VA can fly if..........

[spinproof]

WASHINGTON, March 20 (Reuters) - Virgin America, the low-cost start-up airline with ties to British entrepreneur Richard Branson, will have to ditch its chief executive and take other steps to win final government approval to operate, U.S. officials said on Tuesday.

The Transportation Department said the company would satisfy a law requiring domestic airlines be controlled by U.S. citizens, a sticking point that led the agency in December to reject Virgin America's application unless major changes were made to its ownership and management structure.
Virgin America offered to replace its chief executive, Fred Reid, to placate regulators who raised concerns about his ties to foreign investors.

The company also said it would amend loan agreements and remove certain powers of Branson's Virgin Group; revise its trademark to ensure independence from British-based Virgin Atlantic and establish a voting trust to administer Virgin Group's (VA.UL: Quote, Profile , Research) equity interest in the airline.
Transportation planners said in a statement that the revised application "should meet U.S. ownership rules provided the company fully executes the proposed changes to its original plan."
Virgin America is based in San Francisco.

© Reuters 2007. All Rights Reserved.

 

[Shrek]

Wonderful ...........

 

[Mr Wu]

Pi$$ on Fred Reid.

 

[~~~^~~~]

I just remember Fred talking about how Delta had a new cost paradigm that everyone else would have to match and exceed. In the mean time Delta could borrow BILLIONS against its balance sheet and simply out last United and US Air. It was going to be easy....

Nothing Fred Reid said in the meeting I attended turned out to be right. Everyone else cut costs, US Air and United survived and the only thing that the BILLIONS in borrowed cash was used for was to pump cash flow for all the executives who had to have bankruptcy proof deals so they could be retained for their excellent service to Delta (while their non revenue children threw revenue First Class passengers off a jet that they held for 45 minutes so they could go on a ski trip). All in all, Reid's tenure was an embarassment.

 

[Pat Fabin]

I used to fly Fred around on a private jet (he could have flown Delta for free of course) on vacations while Delta floundered and laid off even more employees (myself being one). How much has he made at Virgin over the last two years? He's still young and people listen to him....he'll turn up under another aviation rock somewhere.

 

[Sparse]

I just remember Fred talking about how Delta had a new cost paradigm that everyone else would have to match and exceed. In the mean time Delta could borrow BILLIONS against its balance sheet and simply out last United and US Air. It was going to be easy....

Nothing Fred Reid said in the meeting I attended turned out to be right. Everyone else cut costs, US Air and United survived and the only thing that the BILLIONS in borrowed cash was used for was to pump cash flow for all the executives who had to have bankruptcy proof deals so they could be retained for their excellent service to Delta (while their non revenue children threw revenue First Class passengers off a jet that they held for 45 minutes so they could go on a ski trip). All in all, Reid's tenure was an embarassment.

Fred was also the godfather of RJs. I saw him give a power point presentation to a bunch of Delta pilots showing Delta taking over the world with RJs. I feel sooooooo bad for Fred.

 

[spinproof]

Where are those naysayers?????..........Well!!!! Chirp-chirp-chirp.......I thought so. Hey Skybus your leases are terminated! Sorrry!!!

 

[Shrek]

And I bet you will be "happy" with 65K a year...........screw everybody else right - ALL ABOUT YOU aint it?

 

[spinproof]

And I bet you will be "happy" with 65K a year...........screw everybody else right - ALL ABOUT YOU aint it?

To whom are you addressing your post?

 

[Shrek]

Any aspiring VA pilot.