TSA Pilot
Well-known member
- Joined
- Nov 25, 2001
- Posts
- 81
The following was posted on TSALOUNGE but is PUBLIC RECORD. Looks like they dont want Trans States Pilots (or Go-Jet pilots for that matter to know how much they are going to be making off of all their hard work...
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Go-Jet’s certification is currently being delayed while the DOT and Go-Jet argue over whether financial and ownership information should be accessible to the public.
DOT denied Go-Jet’s request to keep secret the income statements and balance sheets for TSA and TSA Holdings as well as the ultimate ownership structure of the company. Go-Jet is appealing (for the 3rd time). Go-Jet argues that it shouldn’t have to submit the same information as Republic did since it is a private company and not planning to sell stock.
Go-Jet says that the required disclosure of its financial structure would disadvantage sister subsidiary Trans States Airlines in its relations and contract negotiations with organized labor.
DOT did allow confidential treatment of the Bombardier contract and the United contract, although a summary of Go-Jet’s aircraft lease agreements is being disallowed confidential treatment.
Looks like a bit of fussing back and forth between the company and the government in which DOT criticizes Go-Jet for not supplying enough verifiable information about its finances, operating plans, and fitness to run the airline. Go-Jet complains that its first aircraft sits on the ramp while the application is caught up in red tape and shifting rules.
Go-Jet will be capitalized with $15 million cash from TSA Holdings, consisting of $5 million equity investment and $10 million loan. Trans States Holdings owns 100% of Trans States Airlines and 100% of Go-Jet LLC. TSAH is owned 60% by a Hulas Kanodia trust (although the filings are contradictory as to whether the trust is revocable or irrevocable) and 40% by various trusts for the benefit of Kanodia’s 3 children.
This is a rough summary of a lot of information in the DOT’s public record. You can access the docket yourself at dms.dot.gov and do a simple search then click to read the various documents. Go-Jet’s case is filed under docket #19877.
http://dms.dot.gov/search/searchResultsSimple.cfm?numberValue=19877&searchType=docket
Airline certification is a two-headed snake – 2 different processes. DOT looks at financial and managerial “fitness.” Then, FAA has an entirely separate process which looks at the technical aspects of flight operations, training, manuals, maintenance, etc. Go-Jet is still stuck in the DOT certification process. I don’t know where they stand on the FAA’s process, whether it has begun or even can begin until DOT grants its approval.
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Go-Jet’s certification is currently being delayed while the DOT and Go-Jet argue over whether financial and ownership information should be accessible to the public.
DOT denied Go-Jet’s request to keep secret the income statements and balance sheets for TSA and TSA Holdings as well as the ultimate ownership structure of the company. Go-Jet is appealing (for the 3rd time). Go-Jet argues that it shouldn’t have to submit the same information as Republic did since it is a private company and not planning to sell stock.
Go-Jet says that the required disclosure of its financial structure would disadvantage sister subsidiary Trans States Airlines in its relations and contract negotiations with organized labor.
DOT did allow confidential treatment of the Bombardier contract and the United contract, although a summary of Go-Jet’s aircraft lease agreements is being disallowed confidential treatment.
Looks like a bit of fussing back and forth between the company and the government in which DOT criticizes Go-Jet for not supplying enough verifiable information about its finances, operating plans, and fitness to run the airline. Go-Jet complains that its first aircraft sits on the ramp while the application is caught up in red tape and shifting rules.
Go-Jet will be capitalized with $15 million cash from TSA Holdings, consisting of $5 million equity investment and $10 million loan. Trans States Holdings owns 100% of Trans States Airlines and 100% of Go-Jet LLC. TSAH is owned 60% by a Hulas Kanodia trust (although the filings are contradictory as to whether the trust is revocable or irrevocable) and 40% by various trusts for the benefit of Kanodia’s 3 children.
This is a rough summary of a lot of information in the DOT’s public record. You can access the docket yourself at dms.dot.gov and do a simple search then click to read the various documents. Go-Jet’s case is filed under docket #19877.
http://dms.dot.gov/search/searchResultsSimple.cfm?numberValue=19877&searchType=docket
Airline certification is a two-headed snake – 2 different processes. DOT looks at financial and managerial “fitness.” Then, FAA has an entirely separate process which looks at the technical aspects of flight operations, training, manuals, maintenance, etc. Go-Jet is still stuck in the DOT certification process. I don’t know where they stand on the FAA’s process, whether it has begun or even can begin until DOT grants its approval.
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