Gatorman
Snot-nosed college boy!!
- Joined
- Jul 24, 2003
- Posts
- 416
....and there is more to come out of this.
Plane servicer abruptly shuts doors
Refurbisher lets go 70
Dallas Business Journal - August 4, 2006
by Margaret Allen
Staff Writer
Beset by financial woes, well-known aircraft modification center
McKinney Aerospace L.P. has closed its shop at Collin County Regional
Airport and laid off 70 employees.
The company, which has been through several different owners since it
opened in 1997, shut down July 18.
The closing leaves at least one Plano customer with its business jet
in pieces at the facility. In addition, an Addison supplier is left
holding an unpaid $47,000 court judgment against McKinney Aerospace.
McKinney Aerospace, which had sales of $15 million as recently as
2004, was purchased in March 2005 by privately held Aeros Aviation
L.L.C., a corporation owned by McKinney residents Andrew Eros and
Randy Haler. Eros said at the time he had more than 30 years in the
aviation industry, and Haler had experience in aerospace, software
development and real estate. They couldn't be reached.
On July 18, Eros called employees together at 3 p.m. and told them the
business was closing down, according to Amy Drouillard, a marketing
employee. Drouillard said Eros expressed doubt he could pay employees
any longer, so he was sending them home for good. By 5 p.m., she said,
employees had hurriedly packed their belongings, turned in their keys
and left. They weren't entirely surprised.
"The handwriting was on the wall, but we were all hoping for a
miracle," Drouillard said. "With fuel prices what they have been,
business wasn't as good as it was a year ago. They kept some of the
mechanics on as contract employees to finish the two planes that were
there."
What happens next is anyone's guess. The company's rent payments have
been up to date, said George Schuler, an investor in the group that
owns the 54,000-square-foot hangar and offices leased by McKinney
Aerospace. The lease is not up until Oct. 1.
"The ownership has told me a couple people are interested in buying
the assets and may also be interested in taking over the lease," he said.
Lawsuits emerge
Addison-based Global Aircraft Service Inc. on July 3 won a $47,400
judgment against McKinney Aerospace, according to Roger Yale, the
Denton attorney who filed the lawsuit for Global.
Global, which repairs fuel tanks for airplanes, did work for McKinney
in January. When the refurbisher failed to pay, Global filed suit.
Global won a default judgment when McKinney Aerospace didn't answer
the suit.
"The question now is whether they have any assets," Yale said.
Schuler, the hangar investor, said the closing affects his company as
well.
"We were getting ready to break ground on a new hangar, but we've
decided to hold off on that until we see what happens on McKinney
Aerospace," he said.
In a second lawsuit filed July 25, Boyington Capital Group L.L.C. is
seeking more than $258,000 in damages. Plano-based Boyington hired
McKinney Aerospace in March to refurbish and overhaul its Hawker
BH-125-600A business jet.
That plane now is in pieces at McKinney's former office.
Boyington won a court order to get access to its property and
pertinent records on the refurbishing. But attempts to fulfill it
haven't been successful, said Kevin Good, Boyington's attorney.
Plane servicer abruptly shuts doors
Refurbisher lets go 70
Dallas Business Journal - August 4, 2006
by Margaret Allen
Staff Writer
Beset by financial woes, well-known aircraft modification center
McKinney Aerospace L.P. has closed its shop at Collin County Regional
Airport and laid off 70 employees.
The company, which has been through several different owners since it
opened in 1997, shut down July 18.
The closing leaves at least one Plano customer with its business jet
in pieces at the facility. In addition, an Addison supplier is left
holding an unpaid $47,000 court judgment against McKinney Aerospace.
McKinney Aerospace, which had sales of $15 million as recently as
2004, was purchased in March 2005 by privately held Aeros Aviation
L.L.C., a corporation owned by McKinney residents Andrew Eros and
Randy Haler. Eros said at the time he had more than 30 years in the
aviation industry, and Haler had experience in aerospace, software
development and real estate. They couldn't be reached.
On July 18, Eros called employees together at 3 p.m. and told them the
business was closing down, according to Amy Drouillard, a marketing
employee. Drouillard said Eros expressed doubt he could pay employees
any longer, so he was sending them home for good. By 5 p.m., she said,
employees had hurriedly packed their belongings, turned in their keys
and left. They weren't entirely surprised.
"The handwriting was on the wall, but we were all hoping for a
miracle," Drouillard said. "With fuel prices what they have been,
business wasn't as good as it was a year ago. They kept some of the
mechanics on as contract employees to finish the two planes that were
there."
What happens next is anyone's guess. The company's rent payments have
been up to date, said George Schuler, an investor in the group that
owns the 54,000-square-foot hangar and offices leased by McKinney
Aerospace. The lease is not up until Oct. 1.
"The ownership has told me a couple people are interested in buying
the assets and may also be interested in taking over the lease," he said.
Lawsuits emerge
Addison-based Global Aircraft Service Inc. on July 3 won a $47,400
judgment against McKinney Aerospace, according to Roger Yale, the
Denton attorney who filed the lawsuit for Global.
Global, which repairs fuel tanks for airplanes, did work for McKinney
in January. When the refurbisher failed to pay, Global filed suit.
Global won a default judgment when McKinney Aerospace didn't answer
the suit.
"The question now is whether they have any assets," Yale said.
Schuler, the hangar investor, said the closing affects his company as
well.
"We were getting ready to break ground on a new hangar, but we've
decided to hold off on that until we see what happens on McKinney
Aerospace," he said.
In a second lawsuit filed July 25, Boyington Capital Group L.L.C. is
seeking more than $258,000 in damages. Plano-based Boyington hired
McKinney Aerospace in March to refurbish and overhaul its Hawker
BH-125-600A business jet.
That plane now is in pieces at McKinney's former office.
Boyington won a court order to get access to its property and
pertinent records on the refurbishing. But attempts to fulfill it
haven't been successful, said Kevin Good, Boyington's attorney.
