Document:

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                                                                 Exhibit 10.30

               WARRANTY ASSIGNMENT AGREEMENT AND CONSENT [N296SK]

    THIS WARRANTY ASSIGNMENT AGREEMENT AND CONSENT [N296SK] (this "Assignment")
is dated as of the 20th day of December, 2001, and is among Solitair Corp., a
Delaware corporation ("Solitair"), as assignor, Wells Fargo Bank Northwest,
National Association, a United States national banking association ("WFB"), not
in its individual capacity but solely as Owner Trustee under a Trust Agreement
dated as of December 20, 2001 (the "Trust Agreement") between WFB and Silvermine
River Finance Two, Inc., a Delaware corporation (the "Owner Participant") (in
such capacity hereinafter referred to as "Buyer"), as assignee, Chautauqua
Airlines, Inc., a New York corporation, as operator under the Lease Agreement as
defined below ("Operator"), and Rolls-Royce Corporation, a Delaware corporation
("Rolls-Royce"), as consenting party.

                              W I T N E S S E T H:

    WHEREAS, Solitair, Operator, and Rolls-Royce have entered into that certain
Rolls-Royce AE3007A Series Engine Warranty Agreement ("Warranty Agreement")
dated as of April 30, 1999 pursuant to which Rolls-Royce granted to Solitair and
Operator certain Warranties as defined therein for the Engines and Supplies; and

    WHEREAS, pursuant to that certain Participation Agreement [N296SK] (the
"Participation Agreement") dated as of December 20, 2001 among Operator, Owner
Participant and Buyer, Buyer has agreed to buy from Aero Ltd, an Embraer model
EMB-145LR aircraft, Embraer's serial number 145514, United States Registration
Number N296SK (the "Aircraft") with two (2) installed Rolls Royce model
AE3007A1P engines bearing manufacturer's serial numbers CAE311970 and CAE311958,
manufactured by Rolls-Royce, including Supplies as defined in the Warranty
Agreement (the "Engines"); and

    WHEREAS, the purchase of the Aircraft by Buyer pursuant to the Participation
Agreement is conditioned upon Solitair assigning to Buyer (as consented to by
Rolls-Royce) all of the assignable warranties granted by Rolls-Royce to Solitair
pursuant to the Warranty Agreement with respect to the Engines; and

    WHEREAS, in accordance with the Warranty Agreement, Rolls-Royce must consent
to any assignment of the Warranties; and

    WHEREAS, pursuant to that certain Lease Agreement [N296K] dated as of
December 20, 2001 ("Lease Agreement", capitalized terms not defined herein being
assigned the meanings given therein) between Buyer and Operator, Buyer shall
lease the Aircraft and assign the Assigned Warranties (as that term is defined
herein) to Operator subject to conditions; and

    WHEREAS, Solitair and Buyer wish to accomplish such assignments pursuant to
the terms and conditions of this Assignment, and Rolls-Royce wishes to consent
to such assignments.

                                        1

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    NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and in the Purchase Agreement and for other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Solitair and Buyer
hereby agree (and Rolls-Royce hereby consents) as follows:

    1. Solitair hereby assigns and transfers to Buyer and Buyer hereby accepts
such assignments and transfer of, the Warranties and indemnitees under the
Warranty Agreement to the extent that they relate to the Engines described
above.

    2. Rolls-Royce hereby consents to the assignment of the Warranties by Seller
to Buyer under and pursuant to the terms and conditions of this Agreement and
further consents to the assignment of the Warranties by Buyer to Operator.
Notwithstanding anything in this Assignment to the contrary, so long as
Operator's right to possess and use the Aircraft under the Lease Agreement has
not been terminated, Operator may, to the exclusion of Buyer, exercise in
Operator's name the right to obtain any recovery or benefit resulting from the
enforcement of any of the Warranties under the Warranty Agreement in respect of
the Engines and may exercise all other rights and powers of the Buyer with
respect to the Warranties, and may without the consent of Buyer, enter into
amendments or modifications thereof or terminate some or all of the Warranties
and replace them with power by the hour agreements (which agreements will not be
assigned to the Buyer), provided that Rolls-Royce hereby confirms to the Buyer
that in the event that the Operator's right to possess or use the Aircraft under
the Lease Agreement has been terminated, Buyer shall be entitled to exercise all
rights and powers of the Buyer with respect to the Warranties notwithstanding
that the Operator has entered into such power by the hour agreements, to the
same extent as if none of such Warranties had been terminated or replaced by
such power by the hour agreements. Rolls-Royce shall not be deemed to have
knowledge of, and need not recognize the occurrence or discontinuance of, any
termination of the Lease Agreement, unless and until Rolls-Royce has received
written notice thereof from Buyer (including by telex or telecopy) addressed to
Rolls-Royce Corporation at 2001 South Tibbs Avenue S30, Indianapolis, Indiana
46241, Attention: Vice President Commercial, and, in acting in accordance with
the terms and conditions of the Warranty Agreement and this Assignment,
Rolls-Royce may act with acquittance and conclusively rely upon any such notice.
If Rolls-Royce so receives notice from Buyer that Operator's right to possess
and use the Aircraft under the Lease Agreement has been terminated, Rolls-Royce
will have no further contractual obligation under the Warranty Agreement or
power by the hour agreements to the Operator, if applicable, and will, to the
extent not already provided to the Operator, perform all the duties and
obligations under the Warranty Agreement with respect to the Warranties for the
benefit of Buyer and, to the extent not already paid to the Operator, will make
any and all payments that it thereafter is required to make in respect of the
Warranties directly to Buyer at the account or location as Buyer from time to
time notifies Rolls-Royce in writing.

