ExpressJet Airlines invests in a new European airline

Here’s an excerpt from our SEC 10k report:

New Venture. We recently made a minority investment in a European start-up company that seeks to provide regional jet services to European air carriers. The company is currently attempting to market this concept, but is not yet a certificated airline and has no firm commitments from any air carriers. We are analyzing the implications of the Financial Accounting Standards Board Interpretation 46 “Consolidation of Variable Interest Entities,” (“FIN 46”) at this time and expect to consolidate the results of operations and financial condition of this entity in 2005.

Interesting. Any ideas?