LAW OFFICE OF JOHN MIETUS, LLC

6701 DEMOCRACY BOULEVARD, SUITE 300

BETHESDA, MD 20817-7500

JOHN R. MIETUS, JR. 

(202) 747-5212

john@mietuslaw.com

July 18, 2014

BY ELECTRONIC MAIL

Ms. Catherine O’Toole

Air Carrier Fitness Division

Department of Transportation

1200 New Jersey Avenue, SE

Washington, DC 20590

Re: Eastern Air Lines Group, Inc., Dockets OST-2014-0012/0013 

Dear Ms. O’Toole:

 

By letter dated May 12, 2014, you requested certain information relating to 

the above-captioned applications. The responses of Eastern Air Lines Group, Inc. 

(“Eastern”) follow.

General Information

Eastern is attaching as Exhibit 8 the amended Pre-Application Statement of 

Intent (“PASI”) it filed with the Federal Aviation Administration on July 8, 2014. It

is seeking a formal certification meeting with the FAA later this summer.

Eastern has filed the required copies of its Montreal Agreement counterpart, 

its family assistance plan, and its passenger manifest plan in the appropriate 

dockets. It also will shortly file its Contingency Plan for Lengthy Tarmac Delays

electronically with the Department. 

As planned, Eastern has obtained additional, private financing. A new, 

majority stockholder has contributed $5 million in return for preferred stock, and 

that stockholder also has made available a $5 million line of credit. In addition, a 

number of investors have invested a total of $2.5 million in return for common stock 

through a private placement offering (“PPO”) that is now complete. An updated 

affidavit of citizenship for Eastern, based on the following ownership and control 
Ms. Catherine O’Toole

Re: Eastern Air Lines Group, Inc.

July 18, 2014

Page 2 

information, is attached as Exhibit 9. Eastern also amended and restated its 

certificate of incorporation in connection with the PPO (Exhibit 10).

 The majority of Eastern equity now is held through a special purpose 

company, VV-DC Eastern Investments, LLC; its Delaware certificate of formation is 

attached as Exhibit 11. Mr. Vincent Viola, the founder of Virtu Financial, Inc., 

owns 85.07% of VV-DC’s outstanding interests, and Mr. Douglas A. Cifu, Virtu’s 

Chief Executive Officer, owns 9.45%. The company is managed by them and their 

colleague, Matthew Caldwell – their resumes are attached as Exhibit 12 and their 

LLC Agreement as Confidential Exhibit D -- and all managers and owners of VVDC are U.S. citizens. In addition to its equity investment in Eastern (see

Confidential Exhibit E), currently its sole asset, VV-DC is making available to 

Eastern a $5 million, secured line of credit (Confidential Exhibit F) that would be 

funded by Mr. Viola (see Confidential Exhibit G). Eastern will rely on this source of 

capital, together with cash remaining after certification is complete, to satisfy the 

Department’s financial fitness test.

The PPO added 22 private investors and $2.5 million in capital. A copy of the 

Amended and Restated Private Placement Memorandum dated May 28, 2014, 

which includes the Subscription and Stockholder Agreements, is being submitted 

confidentially as Confidential Exhibit H. 

Ownership 

Eastern’s Board of Directors now consists of five U.S. citizens: 

Admiral William A. Owens (Ret.)

Joseph E. DaGrosa, Jr.

Edward J. Wegel

Vincent Viola

Douglas A. Cifu
Ms. Catherine O’Toole

Re: Eastern Air Lines Group, Inc.

July 18, 2014

Page 3 

The applicant has issued two classes of stock, Series A preferred stock and common 

stock, that vote together on stockholder issues. It has also issued and will issue 

several types of warrants and options. The current stockholders are: 

 Stockholder/Group Voting percentage1

VV-DC Eastern Investments, LLC 60.00%

1848 Skyworks LLC 16.61%

PPO Stockholders (together) 7.68%

ACPG LLC 6.99%

Edward Wegel 3.27%

Pitcairn Aviation LLC 2.33%

William Owens 1.12%

• Series A preferred stock is held only by VV-DC. The preferred stock is 

convertible to common stock, and its holders are entitled to appoint 

two directors, to vote on any matter for which stockholders may vote, 

and to a preference in liquidation, all as described in the Certificate of 

Incorporation.

