But those preferred shares are not tied to the com

But those preferred shares are not tied to the common shares--they have no conversion rate to the common shares, based on lack of conversion rates from financials, so I don't understand why they would restructure the common shares if these preferred shares can not be converted to common shares.

IMO nothing has really changed:

They still have n706bl--records still state on FAA website they own it and if they get rid of it, they would have to 8k it.

They are still in 3rd phase--the update came out they hired a former FAA person to guide them and open dialogue with FAA to be able to stay in Phase III just substitute a new plane:

Quote:

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Dear Shareholder:

Several weeks ago Baltia's management team sought out and interviewed a former FAA senior policy level executive. He was retained as a consultant by the company to review and evaluate our current status with the FAA and make recommendations regarding the most practical, time-line efficient way forward to receiving an Air Carrier Certificate so that we can commence revenue service.

After a thorough investigation that involved in depth interviews with our officers and other key employees, as well as numerous contacts with senior FAA executives, he recommended that we substitute our 747-200 aircraft with a newer more fuel and maintenance efficient aircraft.

Management has accepted this recommendation and is currently in discussions to lease newer aircraft.

Additionally, our consultant has opened a dialogue at the most senior policy levels of the FAA to substitute the newer aircraft we choose to our certificate in a way that will retain as much of the work we have accomplished and lead to the issuance of an operating certificate in the shortest amount of time. As a result we have invited our consultant to lead this effort..

This change in strategy means that we withdraw several motions we currently have pending with the FAA, in favor of non-litigious, non-confrontational options. This should lead to a more positive and productive relationship. We believe this is a prudent move that will ultimately benefit the company and its shareholders.

Sincerely,

Russell K. Thal
President & Chairman
Baltia Air Lines, Inc.

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So, IMO, nothing really has clanged.

The fault-finder will find faults even in paradise. -Henry David Thoreau