The Flexjet Netjets Rumor Mill

[doylehargraves]

Ok so, we are hearing that there was a LARGE purchase of 300's to Netjets. And, as we seem to do every 5 months, along with the recent layoffs this week, Flexjet has a potential buyer out there. I'm kind of sick of the Flexjet being sold theories but, it seems the timing on this one might hold some ground in light of this aircraft order.

 

[DirtyBeech]

Ok so, we are hearing that there was a LARGE purchase of 300's to Netjets. And, as we seem to do every 5 months, along with the recent layoffs this week, Flexjet has a potential buyer out there. I'm kind of sick of the Flexjet being sold theories but, it seems the timing on this one might hold some ground in light of this aircraft order.

It wouldn't surprise me to find out that FR is riding into the sunset with another golden parachute, and all he had to do was trim the fat one last time before exiting stage left.

I will be extremely unhappy if the conference call is an explanation of a soft economy demanding layoffs. This was thrown together in a week out of pure panic for reasons yet to be revealed, and if the economy is the only reason then the next RIF needs to start from the top.

 

[doylehargraves]

FR with a golden parachute?? Really? How about a golden shower?

Yeah if the mantra is going to be the economy, I'm not buying it. At what point is FR going to accept responsibility for SOMETHING. It's kind of like Obama still blaming Bush. Yeah, it was Bush's fault but, after 3.5 years, you have to take some responsibility. You can't always point the finger and never take blame.

When we laid off last time, FR had a "plan" to "move forward". Well, I guess that plan was a mistake so, what is going to be different this time? Sell the mothership off and fall into your million dollar tree house?

 

[CALRepublic]

Ok so, we are hearing that there was a LARGE purchase of 300's to Netjets. And, as we seem to do every 5 months, along with the recent layoffs this week, Flexjet has a potential buyer out there. I'm kind of sick of the Flexjet being sold theories but, it seems the timing on this one might hold some ground in light of this aircraft order.

1- I sincerely doubt Berkshire (NJA) has any desire to buy Flexjet, Netjets has A LOT of $**t on their plate to be thinking adquisitions.. don't know who's starting those rumors Doley but they're coming from your side, not ours.

2-as for the 300s, haven't heard a word about that

 

[BentOver]

I don't think NJA is in a position to buy anyone either...

 

[DirtyBeech]

I sincerely doubt we're being bought by NJ's. The way the latest RIF went down makes me wonder if we are being spun off from the mothership.

 

[CA1900]

Whatever happens, one thing is certain: The pilots (at both companies) will be the last to find out!

 

[johnnyride24]

XoJet
TPG makes money on ventures....
CAL

 

[doylehargraves]

Well, I wasn't thinking Netjets was buying us. What I meant was our layoff coupled with Bombardier completely spitting in our face on the sales of the 300 would mean "someone" is either buying us or like others think that we are breaking off from the mothership.

 

[BentOver]

I've said all along that CS's change of plans and what may be happening at Flex could have something to do with whatever order NJA has planned(just a guess, no evidence or intel).... NJA is the largest buyer of corporate a/c, it is what it is concerning multi billion dollar orders vs. the amount that manufacturer owned fractionals make...I have no doubt that Sokol looked at the competition and said "wait a second, that doesn't make any sense. Our competition also supplies our product...?"

I think places like Cessna saw what happens when they don't have huge orders coming in. And I'm sure the cancelled 4000 orders from NJA didn't help Hawker Beech's bottom line. Maybe Bombardier see's the $$ signs??

Or it still could be as simple as the economy...This seems more likely to me.

Either way, $h!t is rolling downhill for a majority of the traditional fractionals.. NJA included..... Unless something is in the works that none of us can fathom, I don't see anyone prospering for atleast another 2 years at the very least.

Good luck to all affected and still involved in fractional flying.

 

[DirtyBeech]

XoJet
TPG makes money on ventures....
CAL

Well we did put a lot of effort into selecting XO's jacket style so we've got that going for us.

 

[johnsonrod]

Voting for Romney is so important

Voting Romney into office could seriously improve your job security given the rise in business optimism if that were the result. 4 more years of Obama and you might as well apply to Greyhound....

Just think about it....

 

[doylehargraves]

Voting Romney into office could seriously improve your job security given the rise in business optimism if that were the result. 4 more years of Obama and you might as well apply to Greyhound....

Just think about it....

I hate to say it but a Romney vote would definitely be better than what we have now as far as the business is concerned.

 

[doylehargraves]

Also, I think there is something bigger at play here. Just my guess. This came out of left field--maybe they wanted it to go down that way for whatever reason. What I want to know is this: How do we lose Citation Air and now need to downsize? We lost 1 out of 3 competitors and we can't survive? Really? Customers went from 4 choices to 3 and we can't handle it. This speaks volumes on our leadership's ability to accomplish anything but building a tree house.

 

[gunfyter]

No way NJ is buying or merging with Flex ... didn't we just go through all this when CA announced furloughs?