3.  Anything herein contained to the contrary notwithstanding:

    (a) Except with respect to the Engines specifically assigned hereunder,
Buyer and Owner Participant shall have no obligation or liability under the
Warranty Agreement by reason of, or arising out of, this Assignment, or be
obligated to perform any of Solitair's duties or obligations under the Warranty
Agreement, to make any payment, to present or file any claim, or to take any
other action to collect or enforce any claim for any payment assigned hereunder;

                                        2

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    (b) Buyer confirms, for Rolls-Royce's benefit, that in exercising any rights
under the Warranty Agreement or in making any claim with respect to the Engines
or other goods and services delivered or to be delivered pursuant to the
Warranty Agreement, the terms and conditions of the Warranty Agreement shall
apply to and bind Buyer (and any assignee of Buyer) to the same extent as
Solitair; and

    (c) Except as expressly stated herein, nothing contained herein shall
subject Rolls-Royce or Solitair to any liability to which it, as the case may
be, would not otherwise be subject under the Warranty Agreement or modify in any
respect the rights of Rolls-Royce or Solitair thereunder.

    (d) Rolls-Royce shall have no obligation or liability to Solitair with
respect to the Engines specifically assigned hereunder after the date of closing
and the transfer of title.

5. This Assignment (and the acknowledgement and consent to be signed by
Rolls-Royce) may be executed in separate counterparts, each of which when so
executed and delivered shall be an original and all such counterparts shall
together constitute one and the same instrument.

6. This Assignment shall be governed by and construed in accordance with the
laws of the State of New York without reference to any choice of law rules
thereof that would result in a choice of law other than that of New York.

7. WFB is entering into this Assignment solely as Owner Trustee under the Trust
Agreement and not in its individual capacity and neither WFB nor any entity
acting as successor Owner Trustee or additional Owner Trustee under the Trust
Agreement shall be personally liable for, or for any loss in respect of, any of
the statements, representations, warranties, agreements or obligations stated to
be those of the Buyer hereunder, as to which all interested parties shall look
solely to the Trust Estate, except to the extent expressly provided otherwise in
the other Operative Agreements, PROVIDED HOWEVER, that nothing in this paragraph
7 shall be construed to limit in scope or substance the liability of WFB or any
entity acting as successor Owner Trustee or additional Owner Trustee under the
Trust Agreement in its individual capacity for the consequences of its own
willful misconduct or gross negligence or (in receiving, handling or remitting
funds) its simple negligence, or the inaccuracy or breach of its
representations, warranties or covenants made in such capacity in any other
Operative Agreements.

                            [SIGNATURE PAGE FOLLOWS]

                                        3

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IN WITNESS WHEREOF, the parties hereto have caused this Warranty Assignment
Agreement and Consent [N296SK] to be duly executed as of the date and year first
above written.

                                  SOLITAIR CORP.

                                  BY: /s/ Doug Lambert
                                      ------------------------------------------

                                  NAME: Doug Lambert
                                        ----------------------------------------

                                  TITLE: Vice President
                                         ---------------------------------------

                                  WELLS FARGO BANK NORTHWEST, NATIONAL
                                  ASSOCIATION, not in its individual capacity
                                  but solely as Owner Trustee under the Trust
                                  Agreement

                                  By: /s/ Brett R. King
                                      ------------------------------------------

                                  Name: Brett R. King
                                        ----------------------------------------

                                  Title: Vice President
                                         ---------------------------------------

                                  CHAUTAUQUA AIRLINES, INC.

                                  By: /s/ Robert H. Cooper
                                      ------------------------------------------

                                  Name: Robert H. Cooper
                                        ----------------------------------------

                                  Title: Vice President
                                         ---------------------------------------

                                  Consented to by ROLLS-ROYCE
                                   CORPORATION

                                  By:
                                      ------------------------------------------

                                  Name: Peter Turner
                                        ----------------------------------------

                                  Title: Authorized Officer
                                         ---------------------------------------

                                        4

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NOTE TO EXHIBIT 10.30

The 12 additional Warranty Assignment Agreements and Consents are substantially
identical in all material respects to the filed Warranty Assignment Agreement
and Consent except as follows:

<Table>
<Caption>

------------------------------------- ----------------------------------- -----------------------------------
            TAIL NUMBER                          CLOSING DATE                     OWNER-PARTICIPANT

------------------------------------- ----------------------------------- -----------------------------------
<S>                                   <C>                                 <C>
N289SK                                           July, 2001                General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N290SK                                           July, 2001                General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N291SK                                          August, 2001               General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N292SK                                          August, 2001               General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N293SK                                         September, 2001             General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N294SK                                         September, 2001             General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N295SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N297SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N298SK                                          October, 2001              Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N299SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N370SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N371SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------
</Table><Page>

                                                                   Exhibit 10.31

                                                               EXECUTION VERSION

                                     N296SK

                            Chautauqua Airlines, Inc.
                           2500 South High School Road
                           Indianapolis, Indiana 46241

December 20, 2001

Wells Fargo Bank Northwest, National Association
79 South Main Street
Salt Lake City, Utah 84111

Silvermine River Finance Two, Inc.
201 High Ridge Road
Stamford, Connecticut 06927

Re:  Participation Agreement [N296SK], dated as of December 20, 2001 (the
     "Participation Agreement"), among Chautauqua Airlines, Inc. (the "Lessee"),
     Silvermine River Finance Two, Inc. ("Silvermine") and Wells Fargo Bank
     Northwest, National Association, as Owner Trustee (the "Owner Trustee").
     Capitalized terms used and not defined herein shall be given the meanings
     assigned in the Participation Agreement.

Dear Madams/Sirs:

The parties hereto agree that this letter shall be an Operative Agreement and
that for all purposes of the Participation Agreement and other Operative
Agreements, the first paragraph of Section 4.02(e) of the Participation
Agreement shall be deemed to be amended by adding at the end thereof:

     "In addition to the foregoing requirements, so long as Silvermine or an
     Affiliate of GECC (including for avoidance of doubt, Silvermine) is the
     Owner Participant, (x) during the first five (5) years of the Term, the
     Lessee shall not enter into any merger with or into or consolidation with,
     or sell, convey, transfer, lease or otherwise dispose of in one or a series
     of transactions all or substantially all of its assets to any Person nor
     shall Wexford Air Holdings, Inc. (the "Wexford Shareholder") sell any of
     its shares of common stock in the Lessee (collectively, a "Transaction")
     without the prior written consent of the Lessor, such consent not to be
     unreasonably withheld, unless: (a) following such Transaction, the Wexford
     Shareholder is the shareholder owning the greatest number of shares of
     common stock of the Lessee or other surviving entity; or (b) the acquiring
     or successor entity in such Transaction is a Certificated Air Carrier with
     a tangible net worth of not less than $50,000,000 or a Group III air
     carrier as determined under 14 CFR 241, Section 04 (or, if such
     determination has not been made, an air carrier with

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     annual operating revenues of $1,000,000,000) or (c) immediately following
     the Transaction, Lessee receives and retains net proceeds of at least
     $25,000,000; and (y) clause (2) of the proviso in the immediately preceding
     sentence shall not apply during the first five (5) years of the Term with
     respect to any Transaction that otherwise fully satisfies any one of the
     conditions set forth in subclauses (a), (b) or (c) in clause (x) of this
     paragraph.

     The agreement stated in this letter is for the sole benefit of Silvermine
     and its Affiliates and shall terminate if at any time Silvermine or an
     Affiliate ceases to be the Owner Participant. Each party agrees that it
     will not disclose the terms of this letter (other than to its accountants,
     attorneys, agents or consultants), including to potential assignees, except
     as required by law.

     If you agree with the terms of this letter, please so indicate by executing
     the letter where indicated below.

                            [SIGNATURE PAGE FOLLOWS]

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Very truly yours,

CHAUTAUQUA AIRLINES, INC.

By:
    ------------------------
    Name:
    Title:

ACCEPTED AND AGREED:

WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
as Owner Trustee

By:
    ------------------------
    Name:
    Title:

SILVERMINE RIVER FINANCE TWO, INC.

By:
    ------------------------
    Name:
    Title:

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NOTE TO EXHIBIT 10.31

The 12 additional Letter Agreements are substantially identical
in all material respects to the filed Letter Agreement except as follows:

<Table>
<Caption>

------------------------------------- ----------------------------------- -----------------------------------
            TAIL NUMBER                          CLOSING DATE                     OWNER-PARTICIPANT

------------------------------------- ----------------------------------- -----------------------------------
<S>                                   <C>                                 <C>
N289SK                                July, 2001                          General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N290SK                                July, 2001                          General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N291SK                                August, 2001                        General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N292SK                                August, 2001                        General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N293SK                                September, 2001                     General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N294SK                                September, 2001                     General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N295SK                                November, 2001                      Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N297SK                                November, 2001                      Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N298SK                                October, 2001                       Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N299SK                                November, 2001                      Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N370SK                                November, 2001                      Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N371SK                                November, 2001                      Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------

------------------------------------- ----------------------------------- -----------------------------------
</Table>

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