BEFORE THE DEPARTMENT OF TRANSPORTATION OFFICE OF THE SECRETARY WASHINGTON, D.C.

_______________________________________________ ) Joint Application of ) ) GULFSTREAM INTERNATIONAL GROUP, INC., ) and ) Docket OST-2011- 0061 VPAA Co. ) ) For transfer of commuter air carrier authority unde r ) 49 U.S.C. § 41738 ) _______________________________________________ )

EXPEDITED ACTION REQUESTED BY APRIL 29, 2011
SUPPLEMENT NO. 2 TO JOINT APPLICATION OF GULFSTREAM INTERNATIONAL GROUP, INC., AND VPAA CO. FOR TRANSFER OF COMMUTER AIR CARRIER AUTHORITY

Communications with respect to this document should be served upon:
For VPAA Co.
David M. Hernandez Shareholder VEDDER PRICE P.C. 1401 I Street NW, Suite 1100 Washington, DC 20005 (202) 312-3340 dhernandez@vedderprice.com For Gulfstream International Group, Inc.
David F. Hackett President and Chief Executive Officer GULFSTREAM INTERNATIONAL GROUP, INC. 3201 Griffin Road 4th Floor Fort Lauderdale, FL 33312 (954) 985-1500 dhacke@gulfstreamair.com

April 28, 2011BEFORE THE DEPARTMENT OF TRANSPORTATION OFFICE OF THE SECRETARY WASHINGTON, D.C.

_______________________________________________ ) Joint Application of ) ) GULFSTREAM INTERNATIONAL GROUP, INC., ) and ) Docket OST-2011-0061 VPAA Co. ) ) For transfer of commuter air carrier authority unde r ) 49 U.S.C. § 41738 ) ) ________________________________________________)

EXPEDITED ACTION REQUESTED BY APRIL 29, 2011 SUPPLEMENT NO. 2 TO JOINT APPLICATION OF GULFSTREAM INTERNATIONAL GROUP, INC., AND VPAA CO. FOR TRANSFER OF COMMUTER AIR CARRIER AUTHORITY Gulfstream International Group (“GIA or the “Compa ny”), and VPAA Co. (“VPAA” or “New GIA”) (collectively, the “Parties”) hereby submit in response to the Department’s Information Request dated April 28, 2011 (the “Info rmation Request”) regarding Joint Application of Gulfstream International Group, Inc. and VPAA Co. for Transfer of Commuter Air Carrier Authority (the “Joint Applicat ion”):
1. Pursuant to the Escrow Agreement, the escrowed fund s will be released upon VPAA Co.’s receipt of all necessary regulatory appr ovals from the FAA and DOT.
2. The line item “Receivables due from Affiliated Part ies” represents certain management and performance fees due to Victory Park Capital Advisors, LLC from the
investors in the funds for which it acts as investm ent manager. The Affiliated Parties are the investors in the funds managed by Victory Park Capi tal Advisors, LLC.Supplement No. 2 to Joint Application

Page 2

3. Attached please find a copy of bank statements for Fund I and Fund II, illustrating a balance of approximately $27.5 milli on. (Exhibit A .) In addition, $18.7 million is currently deposited in an Escrow Account . (Exhibit B .) Moreover, additional capital is available pursuant to legally binding co mmitments from investors in Fund II pursuant to their respective subscription documents . Also, attached are final financial estimates for the New GIA. (Exhibit C .)
4. Fund I and Fund II invest in other entities. Fund I and Fund II generally invest directly into or purchase distressed private debt and equity of small cap public and lower middle market private companies located in th e United States. WHEREFORE, for the forgoing reasons, the Parties re spectfully submit that New GIA meets the Department’s citizenship and fitness requirements, and request the Department transfer to New GIA the air carrier cert ificate with commuter authority held by
GIA.Supplement No. 2 to Joint Application

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The contents of this application and the attached e xhibits are true and correct to the best of my knowledge and belief. Pursuant to Title 18 United States Code Section 1001, I Matthew Ray, in my individual capacity and as the a uthorized representative of the applicant, have not in any manner knowingly and willfully fals ified, concealed or failed to disclose any material fact or made any false fictitious, or frau dulent statement or knowingly used any
documents which contain such statements in connecti on with the preparation, filing or prosecution of the application. I understand that an individual who is found to have violated the provisions of 18 U.S.C. section 1001 shall be f ined or imprisoned not more than five years, or both.