• Founding Eastern investors all hold common stock. 1848 Skyworks 

LLC, ACPG LLC, and Pitcairn Aviation LLC are all affiliated with 

1848 Capital Partners, LLC. These entities, all formed in the U.S., 

invested a total of $1,450,000 in Eastern, and 1848 Capital Partners is 

entitled to appoint one director and to enjoy certain minority investor 

protections. Messrs. Wegel and Owens, part of the founding investor 

group, also hold common stock individually.

Of the founding investors, only 1848 Skyworks LLC today holds more 

than 10% of Eastern’s outstanding voting stock. Control of 1848 

Capital Partners, which manages 1848 Skyworks and its owners

1 These percentages reflect the issuance of as-yet-unexercised warrants to financiers Credit 

Agricole and Raymond James & Associates, Inc. that would account for 2% of diluted voting 

stock.

 
Ms. Catherine O’Toole

Re: Eastern Air Lines Group, Inc.

July 18, 2014

Page 4 

1848 Aviation Partners, LLC and 1848 Blueco, LLC, was described in 

the original application. A listing of the 10%+ owners of those two 

entities follows:

1848 Aviation Partners (86.5% of Skyworks)

 1848 Capital Partners 80%

 Thomas Staz (via trust) 16%

1848 Blueco (13.5% of Skyworks)

 PIMCO Investment (US), Inc. 21%

 Kitchens Family Investments, LLC 11%

 Jim Sheridan 10%

The remaining interests in Blueco are distributed among 33 

individuals and entities, none of which owns more than 6.3% of Blueco. 

With the exception of the PIMCO fund (managed by Pacific Investment 

Management Company, a subsidiary of Allianz SE of Germany), 

Eastern understands that the individuals and entities named in this 

founding investor paragraph are all U.S. citizens.

• The 18 individuals and four entities who subscribed to common stock 

in connection with the PPO together hold 7.68% of Eastern’s 

outstanding voting stock. None of the PPO stockholders individually 

holds more than 1.54% of outstanding voting stock.

 

• Warrants for common stock have been issued to the estate of the legacy 

Eastern Air Lines and, as noted above, to financiers Credit Agricole 

and Raymond James & Associates, Inc. Eastern expects to issue 

incentive options to Mr. Wegel and to other Eastern managers.

 The Stockholders Agreement, to which all equity holders are bound, currently 

limits the transferability of Eastern stock. However, Eastern intends to register its 

common stock with the Securities and Exchange Commission so as to provide 

liquidity for the common stock. Before that occurs, Eastern intends to further 

amend its certificate of incorporation to include protections against non-U.S. 

citizens acquiring interests beyond the numerical limits of Federal aviation law.
Ms. Catherine O’Toole

Re: Eastern Air Lines Group, Inc.

July 18, 2014

Page 5 

Management

A list of current key management and technical personnel (other than 

members of the Board) follows. All are U.S. citizens, and resumes for new members 

added since the original application (marked *) are included in Exhibit 13.2 The 

new Eastern directors and Eastern key personnel, and the VV-DC officers,

identified herein have no information of the types described in sections 204.3 

(l,m,o,p) to report.

Edward J. Wegel, President and Chief Executive Officer

James R. Tolzien, Chief Financial Officer

Daniel Stone, Chief Technical Officer (Maintenance and Technical Services)

John Furneaux, Vice President, Flight Operations*

Terry C. Austin, Director of Safety*

Deborah Ann Aragona, Director of Inflight*

Alan Brandon, Chief Pilot*

Keith M. Gibson, Director, Operations Control Center*

Terry Lee Pentecost, Director Quality Control* 

FAA certificate numbers for key personnel are listed in Confidential Exhibit I. 

Operations and Financial Position

Eastern anticipates that all of its initial charter operations will be governed 

by ACMI contracts that will rely on the charterer to pay for fuel, landing fees, 

ground handling, and all expenses other than aircraft, crew, maintenance and 

insurance. The carrier has not yet developed a standard charter contract.

The Department inquired about several elements of Eastern’s financial 

projections. Eastern confirms that it continues to use a start date of January 1, 

2015 for its internal projections. It is submitting an updated estimate of start-up 

costs as Exhibit 14. Forecast $100,000 start-up expenses shown for June and 

December 2015 reflect one-time costs associated with adding a second and third 

aircraft to Eastern’s fleet. Finally, no liabilities are shown on its forecast balance 

sheet because the financials were projected on a cash basis.

