Joe,  you attempt to put quite the rosey sheen on Porter's financial performance.

Yes, they've expanded rapidly. Perhaps too rapidly, if they can't fill even half their seats.

Their efforts to raise money depend on their ability to persuade potential investors that their prospects are good enough to take the risk.

Issuing a prospectus with loads of red ink, no concrete analysis of where their business will grow, and a demonstrated inability, notwithstanding intensive marketing efforts, to fill seats, will impact those decisions.

And depreciation is a real cost to the Porter business (its planes are worth less, as they get older), and taking it into account results in an accumulated net loss of $38,533,000 as a the end of December, 2009.

Worse, its ability to meet its current obligations is challenged, as its current liabilities exceed its current assets as at that date, by $11,846,000. It rather desperately needs this IPO to succeed, it seems.

And the answer to the trip to Pearson, surely, is an electrically-powered train, something our friends at Clean Train Coalition are working hard to achieve. They could use your help, I would think.