Respectfully submitted,
For VPAA Co. /S/ Matthew Ray

______________________________ Matthew Ray, Chairman VPAA Co. 227 W. Monroe Street, Suite 3900 Chicago, IL 60606 312.701.1777 mray@vpcadvisors.comSupplement No. 2 to Joint Application

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The contents of this application and the attached e xhibits are true and correct to the best of my knowledge and belief. Pursuant to Title 18 Unit ed States Code Section 1001, I, David F. Hackett, in my individual capacity and as the autho rized representative of the applicant, have not in any manner knowingly and willfully falsified , concealed or failed to disclose any material fact or made any false fictitious, or frau dulent statement or knowingly used any
documents which contain such statements in connecti on with the preparation, filing or prosecution of the application. I understand that an individual who is found to have violated the provisions of 18 U.S.C. section 1001 shall be f ined or imprisoned not more than five years, or both.

For Gulfstream International Group, Inc.:
/S/ David F. Hackett

________________________________ David F. Hackett President and Chief Executive Officer Gulfstream International Group, Inc. 3201 Griffin Road 4th Floor Fort Lauderdale, FL 33312 (954) 985-1500 dhacke@gulfstreamair.comCERTIFICATE OF SERVICE I, Megan Schreck, hereby certify that I have, this, the 28th day of April 2011, caused a true copy of the foregoing Supplemental No . 2 to Joint Application to be served on the following Parties via electronic mail:

Name Organization Address
Jeffrey Manley United Continental Holdings jeffrey.manley@united.com
Dan Weiss United Continental Holdings dan.weiss@co air.com

Laura Remo Air Carrier Fitness Division, X-56 laura.remo@dot.gov

Catherine O’toole Air Carrier Fitness Division, X-56 Catherine.O'toole@dot.gov

Bernard Stankus Office of Airline Information DOT/RSPA/B TS E

- 36 bernard.stankus@dot.gov
Peter Lynch Asst. Chief Counsel for Enforcement, AGC-300 peter.lynch@faa.gov

W. Jeff Weber FAA Certification Section Manager, AFS-900 w.jeff.weber@faa.gov
Rosendo M. Rigau South Florida CMO – 29 rosendo.m. rigau@faa.gov

Edward M. DaSilva South Florida FSDO – 19 edward.m .dasilva@faa.gov

/S/ Megan Schreck Megan SchreckLIST OF EXHIBITS

Exhibit Title

A Bank Statements

B Escrow Verification C Final Operating ForecastsEXHIBIT A
See Attached04/28/201 1 12:02 PM

Created on: Page 2 of 2 Cash Reporting -- Balance Report 04/28/201 1 Business Date: Current Day ** Informational Purposes Only **

Bank: JPMorgan Chase Bank, N.A. (IL) Currency: U.S. Dollar

Account Number: Account Name: VPC FUND II LP LAST UPDA TE: 04:14 NY

TIME 04/28/201 1

Summary: LEDGER SAME DA Y NEXT DA Y 2 OR MORE DA YS
OPENING (1) CREDITS

(0) DEBITS 22,958,409.98 22,958,409.98 0.00 0.00 CURRENTEXHIBIT B
See AttachedEXHIBIT C
See Attached

### New GIA Pre-Operating Costs

Pre-Operating Costs Total Gross Aircraft Purchase Price 18,700,000 $ Less: Aircraft Purchase Price Credits (882,000) Repayment of VPC DIP Loan 3,150,000 Payment to Shelter Island Opportunity Fund 1,825,000 Payment to Unsecured Creditors Committee 600,000 Payment of Professional Fees 250,000 Total 23,643,000 $ Funds currently in Escrow for Aircraft Purchase Price 18,700,000 $ Remaining Pre-Operating Funds Required 4,943,000 $

Note: The information contained herein is in draft form and subject to further review and change. There are a number of estimates and assumptions underlying the information contained herein that are inherently subject to significant legal, economic, competitive and operational uncertainties and contingencies beyond our control. There can be no assurance that actual results will not vary materially from the projected results presented herein. We make no representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. We expressly disclaim any and all liability for the contents of, or omissions from, the information contained herein.New GIA Year 1 Financials (Part 121 Scheduled Airline Operations)