In May 2014 Eastern announced an order from Boeing for ten Next 

Generation Boeing 737-800 aircraft and purchase rights for ten Boeing MAX 8 

aircraft. Deliveries are not expected before 2017; thus, Eastern intends to begin 

2 Eastern has eliminated the position of Chief Operating Officer.

 

Ms. Catherine O’Toole

Re: Eastern Air Lines Group, Inc.

July 18, 2014

Page 7 

Confidential Exhibits (filed under seal with a motion for confidential treatment) 

 D: VV-DC LLC Agreement

 E: VV-DC Subscription Agreement

 F: VV-DC Senior Secured Note and Security Agreement

 G: Vincent Viola commitment letter and third-party funds verification

 H: Private Placement Memorandum

 (incl. Subscription Agreement and Stockholders Agreement)

(excl. Amended Certificate of Incorporation above)

 I: Restated list of individual FAA certificate numbers

cc: Pat McLaughlin, Manager, South Florida Certificate Management Office, FAA
Eastern Air Lines

Exhibit 8

(2 pages)

Eastern Air Lines

Exhibit 9

(1 page)
Eastern Air Lines

Exhibit 10

(28 pages)



























Eastern Air Lines

Exhibit 11

(2 pages)

Vincent Viola

575 Madison Avenue

New York, NY 10022

A highly experienced finance and operating executive with over 30 years of experience in 

running large financial organizations, as well as founding new companies. A military veteran 

with solid leadership and management skills with extensive board room experience.

Professional Experience:

2013-Present Chairman and Principal Owner

Florida Panthers, a National Hockey League Franchise

2008-Present Founder and Chief Executive Officer 

Virtu Financial - a leading electronic trading firm and market maker on 

numerous exchanges and electronic marketplaces in equities, fixed income, 

currencies and commodities.

2002 Founder

Combating Terrorism Center, USMA/West Point

2001-2004 Chairman 

New York Mercantile Exchange

New York, NY

1996-Present Founder and Principal Owner

Independent Banking Group 

Houston, Texas

1993-1996 Vice Chairman 

New York Mercantile Exchange

New York, NY

1983-1993 Floor Trader and Member

New York Mercantile Exchange

New York, NY

Education:

1974-1977 Bachelor of Science

United States Military Academy (West Point)

• US Army Airborne, Infantry and Ranger Schools

1980-1983 Juris Doctor

New York law School New York, NY

Eastern Air Lines

Exhibit 12

(3 pages)
Douglas A. Cifu

575 Madison Avenue

New York, NY 10022

A highly skilled transaction attorney with 18 years of experience in the legal profession, 

combined with operating management experience gained over the past seven years with a 

major US based financial institution. 

Professional Experiences: 

2013-Present- Vice Chairman and Shareholder 

Florida Panthers, a National Hockey League Franchise

2008-2013- Co- Founder, Vice Chairman

Virtu Financial - a leading electronic trading firm and market maker on 

numerous exchanges and electronic marketplaces in equities, fixed income, 

currencies and commodities.

2013-Present- President and Chief Operating Officer

Virtu Financial

1990-2008- Associate / Partner

Law Firm of Paul, Weiss, Rifkind, Wharton and Garrison LLP

• Member of Management Committee

• Deputy Chairman, Corporate Department

• Co-Head, Private Equity Group

Education:

1984- 1987 Bachelor of ArtsColumbia University, New York, NY

Magna cum Laude

1987-1990 Juris Doctor

Columbia University, New York, NY
Matthew Caldwell

Professional Experience:

2014-Present Managing Director

Virtu Management – lead family office efforts for Eastern board members – 

Vincent Viola and Doug Cifu

2010-2014 Vice President 

Goldman Sachs & Co. - a leading financial services firm

2007-2010 JD/MBA Candidate

Northwestern University 

2002-2007 Captain 

US Army – led platoons of twenty and forty soldiers in Germany, Iraq, and 

Kosovo. 

