"AML" wrote in message
Let me ask, do people buy a 135 operation, tweak the specs, get it
approved, and off they go?

One doesn't buy an air taxi certificate. One buys the company that holds the
certificate. If the management personel required by the FAA stay unchanged
(director of operations, chief pilot, and director of maintenance), the FAA
doesn't care. With a single-pilot operating certificate, one person can hold
all 3 positions, if the FAA considers that person qualified.

As you may have guessed, the intrinsic value of a company holding an
operating certificate is rather high just because the FAA doesn't want to
issue new certificates. The C-414's direct operating costs are similar to
the Seneca's. Customers will prefer the C-414's size and pressurization, but
the wingspar thing hasn't been completely settled.

Caveat-Emptor! Starting in July, the FAA will audit all 135 operators
looking for piggy-back operations (rent-a-certificates). In August, they
will either issue a new Ops Spec banning piggy-backs, or shut down the
operation.

D.