Great Lakes De-lists Stock

F

FloridaLarry

Well-Known Member
Great Lakes Aviation, parent company of Great Lakes Airlines, filed a Form 15 with the Securities & Exchange Commission to de-list its stock. They are eligible to do this since they have fewer than 300 registered stockholders. It will continue to trade its stock (presuming anyone wants to buy any) on the OTC Pink Market, but has no obligation to do so.

In an 8-K filing at the SEC, they say the Board decided to do this "...based on numerous factors, including the large costs of preparing and filing periodic reports with the SEC, the increased outside accounting, audit, legal and other costs and expenses associated with being a public company, the burdens placed on Company management to comply with reporting requirements, and the low trading volume in the Company’s common stock." They promise to put interim un-audited reports and an annual audited report, on their website.

The de-listing becomes effective 90 days from the date of filing, March 23, 2016. Until then, they are required to continue filing reports mandated by the SEC. GLA hasn't filed the quarterly report for 4th Qtr 2015, due to the SEC mid-February, nor have they filed the single-page notification that they will be late.

Going,...Going,....
 
Its an obvious cost-savings move. Their total market cap was only a few million. Now if they could only change the operation such that they aren't losing money by flying...
 
I actually think they have a small bit of room to play. When I last looked at a report from them, I thought they had a 1.2 assets/debts ratio. That said, their quick ratio (short term assets / short term debts) was crazy low. They have to figure out how to unchain some assets and figure out which routes are the core profitable ones.

Anybody see if they got that ATP waiver?
 
hook_dupin said:
I actually think they have a small bit of room to play. When I last looked at a report from them, I thought they had a 1.2 assets/debts ratio. That said, their quick ratio (short term assets / short term debts) was crazy low. They have to figure out how to unchain some assets and figure out which routes are the core profitable ones.

Anybody see if they got that ATP waiver?
Click to expand...
I'm pretty sure the FAA has denied all waivers regarding the ATP rules so far.
 
z987k said:
I'm pretty sure the FAA has denied all waivers regarding the ATP rules so far.
Click to expand...

This one is unique: I think the FAA could just sit on it long enough for it to be OBE. At the same time, the flat states are powerfull enough that there could easily be Congressional inquiry into why the FAA is taking so long and what criteria they use to accept or deny wavier requests.

This is part of why GL has been around so long: the flat states may not offer that much revenue, but they have a ton of political importance
 
You can fly 135 with more than 9 pax. I was flying a 30 passenger Saab under part 135. You apply and receive DOT EXEMPTION 380. DOT 380 does limit the number of times you can fly a route
 
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