Education:

1998-2002 Bachelor of Science

United States Military Academy (West Point)

2007-2010 Juris Doctor 

Northwestern University School of Law

Master of Business Administration 

Kellogg School of Management at Northwestern University 
John N. Furneaux

Objective

Aircraft Operational and Development Position 

Education

University of Colorado, Boulder, Colorado 1967-1969

Western Washington State University, Bellingham, Washington 1969-1971

Bachelors of Arts and Science

Political Science Major

Statistics Minor 

Current/Qualifications 

Current Medical Certificate First Class

Pilot A-320

Check Airman 

Standards Check Airman

Airline Program Designee

Head of Aircraft Acceptance (New Aircraft) and Maintenance Test Pilots, US Airways

Member of the US Airways Go Team (incident/accident response)

Last Simulator Annual AQP Check – 7 December, 2013

Last Line Check – 20 March, 2014

Last 3 TOLs - 18 March. 2014

Enrichment

Airline Upset Training Roswell, New Mexico

Airbus Operations Meetings

ATA Advanced Navigation Symposium 

PROFESSIONAL EXPERIENCES

Chief Pilot USAirways Test Pilot Division 2006-2014

• Manager of flight test operations for new aircraft acquisitions

• Manager of inspections for new aircraft acquisitions

• Manager of maintenance test flight operations

• Created training curriculum for maintenance test

• Created procedural development for test and acceptance flights

• Daily oversight of maintenance test flights and delivery/ferry flights

USAirways Pilot/Check Airman 1983-2014

• Pilot- Boeing 737 & Airbus 320

• Check Airman 737 & Airbus 320

• APD Boeing 737 & Airbus 320

• Manager of Airbus New Aircraft Acceptance Team (France & Germany)

o Head of US Airways Acceptance of New Aircraft and Maintenance Test Pilot Program

o Procedural Development for Test and Acceptance Flights

• Initial Development Team Leader Airbus I/E CQT

Eastern Air Lines

Exhibit 13

(11 pages)
• Standards Committees Airbus and 737

o Developed and administered Initial Check-Pilot Training and Annual Training (IECQT)

• Manager of Initial AQP (Advanced Qualification Program) Development Team for US Airways

o Worked closely with local (Pittsburgh) FAA and AFS 230 in Washington D.C.

o Manager of US Airways AQP certification by FAA (AFS 230)

o Manager of US Airways Airbus program into AQP

• FAA Inspection Augmentation Team Member

• US Airways Representative to Air Transport Association- Advanced Navigation Committee in

Washington D.C.

• Member Aircraft Purchase/Delivery Boeing 737

• Liaison for NTSB Investigation Teams

o Investigation of Boeing 737 Accident, near Pittsburgh, 1994

o Ran 737 simulator for event recreation for NTSB Teams

• Contributing Editor for Operations Monthly News, 737

• Contributor, Airbus Training Programs Curricula

Air Florida Pilot 1980-1983

United States Air Force Pilot/Instructor Pilot F-4 & F-15 1971-1980

• F-15 Instructor Pilot

• F-4 Instructor Pilot

• Training Program Evaluator

• Training Program Developer

• Foreign Military Liaison, F-15

o German Air Traffic Control

o IAF

• Demonstration Pilot F-15 (Europe)

• Member, 1976 AFCE Competition Winning Team

• USAF Instructor Pilot Training 1978

• Tactical Fighter Training F-15 1976

• Tactical Fighter Training F-4 1973

• US Air Force Pilot Training 1971-1972

Expertise/Experience 

Language: Conversationally Fluent in French and German

Computer-Literature: Microsoft Word, Excel, PowerPoint, and Outlook

El Salvador Frequent visits for Maintenance Test and Delivery

Germany 5 years as USAF pilot

Switzerland, Boarding School, High School 3 years

France 1 year High School




DEBORAH ANN ARAGONA

RESUME

WORK HISTORY

Eastern Air Lines Group, Inc. May 2014-present

Director of Inflight

Seaborne Airlines Jul. 2013-May 2014

Inflight Manager

REDjet Airlines Oct. 2010-Jun. 2012

Cabin Crew Manager

Air Transportation Business Development Dec. 2005-present

Training Consultant; airline clients include Delta/Compass, JetBlue, Skybus, Spirit, and TWA

EDUCATION

B.S. Education and English Communications, Pennsylvania State University
ALAN CRAIG BRANDON