Year 1 Projected Income Statement Q1'11 Q2'11 Q3'11 Q4'11 FY'11 Operating Revenue Passenger revenue 11,588,961 $ 11,396,105 $ 10,019,897 $ 10,044,978 $ 43,049,941 $ EAS revenue 1,888,513 4,066,749 5,166,358 5,166,358 16,287,978 Other operating revenues 592,790 613,336 471,180 462,913 2,140,218 Total Revenue 14,070,264 $ 16,076,189 $ 15,657,435 $ 15,674,250 $ 61,478,137 $ Operating Expenses Fuel & into-plane 2,996,333 $ 3,081,428 $ 3,282,941 $ 3,250,289 $ 12,610,991 $ Flight operations 1,733,795 1,693,187 1,804,083 1,775,909 7,006,974 Maintenance 4,105,203 3,763,391 3,890,518 3,872,387 15,631,499 Passenger service 3,314,697 2,955,641 2,997,253 2,980,087 12,247,678 Promotion & sales 734,529 784,888 757,729 752,494 3,029,639 General & administrative 629,259 553,459 555,147 554,260 2,292,126 Total Operating Expenses 13,513,816 $ 12,831,995 $ 13,287,671 $ 13,185,426 $ 52,818,907 $ % of revenue 96.0% 79.8% 84.9% 84.1% 85.9%
EBITDA 556,447 $ 3,244,194 $ 2,369,764 $ 2,488,824 $ 8,659,230 $ % Margin 4.0% 20.2% 15.1% 15.9% 14.1% Less: Depreciation & amortization (non-cash) 555,817 711,650 711,650 711,650 2,690,768 Operating Income 630 $ 2,532,544 $ 1,658,114 $ 1,777,174 $ 5,968,462 $ % Margin 0.0% 15.8% 10.6% 11.3% 9.7%

Year 1 Projected Balance Sheet Q1'11 Q2'11 Q3'11 Q4'11 FY'11 ASSETS: Cash and cash equivalents 942,624 $ 4,575,971 $ 6,657,664 $ 8,775,170 $ 8,775,170 $ Accounts receivable 2,813,964 3,219,042 2,662,801 3,311,476 3,311,476 Expendable parts and fuel 848,071 826,265 578,164 729,591 729,591 Prepaid expenses 930,533 906,607 634,382 800,533 800,533 Total Current Assets 5,535,192 $ 9,527,885 $ 10,533,011 $ 13,616,769 $ 13,616,769 $ Total Property and Equipment 21,077,183 21,078,033 21,078,882 20,924,232 20,924,232 Intangible assets 11,778,677 11,778,677 11,778,677 11,778,677 11,778,677 Other assets 1,185,000 1,185,000 1,185,000 1,185,000 1,185,000
Total Assets 39,576,052 $ 43,569,595 $ 44,575,571 $ 47,504,678 $ 47,504,678 $
LIABILITIES AND STOCKHOLDERS' EQUITY: Accounts payable and accrued expenses 8,263,671 $ 9,173,626 $ 8,680,491 $ 9,117,872 $ 9,117,872 $ Engine return liability 987,934 962,531 673,514 849,914 849,914 Air traffic liability 730,036 711,265 497,695 628,046 628,046 Deferred tuition revenue 581,327 541,773 350,439 418,268 418,268 Total Current Liabilities 10,562,967 $ 11,389,195 $ 10,202,139 $ 11,014,101 $ 11,014,101 $ VPC Capital / Stockholders Equity 29,013,085 32,180,400 34,373,432 36,490,577 36,490,577 Total Liabilities & Stockholders' Equity 39,576,052 $ 43,569,595 $ 44,575,571 $ 47,504,678 $ 47,504,678 $

Note: The information contained herein is in draft form and subject to further review and change. There are a number of estima tes and assumptions underlying the information contained herein that are inherently subject to significant legal, economic, competitive and operational uncertainties and contingencies beyond our control. There can be no assurance that actual results will not vary materially fro m the projected results presented herein. We make no representation or warranty, expressed or implied, as to the accuracy or completeness of t he information contained herein, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the p ast or the future. We expressly disclaim any and all liability for the contents of, or omissions from, the information contained herein.