Gemini gone bust?

[redneck jihad]

Howdy all,
Heard a rumor the other day from a mx rep that Gemini Air Cargo was "going bust", "bankrupt", or "out of business".Also heard last week that they had 5 DC10's sitting at Mojave. Any one got any reliable info?-not to suggest that mx reps aren't reliable-we all get a little excited once in a while.
Best regards,
RJ

 

[DC10]

Actually, 4 DC10s in Mojave, but they've been there since January 2002. I quit in January 2003, but am in contact with people who still fly there. Business right now is busier than it's been in a while, with 3 DC10s flying military trips out to the Middle East. They are still flying the usual MIA-South America flights and the MD11 is busy as always.

They are not going out of business, nor are they any closer to doing so than they have been since the recession began, as far as I know.

 

[Pondscum]

We currently have 4 DC-10's and one Md-11 flying AMC stuff to the Sand Box, and a second MD doing some occasional ad hoc AMC. As previosly posted, the Miami-South America flying is still happening. Also, the DHL contract is still going strong. We have just recently ended the contract with Quantas as it was becoming more costly for us to operate (according to Management). Overall, we are flying our bee-bee's off (just ask any loadmaster or maintenance rep). Unfortunately with all this work, we still have a handfull of FE's on the street with no mention of any recall.

The latest "news" is that there are possible plans to pull 2 DC-10's out of Mojave, but that is still a rumor, as is a newhire class to fill those aircraft.

Gemini is still awaiting the decision from the Fed's about the loan guarantee. It has been said (by management types) that if the loan comes through, then we will purchase additional MD-11's.

 

[redneck jihad]

Thanks for the response.
Another question: Prior to 9/11, The Carlysle Group was trying to sell off their stake in Piedmont/Hawthorne. Once everything went in the toilet after 9/11, they stopped trying in hopes that the economy will recover enough to where they could make some money off them when they do sell. In your opinion, were they trying to do the same thing with Gemini? Knowing the reputaton of The Carlysle Group, it is surprising that they have any aviation related holdings. But I guess the 90's had the same effect on them as it did everyone else.
Best regards,
RJ

 

[Pondscum]

First things first: I am NOT in any way, shape or form, an expert on The Carlysle Group, let alone business management. This is only my observations and opinions (as discombobulated as they may be).

"Knowing the reputaton of The Carlysle Group, it is surprising that they have any aviation related holdings."

I kind of have to agree with you. Based on my experience with them over the last 2 years, this seems somewhat a-typical for Carlysle. I had heard rumors that Carlysle was priming us (Gemini Air Cargo) for a big sell-off prior to 11 Sept. I had heard buyers like Mr. Bill Stockbridge (the former CEO - that would've made my day!) and even FedEx (doubtful). More recently, I have heard that they have pumped some very large amounts of money into Gemini without ANY return. I was told that Carlysle has not made a penny on us. I don't know if I really believe this since it doesn't make any sense -- why continue making an investment when there is zero return?

So, RJ, the short answer would be: Yes, I think The Carlysle Group was trying to sell-off Gemini prior to 11 Sept, and yes, even more interesting is the fact that they tend to stay away from the avaition-type holdings. (explain that one)

 

[Huck]

The original business plan (1999) was to buy GAC, triple the size of the fleet (from 8 to 24 aircraft), and then take it public within four years. They pumped in huge amounts of cash to start the MD11 program. Got four of them online about the time the industry turned south. The rest has been damage control.

When I left last year the hot rumor was that Bill S. (who had resigned) was working on a new company. Hope that's true....