Originally Posted by Microwave

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I don't read that to permit any owner, either majority or minority, to exercise control over a US-based airline without meeting the above test. Specifically, a firm meeting the requirement (TPG in your example) could not "farm out" control of the airline to a foreign minority owner, even if that firm doesn't own more than 25% of the stock, if that firm were to exercise control over the airline. An argument could be made as to who controls the airline in such a situation, but it seems that the rules have historically be read in such a way as to limit what you're suggesting. Basically, the rules aren't there just to require that ownership be by Americans, but that control of the airline be by Americans. It's not just about the nationalities of the owners, it's also about the nationalities of those controlling the airline.