Originally Posted by
Twin Wasp
If you don't have any operations on a certificate, the Feds will come looking for it after 90 days. And the certificate by it's self isn't worth much, you need the company (which is really the 5 people listed in A06) along with the piece of paper.
Actually, the certificate was "voluntarily" surrendered on 17 September,2009 and the GSO FSDO was holding it pending action by several courts.
That certificate, which was an "unlimited" CFR14 Part 121 certificate (typically held by the legacy carriers and not available today) was worth money and the management team that you referenced (A06) were still legally "on the certificate"....until the action on 30 December. Several creditors have filed lawsuits to force a determination of the legal "ownership" of Pace and the certificate. Once this had been accomplished, investors could have purchased the corporate assets (certificate), which was still intact. With this action, it's doubtful that determination can or will be made.
I'm not a barrister but those close to the company have said this is accurate.
G'Luck to those who worked for Pace.