RESUME

WORK HISTORY

Eastern Air Lines Jun. 2014-present

Chief Pilot

Aersale, Inc./Sky King May 2014-Jun. 2014

Director of Flight Operations

Vision Airlines Jan. 2012-Mar. 2013

Director of Flight Operations

The Aloft Group, LLC Apr. 2011-Jan. 2012

Airline Operations Expert

Air Transport International, LLC Jan. 2005-Jan. 2011

Vice President, Operations

Chief Pilot

North American Airlines Nov. 2001-Dec. 2004

Director of Flight Operations

B767 Project Manager

Director of Training

ProAir Dec. 2000-May 2001

Senior Vice President, Operations

Tower Air Apr. 1994-Nov. 2000

Vice President of Operations

Chief Pilot B747

Line Pilot and F/O

Air Transport International, LLC Sep. 1993-Apr. 1994

DC-8 Captain

Tower Air Jan. 1993-Sep. 1993

B747 F/O

Patriot Airlines Jan. 1992-Oct. 1992

Director of Flight Operations

Grand Atlantic Airways Jul. 1991-Jan. 1992

Chief Pilot B737

Emery Worldwide Airlines Oct. 1989-Jul. 1991

Director of Operations
MGM Grand Air Feb. 1987-Oct. 1989

Vice President, Operations and Maintenance

International Parcel Express Apr. 1986-Feb. 1987

DC-8 Captain

World Aviation Group Dec. 1978-Mar. 1986

Consultant and Partner

Capitol Air (Smyrna, TN) Jun. 1979-Dec. 1984

Director of Flying

Sunland Airlines Dec. 1978-Jun. 1979

B737 Chief Pilot

International Air Bahamas Oct. 1976-Dec. 1978

DC-8/B-747 Captain

Evergreen International Airlines Jul. 1975-Oct. 1976

DC-8 Captain

Brent’s International Pty. Ltd. May 1975-Jan. 1978

Part owner and part-time pilot

Eureka AeroIndustries Mar. 1973-May 1975

Part 135 Pilot

World Airways Feb. 1972-Mar. 1973

B-727 F/O

STOLAIR (San Francisco) Jun. 1971-Feb. 1972

Chief Pilot

Reindeer Air Services, Ltd. (Inuvik, Canada) May 1970-May 1971

Bush Pilot

Various Aviation Employers (during college) Sept. 1966-May 1970

Weather Modification Pilot, Crop Duster, International Ferry Pilot, Special Projects Pilot, Skydirver, Air 

Show Aerobatic Performer, Aircraft Mechanic

EDUCATION

Kansas State University, Wichita State University

TERRY LEE PENTECOST

RESUME

WORK HISTORY

Eastern Air Lines Group, Inc. Jun. 2014-present

Director of Quality Control

World Atlantic Airlines Jan. 2013-Jun. 2014

Director of Quality

Silver Airways Dec. 2011-Jan. 2013

Director of Quality Control

Executive Airlines Sep. 2008-Dec. 2011

Director of Quality Control 

Director of Maintenance

American Eagle/American Airlines Dec. 1998-Sep. 2008

Quality Control Manager

Director of Maintenance, Part 145 Repair Station

Maintenance Director

Heavy Maintenance Supervisor

Bombardier Regional Jet and SAAB Program Manager

Maintenance Base Manager – SJU

Reliability Technical Analyst

Business Express Airlines Dec. 1997-Dec. 1998

Component Repair Manager

U.S. Air Force (retired) Feb. 1977-Feb. 1997

First Sergeant

Maintenance Flight Chief

Heavy Check Manager

Transient Alert/Crash Recovery Manager

Flight Line Expediter/Supervisor

Aircraft Mechanic

EDUCATION

B.S. Professional Aeronautics, Embry-Riddle Aeronautical (1997)
Start Up Costs 2014 2014 2014 2014 2014 2014 2014 2014 20

March April May June July August September October Nove

Start Up SummaryExpenses incl. 10% Contingency 0 0 204,668 232,006 276,787 302,799 341,976 630,861 

Deposits etc. 0 0 0 0 275,000 275,000 25,000 25,000 

Monthly Total 0 0 204,668 232,006 551,787 577,799 366,976 655,861 1

Cumulative Total 2,060 267,620 472,288 704,294 1,256,081 1,833,879 2,200,856 2,856,717 3

CorporateStaff 1 1 3 5 9 11 15 18 

Personnel SalariesCEO 1 15000 15000 0 0 15,000 15,000 15,000 15,000 15,000 15,000 

Flight OperationsVP‐Flight Ops / Director of Ops 1 12500 12500 10,000 10,000 10,000 10,000 12,500 Chief Pilot 1 9166 9166 4,583 9,166 9,166 9,166 

