Good questions, but getting answers is difficult or impossible. Retail investors have no visibility, and Inderes probably doesn’t either. We are all dependent on public information. You can ask, but the answer is likely formulated in the company’s interest, not objectively. Usually, in crisis situations, the negative underlying factors affecting the big picture are omitted or downplayed.
On a general level, not related to Pallas Air:
If you want objective information about the problem situation of a company in a financial crisis, you can usually only get it through a special audit, and not even always then. An investigator may state that the documentation is at such a level that an outsider can only make educated guesses about what happened years ago.
The image shows an example of Pallas Air’s corporate structure according to the 2025 financial statements. Subsidiaries all over the world. How much money has been transferred abroad and on what grounds during the mask deals or later – that is work for an investigator for a month if they want to do the investigation thoroughly. Have new subsidiaries been established, old ones shut down, merged, or sold to outsiders and are no longer visible in the financial statement data? And have the foreign subsidiaries bought goods or services from other outside companies, which are in turn owned by someone belonging to the inner circle, etc.? After all, the former CEO also made this famous consulting agreement, where, with the help of a newly established auxiliary company, they started billing money from the company’s cash flow for themselves. This was later disputed, as detailed earlier in this thread.
Raising one more thing from the time of the IPO:
The then-CEO and main owner was asked if they were selling their shares in connection with the IPO. Answer: I am not. Did they leave something unmentioned in the interview? Only such a “small” detail that if the IPO goes through, using that money Lifa Air will buy Lifa Air subsidiary shares owned by the CEO for over a million euros… This is an example of how a good question can be answered in such a way that an outside listener gets a false impression of the situation. Of course, this arrangement was mentioned in the IPO prospectus if one bothered to read it through. Anyone just listening to the interview simply got the wrong impression.
