It gets better. The following is quoted (without permission, but thanks fedora
from another message board:
quote on:
Nico's answer is pretty much it. I understood that the issues they couldn't resolve had to do with the GE leasing company wanting their planes back because they were not asked in advance for approval to transfer the leases to the new owners. It really sounds like someone dropped the ball on that one. My one fear was that the Gemini gents weren't smart enough to put this thing together. The second thing was the DOT approval. They thought that they had things smoothed out with the DOT. The Union MEC had already discovered that Gemini had not filed any of their DOT quarterly financial reports since the last quarter of 06. (no reason given by management - only comment was Huh? What quarterly reports?) Perhaps the new buyers discovered this as well and were concerned about getting approval by the DOT. It was discovered that it mike take months, and not just the few days that Gemini figured on. In the meantime, the company would need cash to continue to operate, something like 13 million dollars. the new buyers were willing to put it up but wanted a money back guarantee. If the DOT approval didn't go though, they wanted their money back. Well, we know Gemini doesn't want to give anybody any money for anything - so the deal fell though. Those meatheads deserve to be out on the streets as well, with resumes claiming to have driven a company through two bankruptcies into failure.
We all made some great friends here at Gemini, so lets continue to help each other out and try to remember the good times and not the bad.
end quote
tj
from another message board:quote on:
Nico's answer is pretty much it. I understood that the issues they couldn't resolve had to do with the GE leasing company wanting their planes back because they were not asked in advance for approval to transfer the leases to the new owners. It really sounds like someone dropped the ball on that one. My one fear was that the Gemini gents weren't smart enough to put this thing together. The second thing was the DOT approval. They thought that they had things smoothed out with the DOT. The Union MEC had already discovered that Gemini had not filed any of their DOT quarterly financial reports since the last quarter of 06. (no reason given by management - only comment was Huh? What quarterly reports?) Perhaps the new buyers discovered this as well and were concerned about getting approval by the DOT. It was discovered that it mike take months, and not just the few days that Gemini figured on. In the meantime, the company would need cash to continue to operate, something like 13 million dollars. the new buyers were willing to put it up but wanted a money back guarantee. If the DOT approval didn't go though, they wanted their money back. Well, we know Gemini doesn't want to give anybody any money for anything - so the deal fell though. Those meatheads deserve to be out on the streets as well, with resumes claiming to have driven a company through two bankruptcies into failure.
We all made some great friends here at Gemini, so lets continue to help each other out and try to remember the good times and not the bad.
end quote
tj
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