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Atlas Air refuses to repay US bailout funds

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Atlas Air is having a good year financially compared to passenger airlines that are hurting because of COVID travel restrictions. It isn't apologizing for bailout money it received from the U.S. government. (www.freightwaves.com) Ещё...

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Highflyer1950
Highflyer1950 7
So just classify the $406 million as income and tax them on it?
yr2012
matt jensen 3

[This poster has been suspended.]

[This poster has been suspended.]

WillyRoss
WillyRoss 3
ghstark
Greg S 1
It's a little more complicated than that: https://www.irs.gov/newsroom/payroll-support-for-air-carriers-and-contractors-under-the-cares-act-frequently-asked-questions
deingy
David Ingram 12
Everyone that wrote and passed that bill was a lawyer of some sort. Sounds like more of "Lets just get this passed and we can read it later. Re-elect NOBODY!
mitchmackrory
Mitch Mackrory 4
I agree. The airline did nothing wrong. The problem was the politicians focus on getting pork into the bill without paying attention to important details like this. We need term limits and honest politicians (I know that's an oxymoron now, but that needs to change).
jmilleratp
jmilleratp 6
Bernie20910
Bernie20910 3
Agreed! "Politician" should never be a career.
WillyRoss
WillyRoss -1
Back on track, stick with the article
emkostiuk
emkostiuk 10
"We have to pass the bill so that you can find out what is in it."

Her words, not mine
kevinkeswick
Kevin Keswick 5
Why would an all cargo qualify for covid relief? The grounding of most passenger jets meant a reduction of air freight capacity so it was obvious that Cargo airlines would have more business than they could handle.
ekulisch
Eric Kulisch 2
It probably wasn't readily apparent to Congress at the time - this was March, remember, that cargo would take off, although probably obvious as you say; cargo airlines lobbied for aid too and then the law probably had loopholes that didn't nail down exclusions
ADXbear
ADXbear 4
jmilleratp
jmilleratp 1
upchucked
C. WESLEY GRADY 7
Last time I looked, they have an operating certificate. Yep, theirs was issued on Feb. 23, 1973. According to the FAA database, they have 43 B-747s and 35 B-767s. How long would Atlas be able to stay afloat with their 78 planes on the tarmac? So, revoke the operating certificate until they agree to repay. If they don't like it, let them go to court, and it will be addressed in 3 or 4 years. Meanwhile, their planes sit on the ground.
ghstark
Greg S 10
That would also be illegal. I don't get why people so easily slip into authoritarianism. Do you want the government to obey the rule of law, or do you want it to ignore the law and just act according the whims of the mob? It's one or the other.
Bernie20910
Bernie20910 -3
Where I grew up, if you went and borrowed money and didn't make your payments or repay it completely a couple of guys with baseball bats gave your kneecaps a "reminder". Very seldom did anyone not repay, and if they didn't? Well, you know that term, "getting stiffed"? Guess where it came from and what it referred to...

Sigh, I miss Brooklyn sometimes...
bigkahuna400
bigkahuna400 2
jbermo
jbermo 0
Should read -theirs was issued on Feb. 23, 1993.
cochrun
David Cochrun 2
Just because you can do it doesn't make it right. It may not be illegal but it isn't ethical.
bigkahuna400
bigkahuna400 4
Simple, just cut them out of any gov't contracts. Period
ghstark
Greg S 4
Bernie20910
Bernie20910 0
Not if you made repayment of the funds a bid requirement.
ghstark
Greg S 2
That would also obviously be illegal.
jmilleratp
jmilleratp 2
Ha! Taxpayer money go bye bye. What else is new?
ghstark
Greg S 2
This is not Atlas' fault, this was just legislative malpractice as usual by the US Congress.
pilotblake
Blake Van 1
Let's see... i lost everything, job, home, money living in vehicle no gas, winter now, food stamps stopped by Trump, getting hard to find food. No healthcare access. Homeless shelter are covid-19 Camps.. 2B$ airlines Fu#x this political economy Shit!!!
tnbriggs
Terry Briggs 1
May Atlas reap as they have sown.
darjr26
darjr26 1
I know a 747 is big, but that paint scheme makes it look huge!
stroboli62
Leo Larkin 1
Why the hell go after them? After all, they are transporting those illustrious Chinese made masks and PPE that we in the US can not seem to make ourselves. Probably faster delivery than by boat...you know ..Slow boat to/from China. Legislation in DC probably let US industry offshore yeeears ago. Cargo is only delivering what the US ought have been doing already
WhiteKnight77
WhiteKnight77 1
Congress is the body that passed such laws that allowed for manufacturing companies move offshore and then wonder why we have no one making the needed PPE for this here in the States. That it has to be shipped somehow to the US from that offshore manufacturing facility means it needs to be shipped as fast as possible.

Congress should be happy that at least there are companies that can do such, even if they are making some profit.
df1sp
HP Baumeister 1
I did not get any funds - reason given (think about that!!!):
- I used a VoIP- phone number (!!!)
- “ there was something wrong with my account number” (which I use since 10+ years)).
Of course, they did not tell me any of that until they had run out of funds....
This was all a munchin/trump hoax!
JainaBrown
Jaina Brown 1
Atlas was granted 406Million towards payroll but their hard working pilots are only paid 50% of the industry standard? Said funds were not needed as business is booming?

As a tax payer, they should return the money on principle, regardless of laws, rules or what ever. Then give their employees a profit sharing raise.
patpylot
patrick baker -3
the 406 million is not earned income, and it is not classical revenue, but the IRS and the Treasury department may have some ideas on getting payback: conficsate an airfreightor or two or three, resulting in revenue losses. That will get every player in the situation and their attention. Get the FAA to revoke a few airworthiness certificates, and then step back and watch what happens. Should be amusing....
punkrawk78
Silent Bob 19
On what grounds? We can argue till the cows come home about whether it's ethical to keep the money, but the fact is the gov gave them the money essentially no strings attached. Maybe it's just 20/20 hindsight, but they (gov) could've very easily put conditions on the funds such as revenue or demand, so that if it turned out they really didn't need the money they would have to give it, or at least some of it back. You can't just put the toothpaste back in the tube and change the rules after the fact.
ekulisch
Eric Kulisch 3
I think you're right. If they truly violated the House wouldn't be politely asking for the money back, they'd be coming after them. Rush to get out a bill and not enough conditions - possibly because Trump administration didn't want lots of conditions on much of the CARES Act. Wanted Mnuchin at Treasury to have maximum freedom to dispense money.
Highflyer1950
Highflyer1950 3
well, they tax lottery winnings and that’s not earned income, to my knowledge. However, good point.

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