An outside auditor tells the Securities and Exchange Commission there are serious doubts about the ability of Vanguard Airlines to stay in business. Vanguard is a discount airline based in Kansas City. Ernst and Young says a poor fourth quarter last year raises those doubts. Vangaurd dismisses the findings, saying it’s heard similar comments in four of its five years of operation. In fact, Vanguard is adding its 13th Boeing 7-37 to its stable today.
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