search, Tempus Aircraft Sales and Service has lending relationships with institutions that are very reputable/conservative, which leads me to believe that (TASS) is pretty strong. Tempus Applied Solutions (TMPS) is obviously the public entity, but has faced hardships due to financing, stalled contracts, and a non-compete clause (now lifted). We also know that John Gulbin and Scott Terry were in the process of moving assets to the public entity before Johan Eliasch filed a temporary restraining order so he could protect his security interest in the aircraft. You can also see that the SEC signed off on the transferring of assets to the public entity. A cleaner capital structure and a merger makes so much sense to me, and I think it would unlock a great deal of value. Mergers take time, and I still think you'll see some sort of merger this quarter or next, Scott and John obviously want that. Right now it feels like the calm before the storm. With that said, even if a complete merger doesn't happen, (TMPS) will still work hand in hand with (TASS) in order to fill these government contracts, and I also believe that the balance sheet strength of the private side is really what allows (TMPS) the ability to obtain financing and pass the vetting process of the government. It clearly shows in my research that Scott Terry has pledged assets of the private company in order to obtain financing. It all comes down to what Johan Eliasch has planned, and the research shows that Johan Eliasch is heavily involved with companies that provide capital to the aviation industry. Cleaning up the capital structure of (TMPS) and the overall organization will allow this company to obtain better/cheaper financing that will give them the working capital they need to grow. A merger, an announcement of a new financing package with a lender, a new contract, better than expected earnings, and any peep from Johan Eliasch sends this stock to the moon, which is why I've invested in this company. The pros greatly outweigh the cons. Novice traders panic if they don't see upward price movement on a regular basis.
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