Director of Safety 1 8500 8500 8,500 8,500 8,500 8,500 

Director ‐ In Flight 1 5500 7500 7,500 7,500 7,500 7,500 

Director ‐SOC (System Control) 1 7500 7500 7,500 7,500 

Flight Dispatch 1 3500 3500 6,000 

MaintenanceVP‐ Tech Ops and Dir of Maintenance 1 12500 12500 10,000 10,000 10,000 10,000 10,000 12,500 Chief Inspector 1 7500 7500 7,500 7,500 7,500 7,500 

Manager ‐ Maintenance Control 1 7000 7000 7,000 7,000 CASS QA Audit 1 4500 4500 4,500 

Marketing 1 12500 12500 4,000 4,000 4,000 4,000 4,000 4,000 

1 5000 5000

Station Operations 1 8500 8500 8,500 8,500 

1 5000 5000 

CFO 1 10000 10000 12,500 12,500 12,500 12,500 12,500 

Controller 1 5000 5000 5,000 IT Systems (CCIT) 1 10000 12500 5,000 5,000 5,000 

1 4000 10000

HR/Administration 1 8500 8500 7,500 7,500 7,500 

2 5000 5000 5,000 5,000 

22 100% 177166 0 0 29,000 51,500 79,583 96,666 124,666 145,166 

Payroll taxes @ 10% 7,958 9,667 12,467 14,517 

Benefits at $1k pp 9,000 11,000 15,000 18,000 

0 0 29,000 51,500 96,541 117,333 152,133 177,683 

CORPORATE (Detail in Corporate Sheet)

Expenses 0 0 15,109 17,446 18,629 18,849 19,481 19,866 

Rent 2,060 2,060 2,060 2,060 5,618 5,618 9,363 9,363 IT Software 0 0 5,000 10,000 10,000 10,000 10,000 15,000 

Travel 0 5,000 5,000 10,000 10,000 15,000 15,000 20,000 

Directors & Officers Insurance 0 11,000 6,000 6,000 6,000 6,000 6,000 6,000 

Eastern Brand Development and Sponsorships 0 150,000 25,000 25,000 25,000 25,000 25,000 15,000 

2,060 168,060 58,168 70,506 75,246 80,466 84,844 85,229 

Total Corporate and Salaries 2,060 168,060 87,168 122,006 171,787 197,799 236,976 262,911 

Legal/ DOT and Aircraft Lease 25,000 0 15,000 15,000 15,000 10,000 10,000 10,000 10,000 

HR Consultants 20,000 20,000 20,000 20,000 20,000 10,000 DOT ConsultantsExpenses 0 82,500 82,500 75,000 75,000 75,000 75,000 75,000 

0 97,500 117,500 110,000 105,000 105,000 105,000 95,000 

Flight Ops. Training Salaries (Excl Benefits)Check Airmen 3 8500 25,500Captains 7 7000 49,000F/Os 0 7000 0F/As 20 2200 44,000Sked/Dispatch 2 4000 8,000Maintanance 2 4000 8,000

34 100.0% 134,500 134,500 

Payroll taxes (@10%) 0 0 0 0 0 0 0 13,450 

Benefits (@$!k pp) 0 

0 0 0 0 0 0 0 147,950 

Flight Operations Training Pilot F/A

Training Ground & Simulator 200000 25000 112,500 
Training Flights 45 4000 

Training Maintenance 12,500 

Aircraft Lease 250000 

Aircraft Insurance ‐ Hull 32000000 160000 160000 

Liability Insurance 162 1360 220320 

0 0 0 0 0 0 0 125,000 

Total Expenses 2,060 265,560 204,668 232,006 276,787 302,799 341,976 630,861 

Aircraft Deposits 3 months 220000 250,000 250,000 

Other Deposits 25,000 25,000 25,000 25,000 

TOTAL DEPOSITS 0 0 0 0 275,000 275,000 25,000 25,000 

TOTAL EXPENSES & DEPOSITS 2,060 265,560 204,668 232,006 551,787 577,799 366,976 655,861 1

Start Up SummaryExpenses 2,060 265,560 204,668 232,006 276,787 302,799 341,976 630,861 

Deposits etc. 0 0 0 0 275,000 275,000 25,000 25,000 

Monthly Total 2,060 265,560 204,668 232,006 551,787 577,799 366,976 655,861 1

Cumulative Total 2,060 267,620 472,288 704,294 1,256,081 1,833,879 2,200,856 2,856,717 3
Eastern Air Lines

Exhibit 15

(1 page)