Virgin America expects U.S. to reject airline proposal23 December 2006
The Wall Street Journal is reporting that Virgin America Inc., the Burlingame-based brainchild of Sir Richard Branson, expects federal authorities to reject its application to start a low-cost U.S. airline. Competitors had raised concerns that foreigners such as Branson would wield too much influence in the venture.
U.S. law requires that Americans control domestic airlines flying within the country and that foreigners hold no more than 25 percent of a domestic airline’s stock.
source: Sacramento Business Journal