Davis is a commercial pilot. From time to time he has flown for Mathis Aviation and received compensation for his services. Mathis owns a Cessna 421 that it seeks to lease in order to defray costs. Davis sends a letter to Mike Cole, president of ChemNuclear, offering the use of an aircraft that Chem-Nuclear had previously chartered from a Part 135 operator (Eagle Aviation) when Davis was employed by Eagle Aviation. The letter from Davis to Mike Cole of Chem-Nuclear states as follows: have the Cessna 421 that you used when I was with Eagle Aviation. I am offering it on a rental basis to a few of my old customers at a greatly reduced rate. The way this works is you rent the plane from Mathis Aviation and pay the pilot separately. The letter goes on to detail a cost work-up for three destinations and concludes with the following: "Mike, I hope we can accommodate some of your travel needs. If you have any questions, you can contact me at the above address or call me." Davis is subsequently contacted by Chem-Nuclear and flies two flights, using the Cessna 421. Mathis Aviation billed Chem-Nuclear for the rental of the aircraft, and Davis billed ChemNuclear separately for his pilot services. The FAA investigates the flights and concludes that Davis violated the FARs requiring these types of flights to operate under Part 135 rules. Davis argues that the arrangement with Chem-Nuclear was a dry lease and therefore subject only to Part 91. Who is correct? Explain.