Been researching this for a little bit with no luck, anyone know if there is a connection between Gillespie & Associates and Baltia? They mentioned BLTA on their site:

Quote:

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Baltia Airlines - At the request of the airline and its investment bankers, we undertook a review of the business plan and management personnel for Baltia Airlines in relation to Baltia having secured a semi-exclusive license from the U.S. Government to fly to St. Petersburg, Russia and possibly other Soviet Union cities provided it could provide service by a fixed date.

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http://www.gillespieandassociates.com/services.htm