 

[jonjuan]

Also, I think there is something bigger at play here. Just my guess. This came out of left field--maybe they wanted it to go down that way for whatever reason. What I want to know is this: How do we lose Citation Air and now need to downsize? We lost 1 out of 3 competitors and we can't survive? Really? Customers went from 4 choices to 3 and we can't handle it. This speaks volumes on our leadership's ability to accomplish anything but building a tree house.

The competition is more than 3. Think about it.

 

[OPECJet]

Could it possibly be that both CS and Flex exist(ed) to be a modelling agent for their respective manufacturers? Think about it. You sell a fractional product at cost in effort to snag the owner into buying a new aircraft at the end of their contract.

 

[DirtyBeech]

No announcement, just amateur hour at the Waterview.

FR just doing what he do.

 

[johnnyride24]

No announcement, just amateur hour at the Waterview.

FR just doing what he do.

It's clear you are now for sale.
They probally brought in a firm to rate the company.
Told them to cut payroll, keep all planes on books
As assets.
Start cutting cost get the books looking good.

Good luck to all of you I hope it works out
For the best

 

[doylehargraves]

Yea it sure sounds like we are for sale to me. The canned answer is that we are not but, why layoff AND keep all your airplanes? How ignorant is that? Last time I checked, the worst thing an airplane can do is sit. The fact that they are not getting rid of airplanes wreaks of a sale.

I think he should have used the words "protect profit" instead of "protect the business". So I guess be prepared boys, anytime there is a minor hiccup in the market, we layoff instead of running the business efficiently.

 

[BentOver]

Yea it sure sounds like we are for sale to me. The canned answer is that we are not but, why layoff AND keep all your airplanes? How ignorant is that? Last time I checked, the worst thing an airplane can do is sit. The fact that they are not getting rid of airplanes wreaks of a sale.

I think he should have used the words "protect profit" instead of "protect the business". So I guess be prepared boys, anytime there is a minor hiccup in the market, we layoff instead of running the business efficiently.

I think that any business for sale usually does not broadcast to the world that it is for sale. Especially when the business is tied to a publically traded company.... Many times, even with small businesses, it is kept very hush hush for various purposes. Owners/customers may freak out and I doubt Flex wants to self-implode before it is ready (or do whatever it is they are doing)..

Just my op.

Good luck to all the fract. outfits.

 

[DirtyBeech]

I just love how dear ol' Fred and company aren't forecasting any more layoffs this year. That's a good thing. They only missed our mx expenses by $4 million or so and over guessed our flying by 10-20%. They couldn't possibly be wrong on the job side.

Just as long as I get four days of notice before an indeterminate number of layoffs for unknown reasons. That's all an employee can ask of a top 100 company these days.

 

[doylehargraves]

Well, I'm not expecting them to admit ANYTHING on a sale/merger/breakaway, all I am saying is that everything that has been done over the last 5 years is geared towards independence from the mothership and, these latest "developments" allude to such an action. We have Bombardier Flexjet that became Flexjet by Bombardier(very small letters). Then a logo change highlighting the Flexjet name. Then a rebranding (twice in 3 years). Now we operate as an independent division of Bombardier and were told we want to be a sole source operator without having to rely on Bombardier. (which we have been doing for a few years now). Obviously Bombardier is not going to float us to avoid layoffs, therefore, immediate layoffs to protect the check sent to Bombardier each month. To me, all of this is a push to become an independent operator; however, there ARE advantages to Bombardier keeping us. We buy a lot of airplanes from them and then 5-7 years later we sell it again. Essentially each airplane sells twice to Bombardier. Thirdly, we are all insignificant in this large game of money shuffle and only act as widgets that run the assembly line of funneling cash to the mothership. At the end of the day, I don't care, I do my job and as long as my job is there I don't have to worry; however, as we are told, the water going out is greater than the water coming in so that creates an atmosphere of anxiety and worry. Therefore, I apply their analogy to my own personal situation: The level of "I don't care" isn't enough to exceed the anxiety so, I do what I can to find another job. I've never worked for a company that has such a communication problem as Flexjet. That is a problem that comes right from Fred. It wasn't like this under Mcquay. The atmosphere was highly professional under him and now it's loose, disjointed, and in a state of constant uncertainty coupled with a giggly carefree mindset.

 

[BentOver]

Having worked under Fred's umbrella I definitely feel your angst agianst him..and pain... When he went with VA, I said to myself I'd never apply there as long as he was in charge... Same with that Comair exec who went to Dayjet I believe it was down in Florida... back in the mid 2000's... History has a way of repeating itself with these guys who seem to keep landing top jobs despite poor performance.

When I said I wouldn't expect them to come out and say "Looking to Sell".. I should have said I wouldn't trust what any of them say.. Seeing how even if they were to look to sell Flex, they would never come right out and say it... I believe nothing of what come out of execs mouths.

Hope you and whoever is looking can find good jobs to replace what you have to go through now

 

[Pervis]

No announcement, just amateur hour at the Waterview.

