United1 wrote:Although I do feel both of these moves by DL violate the spirit of what Cares was intended to do.
It's noteworthy that Virgin Group has tested limits of US airline financial regulations before, and it has often lacked transparency.
The US initially denied Virgin Group's proposal to start Virgin America (in 2006) on the grounds that it had too much British control and failed to establish that it was a US citizen. Continental Airlines reportedly led opposition to Virgin’s startup proposal. (1)
Virgin America initially refused to file federally required profitability disclosures (Form 41) with DOT. Competing airlines protested. (2) Eventually Virgin America was forced to file. (3)
The citizenship question resurfaced when US hedge funds sold their stake in Virgin America in 2009. Was Virgin America was then majority British owned? (4)
In all cases, Virgin's status as private company shielded it from disclosures required of US-listed stock companies, so it was hard for members of the public to see for themselves..
(1) https://www.sfgate.com/bayarea/article/ ... 464659.php
(2) https://www.cbsnews.com/news/alaska-tel ... rica-does/
(3) https://crankyflier.com/2013/05/14/virg ... ng-public/
chonetsao wrote:However I do feel we need more details on this 'loan'. Currently the information available is rather opaque.
Agreed! I just paid my taxes. Where is the money going?