Avantair pay cut vacay elimination

[Praetorian]

I fly for NJA, and was forced to join the union. I prefer the "at will' relationship I described earlier.

So your just a hypocrite.

 

[AftCG182]

I am truly sorry that this happened to you Avantair folks. You all seemed fairly happy for a long time, and I guess in this industry that is a pretty good run. Here's hoping things eventually improve.

Factually, we're not really sure what's going on over here. We ARE mostly happy. We DO have a product that is profitable. We're just not sure exactly what's going on and where the money's going.

In fact, we're so busy we can't really keep up with all of the business that we have... Where the heck IS all of the money going???

Thanks for your support...

 

[208starcheck]

Factually, we're not really sure what's going on over here. We ARE mostly happy. We DO have a product that is profitable. We're just not sure exactly what's going on and where the money's going.

In fact, we're so busy we can't really keep up with all of the business that we have... Where the heck IS all of the money going???

Thanks for your support...

You should read your company's financial filings with the SEC. I was bored sitting at the FBO today. After I finished reading the entire internet, I started reading AAIR's filing. The report paints a different picture then you are discribing. Example as stated in the report. AAIR has never turned a profit. Operating are funded through a reverse merger in 2007, stocks sales and operation. 5 strait years of loses.


Read this from page 9 and think about where additional financing would come from.

The Company has suffered recurring losses resulting in a stockholders’ deficit of approximately $44.0 million and a working capital deficiency of $63.9 million as of June 30, 2011. As of June 30, 2010 the Company had a stockholders’ deficit of $32.2 million and a working capital deficiency of $43.9 million. Historically, the Company has been able to finance operations from the capital obtained through the Reverse Merger which was completed on February 22, 2007, the November 2007 private placement of Series A Convertible Preferred Stock which raised gross proceeds of $15.2 million and the June, September and October 2009 private placements of Common Stock which raised net proceeds of $1.3 million, $0.6 million and $7.3 million, respectively. Management intends to continue to finance the operations of the Company through future cash flows from operations and future financings.

http://www.avantair.com/investors.html?qm_page=31548
sort for annual report on the drop down menu.

 

[brokeflyer]

the money is all going right into your CEO's pocket so he can claim a pay cut.

You're all being boned up the rear. Santo will bail out with a golden parachute and land on a giant pallet full of $100 bills.

And you'll be out of of a job because you helped make him rich.

Welcome to aviation in the usa.

 

[jonjuan]

Funny, I wish all pay cuts worked this way.


http://www.bizjournals.com/tampabay/news/2012/08/31/avantairs-santo-wagman-agree-to-pay.html

Aug 31st
Steven Santo, CEO, agreed to reduce his annual base salary by 15 percent, from $525,000 to $450,000, and Stephen Wagman, who was appointed president of the company earlier this month, agreed to reduce his salary by 6 percent, from $375,000 to $352,000.

------

http://finance.yahoo.com/q/it?s=AAIR+Insider+Transactions

Sep 6, 2012 SANTO STEVE Officer, 150,000 Direct Acquisition (Non Open Market) at $0 per share

Sep 6, 2012 WAGMAN STEPHEN MARK Officer, 150,000, Direct Acquisition (Non Open Market) at $0 per share.

------

so....
150,000 x .55 per share on Sept 7th = $82,500



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Post # 34....

To remunerate employees for the changes, Avantair is granting stock options to all employees; the options vest in three years.

 

[jonjuan]

We DO have a product that is profitable.
In fact, we're so busy we can't really keep up with all of the business that we have... Where the heck IS all of the money going???

not really a business major, eh?

 

[CALRepublic]

Factually, we're not really sure what's going on over here. We ARE mostly happy. We DO have a product that is profitable. We're just not sure exactly what's going on and where the money's going.

In fact, we're so busy we can't really keep up with all of the business that we have... Where the heck IS all of the money going???

...

Busy does not mean profitable..

I heard this from a friend who is a commuter. few years back, Continental's first flight of the day from IAH-DEN was a 757-200. The load factor on that flight was 99%, it was hard to find an open seat on that flight, pilots always fighting for the jump-seat..

UAL cancelled the flight because it was a money looser. I didn't think it was possible to loose money on a busy route with a full plane

 

[AftCG182]

not really a business major, eh?

No need for a business degree. Lots of new Owners. No new airframes. For the most part, a fixed cost structure offset by additional revenus. Everyone taking a reduction in compensation.

The only question left is the obvious one. Where the heck is all the money going?

 

[RoughAir]

AftCG

You are drunk from their Koolaid.

From their balance sheet avantair will never show a positive net worth until they go chap 11 and then eliminate their debt in the bankruptcy process.

 

[jonjuan]

No need for a business degree. Lots of new Owners. No new airframes. For the most part, a fixed cost structure offset by additional revenus. Everyone taking a reduction in compensation.

The only question left is the obvious one. Where the heck is all the money going?

Deadhead costs, increased MX, recovery costs, debt servicing, ROI $$$ back to the investors who bought aircraft? Just because you have lots of new owners, how many are leaving? Are these new owners being brougt in at dirt cheap rates? Are they given free hours?
It appears from the 10Ks that costs exceed revenues.