FR just doing what he do.

Or was he refering to the NJA order just announced? Not sure how that'll play out for Flex, but I hope we continue our competitive nature and all stay gainfully employed. All the best to Flex.

 

[pers-headwall]

Let's get one thing straight ya' morons. All businesses are For-Sale at all times if the price is right. Now I know some of you "Michael Moore/Conspiracy" dopes don't get that, but that's the way it is. If we're sold we're sold (Unlikely at this time). If we're not sold, so be it. Quit stewing, whining, and imagining conspiracies where there aren't. Ya' gotta be an uneducated moron, like in the Middle East, to grab on to anything that comes through the rumor mill.

If you haven't noticed we're in an industry that is in a contractionary mode right now. Primarily due to the economy-Not Flexjet management DUH!.. As that goes, Flexjet has shrunk the least of any of the big competitors in the industry.

I suggest you sit down, shut the F up and vote in November. There's no quick fix to where we are at right now and dreaming up useless B.S. gets us nowhere.

 

[flex*wife]

Let's get one thing straight ya' morons. All businesses are For-Sale at all times if the price is right. Now I know some of you "Michael Moore/Conspiracy" dopes don't get that, but that's the way it is. If we're sold we're sold (Unlikely at this time). If we're not sold, so be it. Quit stewing, whining, and imagining conspiracies where there aren't. Ya' gotta be an uneducated moron, like in the Middle East, to grab on to anything that comes through the rumor mill.

If you haven't noticed we're in an industry that is in a contractionary mode right now. Primarily due to the economy-Not Flexjet management DUH!.. As that goes, Flexjet has shrunk the least of any of the big competitors in the industry.

I suggest you sit down, shut the F up and vote in November. There's no quick fix to where we are at right now and dreaming up useless B.S. gets us nowhere.

Although I thought I'd never see the day and while I would have maybe said it a little more nicely, I agree with pers...

A union would still be a nice thing to protect and/or advance quality of life issues that never seem to get resolved but that time has come and passed. *****Maybe to be pursued again later but not anytime soon that I see... *****And believe me, I still know the players with the pulse of these things and they agree.

And it would not have helped this situation -maybe even hastened or complicated it to the detriment of those still there...

Best thing y'all can do is tighten the belts both professionally and personally and ride the storm out.

I don't know if Fred Greed is blowing smoke up your hiney's or not but it's irrelevant to the smart game plan at this juncture. *****

Best that you can hope for (and this would not be a bad thing) is to help recreate Flex as a boutique, high class fractional whose name is synonymous with personal care & chic - a certain je ne sais quoi if you will. *****

Leave NJA to continue on their path of fractional behemoth and the loss of uniqueness & personality that comes will that. *****Not a bad thing either - just different.

Think Saks vs Walmart, Opera House vs Madison Square, Indy vs NASCAR, Godiva vs Hershey's, Champagne vs sparkling wine. *****All are great but each one in those pairings signifies a step above. *****That is Flex's best bet - stay small enough to be exclusive and by exclusivity, build a brand that breaths excellence and luxury when mentioned.

Hey Walmart's awesome - I love it & Hershey's does the job, but you all must know what I mean, right?

Sure - it'll help if we can get back to the place where luxury is for one attainable and for the other acceptable but I have a feeling November will go a long way to helping that issue...

There is definitely a place in this market for both Flex & NJA. *****A differing business plan forward is actually helpful to both companies in the long run - especially if they will be competing in the same aircraft. *****

There's a lot of hope to be had here guys. *****FR might be the captain but y'all are really the ones in control. *****He can't destroy you unless you make that his only choice.

If NJA actually takes delivery BTW of all those orders but that's another thread for another day...

 

[DirtyBeech]

Ahh, a week later and this thread is dug up to tell us to bend over, grab ankles, and take it.

The election, while meaningful, will not stop the economy from tanking hard next year and staying that way for some time.

As far as being a high end boutique...too funny. As if NJ's hasn't thought of such revolutionary service ideas as knowing what the customer likes to drink. Standby for things to get stupid.

 

[doylehargraves]

Anger, denial, acceptance, we are hitting all the required steps here it seems. Bottom line is this: Fred has no idea where this business will be in 1 month let alone 5 years. His "ambitious" fleet plans are enough to make anyone throw up. I think the fleet plans are his way of steering the sheep to the slaughter house. Yeah, keep telling us we are going to be "x" size in "y" years and we will all shut up and keep our fingers crossed. If we can't keep our company at a sustained level right now, (in a post-disaster economy in a recovery), what makes him think that we will be anywhere else but where we are now in the next 12 months or 3 years?

Trust me, Fred has the name greed attached to it for a reason and, we have seen those reasons several times now. He is a protector of profit, not a legit business person with any real ideas of saving anyone's job. Until the top 3 or 4 people are gone at Flexjet, expect this mindset to continue.

 

[dashtrasher]

Doyle,

I thought you left Flex?