Kharon; for balance you should include in your analysis Airtex's Metro crash prior to Canley Vale, Airtex's response to CASA compared to Pelair's and whether Airtex's owner is a highly compliant RPT operation with an excellent relationship with CASA ... oh and über rich enough to fix the problems. You should also factor that the Pelair SAAB and M23 operation was very good and compliant (read the audit).
Not saying Pelair should have kept their AOC, but comparing to Airtex isn't that accurate.