Citationshares lets 30 go

[Nolife]

...but it may be sailing to Di%k City.

and beyond...

This recession will be long and deep; too much junk has been floated on Wallstreet and in the real estate market. It will take time for everything to settle down and recover.

I think every frac will lay off at some point. How many, how long, who knows but the future looks glumy. Makes me wish I was a dildo at the Bunny Ranch right now.

 

[Greaseman]

I think every frac will lay off at some point. How many, how long, who knows but the future looks glumy. Makes me wish I was a dildo at the Bunny Ranch right now.[/quote]

LMFAO!

A dire thread and yet we still have a little humor. Best of luck to all of you guys/gals. This is indeed a sh&tstorm however you are the best pilots in corporate aviation and will undoubtedly land on your feet.

Good luck to all.

 

[flyzimex]

Makes me wish I was a dildo at the Bunny Ranch right now.

I wish I was that ALL the time..

Great stuff Nolife :laugh:..

And of course really sorry to hear about the furloughs, no matter who it is..

 

[airjackson]

I think that CS did the best they could with a bad situation. It looks as if they did right by the pilots as far as furloughing in seniority, offering early-outs with a fairly generous buyout, LOAs, etc.

I would also venture to say that had they done differently, it would have only strengthened the momentum toward a union.

 

[Publishers]

Theses are difficult times for sure. What I would point out is that other than Netjets, these other companies pilot groups are too small to be significant for organization.
Citation is a good company and treats their employees well. The best thing they have going along with Flex is that they support manufacturer units. The impact on the others that stand alone will be greater and cause much more stress.

 

[brokeflyer]

ya got that right.....we support more mfg products than all of them.

 

[blueridge71]

I wasn't totally surprised by this. When you sit idle as much as I have over the last few months, you begin to wonder.

Apparently the problem is the same with many of the fractionals. It isn't a management problem; it is a sales problem. CS isn't shrinking; it is growing at a slower than planned rate. It would be nice, but not responsible, to keep paying pilots that don't have any aircraft to fly. That isn't good management. Just ask some of Detroit's largest employers.

If this is anyone's fault, you can blame the sales department. Of course, sales are down because of the economic crisis. The economic crisis came about because of all the bad paper on Wall St. Wall St. was flooded with bad paper because Fannie Mae and Freddie Mac encouraged companies to make subprime loans and provided a secondary market for those loans. The government itself created the subprime market with the Community Reinvestment Act. See: Trickle down does work!

Let's all just hope and pray that Citizen Obama can work a miracle, whether through action or inaction, before this mess gets any worse. I'm not holding my breath.

My sympathies to all the furloughees. I was furloughed just after Christmas a few years back.

 

[hangarrat]

Apparently the problem is the same with many of the fractionals. It isn't a management problem; it is a sales problem. CS isn't shrinking; it is growing at a slower than planned rate. It would be nice, but not responsible, to keep paying pilots that don't have any aircraft to fly. That isn't good management. Just ask some of Detroit's largest employers.

If this is anyone's fault, you can blame the sales department. Of course, sales are down because of the economic crisis. The economic crisis came about because of all the bad paper on Wall St. Wall St. was flooded with bad paper because Fannie Mae and Freddie Mac encouraged companies to make subprime loans and provided a secondary market for those loans. The government itself created the subprime market with the Community Reinvestment Act. See: Trickle down does work!

Excellent summary statement. It sucks, but it is what it is. The question to answer is "how do we survive this economy" and not "who at our own companies can we point our fingers at"


Good luck to all those impacted by these employment losses. It is obvious it will be touching us all, just some of us more so than others.

 

[rigger]

From Aviation International News

At least this will be all (as far as anyone knows) based on the Quote from Steve.

Fractional share provider CitationShares is reducing the size of its pilot workforce by 30 people, according to CEO Steve O’Neill. The Greenwich, Conn.-based company is offering an early retirement and temporary leave-of absence alternative to all pilots before determining how many will be affected by an involuntary furlough, he said. “The current worldwide business environment has slowed such that aircraft deliveries for 2008 have been postponed and planned deliveries for 2009 have been reduced. Given the fact that we hire pilots well in advance of the arrival of aircraft, we find ourselves in an overstaffed position.” Furloughed pilots will receive two months salary and full benefits through the end of March. CitationShares has also laid off eight office staff. “There are no other reductions in force planned at this time,” O’Neill said. “We have not changed our staffing models for flight crewmembers. And we believe that post-January 9 we will be adequately staffed for expected demand throughout 2009.”

 

[Humphreybogart]

CitationShares is still the CLASS of the fractional industry. Our management handled a horible situation with the upmost respect that can be imagined. It is unfortunate for the people involved, but it is business. We need to respect that and move forward.