I am pretty sure that VA's position could not be any clearer.
Maybe the old saying about "tilting at windmills" amy apply here...
I notice that they keep saying "voting shares." They are not denying that the majority of the common equity is no longer held by Americans. They have (or at least they think they have) found a way around the intent of the rules by defining a small portion of shares as "voting shares" that "control" the company. If they can get away with this you could have a situation where US airlines are almost completely capitalized with foreign investment dollars but are technically "controlled" by a small number of voting shares that are owned by Americans. While it's true that VA is just a small airline this could be a test case for significant foreign investment in much larger carriers. What they are really saying is that the people who put up all the money and "own" the company don't "control" the company i.e. the majority owners are "passive" investors. It sounds shady enough that it just might actually work, or if nothing else, delay things long enough to find another solution. The DOT regulations may be large enough to fly a fleet of A-320's through. This could get very interesting and set a new precedent for high foreign ownership stakes in US airlines.