Wow, I am impressed. In response to each of the 3 replies. The owner of Company A has sold to a separate an existing Company B. Company A owner will remain on board through the transition, but this is his exit strategy for retirement. Company B has its own CEO, etc.

As for the main man, yes and no. I am the only PIC. So as far as finger pointing from the FAA, I am sure that is a Yes.

Dry lease? Possibly. If the pilots were employed by Company B rather than A that might work. Company A dry leases the aircraft to company B. Company B uses pilots of their choice which would be the folks on salary.

Definately going to look into the dry lease some more and make sure the FSDO is on board with whatever we end up doing. Thanks to all.