Virgin America - NoGo

[9V-JKL]

Apparently for not being American enough
http://www.bloomberg.com/apps/news?p...l98&refer=news

http://dmses.dot.gov/docimages/pdf99/434510_web.pdf

I'm lost looking at the ownership web on the last few pages

[globetrekker84]

Sad to see that.

Such an outdated law, but then again, the DOT was just following the rules.

[singaporeairlinesboi]

i wonder what will happen to the a320's they ordered. Maybe it will go to virgin nigeria.

[9V-JKL]

As it is, they have to revise their ownership so that it becomes 75% US citizen owned. Therefore, it'll only be a matter of time

[globetrekker84]

As it is, they have to revise their ownership so that it becomes 75% US citizen owned. Therefore, it'll only be a matter of time

I thought it already was 75% owned by U.S.-based investors. Much of that financing came from an investment group funded by private equity firms Black Canyon Capital and Cyrus Capital Partners, and the remaining 25% would be controlled by Branson.

The big problem that the DOT had (actually much of that is because of the ALPA and the U.S. legacies) was that it seemed that Branson would still control the company, despite the reassurances that the majority was in the hands of the investors.