For the avoidance of doubt, just because certain news headlines say that EOS is headed-up by a former 'BA Executive' some might assume that this infers some level of British involvement / ownership (
WRONG!).
EOS actually looks to being formed under a holding / parent company known as 'Atlantic Express' ( probably because, as reported here on PPRuNe
by Oshkosh George on 8th February 2005 21:38 - "
If it does happen,there will probably have to be a name change,as it's a US regional airline,as well as a bus operator in the US!"; and / or see also
this thread ).
Those who might like to know more about this start-up should have at the
USA Department of Transport (DOT) - Docket Management System ( Nb. for the docket number enter
19617 ) where those whom wade through the listed documents will see that in their
air carrier submisison it says:
3. Atlantic Express is a citizen of the United States within the meaning of 49 U.S.C. § 40102 (a)(15). Specifically, all of Atlantic Express's officers, directors and key management officials are U.S. citizens. More than seventy-five percent of Atlantic Express' voting stock is currently owned by U.S. citizens, and the proportion of US citizen ownership will continue well above the seventy-five percent level even as further capital is invested into the company. In addition, Atlantic Express is actually controlled by U.S. citizens. Atlantic Express' affidavit of citizenship is attached as Exhibit 2. (see below)
(Nb. further down the submission document it goes on to add that "
U.S. citizen individuals and investment vehicles currently hold 92.60 percent of the voting power in Atlantic Express. Two U.S. citizens, CCG Investments, LLC and The Spurlock Family Trust, hold 78.70% of the voting interest in the company. As additional investments are made, these percentages will vary. Assuming the maximum authorized investments are made in the company by all shareholders, U.S. citizens will hold 89.35% of the company's voting interest." )
4. Atlantic Express requests a certificate of public convenience and necessity permitting it to engage in the scheduled foreign air transportation of persons, property and mail as follows:- Between any point or points in the United States via intermediate points to a point or points in The Netherlands and beyond.
- From points behind the United States via the United States and intermediate points to a point or points in Germany and beyond.
- Between any point or points in the United States and any point or points in the United Kingdom (other than London's Heathrow or Gatwick Airports).
Atlantic Express is a new entrant air carrier that plans to introduce scheduled air service initially between New York's John F. Kennedy International Airport ("JFK") and various points in Europe that are not subject to restrictions on entry imposed by applicable aviation agreements, or to slotting requirements that will significantly limit its operations.
As a matter of public record (as filed with the USA DOT)
Atlantic Express - Key Personnel- Name (Citizenship) JobTitle
- David J Spurlock (USA) CEO
- Gil Morgan (USA) Exec VP Operations
- Joan Schuckenbrock (USA) Sr VP, Human Resources
- Donald R Dodson (USA) VP, Flight Operations
- Danald Ray Wood (USA) Chief Pilot
- James V Casbarro (USA) VP, Technical Operations
- Lawrence B Gibbons (USA) VP, Contracts
- Frank Deluca (USA) Director, Quality Control
- R. Neil Schnaak (USA)Director, Safety
- Eilif Serck-Hanssen (Norway) Chief Financial Officer
An additional item that is also worthy of note from their air carrier submission (in 'Exhibit 7'):
Atlantic Express is currently finalizing a Letter of Intent to lease up to four B757-200 aircraft for delivery in the May, June, July or August 2005 timeframe. The company plans to commence operations in August 2005 with three aircraft, subject to receipt of all applicable DOT and FAA approvals. The company plans to increase the fleet by four aircraft per year for each of the four years following certification, building to a total fleet of twenty aircraft.
and lower down (in 'Exhibit 10') it says
Atlantic Express plans to provide service from John F. Kennedy International Airport ("JFK") and other airports in the continental United States to destinations in the United Kingdom and Europe that are not slot controlled airports or airports restricted by bilateral agreements. Atlantic Express will begin service with four 757-200 aircraft. The company intends to add four aircraft per year thereafter growing to a fleet of twenty 757-200s
With regards to their capitalisation, their air carrier submission says (in 'Exhibit 10'):
Based upon the financial assumptions set forth in Exhibit 10, Pre-Operating Expenses will be $15,707,020. Deposits and Capital Expenditures for aircraft and other equipment including properties and facilities will be $23,864,056. Pursuant to the Stock Purchase Agreement certain shareholders of Atlantic Express have committed to provide a total of $40 million in capital to fund these expenses, which will bring total pre-operation capitalization to $40,302,000. Additionally, under the terms of the stock purchase agreement, Atlantic Express will have available at the time of first revenue service an additional $30 million in capital for a total of $70,302,000. Consequently Atlantic Express will have approximately $30,730,924 in working capital available upon commencement of operations.
Applying the "DOT" test of working capital (i.e., total expenses for 12 months ($75,011,000) divided by 4), Atlantic Express will have "DOT" working capital, after deduction of the $18,752,750 quarter-year reserve, of approximately $11,978,174. This does not include a further $15 million of growth capital that is available under the stock purchase agreement to be injected into the company
EOS's corporate headquarters
is listed as: 287 Bowman Avenue, 4th Floor, Purchase, NY 10577, USA