Avantair bankruptcy?

[SharkRider]

As someone who practiced law a LONG time ago, those of you who have been laid off, and will not receive pasy for the last weeks worked, should contact either the Federal or the FL Wage and Hour people, to see if any Fed or FL employment laws have been broken. One other wrinkle that was true 20+ years ago - if Avantair has not paid all the withheld Fed taxes (income and social security), anyone who was a signer on the payroll account can be PERSONALLY liable for the taxes withheld but not paid to the Feds.

We haven't flown with Avantair since before the October stand down - but all the staffers we ever dealt with were lovely people.

And for small, publicly-traded companies like Avantair, management doesn't get rich off their salaries; they make the really big bucks from their stock options. Guess what the stocks currently held by the board members and senior officers are worth now, versus two or three years ago? NADA!

odds are, the top execs have been backdooring $$$ for a while. Why else would the CEO need an offshore account?

 

[CALRepublic]

Anyone got a recommendation for a good type to go get? (displaced P180 jockey). Figured I would try to take advantage of some of those programs that are available.

The 7X, Global and G-450/550/650 are obviously the most valuable, but unless you have lots of int'l experience, you're not gonna get nowhere with the type alone

I'd look at a CL300, CL605 or Falcon 2000 type

Think about Netjets- China, tell them you'd move to China if they buy you a good type-rating.... Do that for a couple years, get some time in the airplane, some int'l experience and come back

 

[sshrae]

Those programs don't give the kind of money that would pay for a falcon or gulfstream type. You could probably get a C500 or C525 type though. In my opinion the 525 is the best type to have in that class. You can get one for 5-7k depending on school and there are a lot of those planes out there. Sam avionics as a P180 so you would have an easy transition.

 

[Gators]

I too am curious. Where is a good place to start and get the process going? C525 is a good choice in my opinion...

 

[sshrae]

Try contacting WIA, it depends on your state if they have any funding. If they do, there are offices you can visit to get the paperwork started. In california I think they were giving around 5k, that would pay for most of the type.

 

[jonjuan]

Stock down 80%. Yikes.

http://finance.yahoo.com/q?s=AAIR&ql=0

 

[brokeflyer]

Mr. Steven F. Santo , 46
Chairman and Chief Exec. Officer $530.00K


lol, yet they quit paying the rest of the employees..

 

[OPECJet]

Google the nearest "one stop" in your area.

After the NJA furlough I ended up out of aviation working for a defense contractor. If anyone wants to talk about getting out of the cockpit feel free to PM me. I'll happily devote all the time I can for you guys if you decide to make the jump.

Best wishes to you all! With the airlines hiring again I hope you all get back in the cockpit quickly!

 

[Hung Start]

I can tell you that Florida does not pay for flight training. Or,,, as it was put to me by the WIA Administrator in my area,, and I quote, " we do not pay for bartender or flight training". Give you a sense of the regard they hold us to.
Sorry
Hung

 

[NoJoy]

Try contacting WIA, it depends on your state if they have any funding. If they do, there are offices you can visit to get the paperwork started. In california I think they were giving around 5k, that would pay for most of the type.

Good heads up-thx.

 

[jetdrvr2008]

No Filing Yet

As of the end of the day yesterday Avantair HAS NOT filed bankruptcy yet. I wouldn't be surprised if that happens today though. I can't see any judge buying into any re-org plan submitted by this group. There's far too much debt and bad publicity to believe they can ever turn things around. I just hope the employees are able to recoup something.

Planes have been sitting idle for going on 4 weeks now in some locations. No telling how many are lying around in pieces in Clearwater.

 

[justreading]

Filed today with the SEC:

Dear Valued Owners:
As the company is considering its options with respect to its current situation and its future plans, we wanted to give our owner group a full picture of the current status of the company. Unfortunately, Avantair has recently faced significant liquidity issues. Our business model assumed efficiencies that never materialized and a pricing schedule based on those efficiencies. Over the past few months, we encountered issues that drained the company’s working capital, and it became impossible to recover without reassessing our capital structure and business model. As our service was impacted and we were forced to temporarily ground our fleet, charter costs skyrocketed and our accounts receivable grew as it became increasingly difficult to collect on outstanding amounts due. This scenario is not sustainable and it is apparent that Avantair must restructure its affairs in order to emerge healthy and able to resume profitable operations. In addition to restructuring the balance sheet, we plan to revise our pricing to ensure profitable operations on a going forward basis. The following are key points of which we would like our owners to be aware:
• Your aircraft are on the ground at various maintenance locations and they are currently insured.
• We have been in contact with key suppliers and are pleased that most have expressed their ongoing support and encouragement. Key among them is Piaggio, which has offered to assist us in multiple ways.
• Over the next several days, the company will be validating the fees we charge and a new business model will be presented to the owner group. We are optimistic that a viable and sustainable business plan will encourage owners to support the new program. We also believe that with a restructured organization and new business model going forward, Avantair can emerge as a profitable business that is able to provide the highest levels of customer service.
• Finally, we are in discussions with certain of our vendors, lenders and other third parties to obtain the working capital needed to restructure and fund operations going forward.
We will be in touch over the next several days with a more detailed description of the company’s business plan going forward. Customer service and satisfaction remains of the utmost importance to us as we work to implement a restructuring of our operations. We greatly appreciate your patience and continued loyalty as the company works through this difficult period.
Thank you,
Dave Haslett
President and Chief Operating Officer

 

[Gators]

Hope it works out for everyone. Better than the alternative...

 

[brokeflyer]

i bet they come out 35% more expensive than they were.

 

[gutshotdraw]

i bet they come out 35% more expensive than they were.

:laugh:

Good one.