air services. This enabled it to temporarily replace scheduled air services normally provided by major US certified route carriers during labour disputes resulting in strike action at the certified carriers and to obtain temporary CAB authority for scheduled flights from New York and Washington, D.C. to Miami. Total revenues and profits for 1966 exceeded $4 million and $30,000, respectively. The GAC era Following Gulf American Land's purchase of Modern Air's entire stock from John Becker for $807,500 in May/June 1966, the airline became a wholly owned subsidiary of Gulf American Land Corporation on 29 June 1966. Concentration of most of Modern Air's business activities in Florida and the change in ownership resulted in consolidation of the airline's operations at Miami International Airport, the transfer of the DC-3s and Martinliners to sister airline Gulf American Airlines and the sale of the company's last remaining Constellation the following year. Gulf American Land Corporation's stockholder meeting in December 1966 resolved to shorten its name to Gulf American Corporation (GAC) to reflect its increasing diversification and approved an employee stock purchase plan worth $600,000. Although Modern Air and Gulf American Airlines shared the same owners, who attempted to merge both airlines under the Modern Air name, both airlines largely remained organisationally independent of each other, with former Modern Air pilots continuing to fly the DC-7s on long-haul charters and their former Gulf American Airlines colleagues flying the smaller piston types (the DC-3s and Martinliners) into Fort Myers. Gulf American's takeover by the General Acceptance Corporation in 1969 resulted in a major reorganisation of GAC's business units. This saw Gulf American Corporation and Modern Air become wholly owned subsidiaries of newly created holding company GAC Corporation, with all real estate related business activities being absorbed into newly formed GAC Corp subsidiary GAC Properties. These changes resulted in former GAC treasurer James M. Browne being appointed Modern Air president. Transition to an all-jet fleet The award of a five-year licence by the CAB in October 1966 to engage in cargo and passenger charter operations including all-expense tour charters between the US and points in Canada and Mexico enhanced Modern Air's new status as a permanently certificated US supplemental carrier. Following the award of these new foreign charter rights, the airline concluded a US$17.5 million purchase agreement with American Airlines to acquire five of the latter's Convair CV-990A jetliners between January 1967 and February/March 1968, in anticipation