Goldman

[rajflyboy]

Do you think they will ever get into the business and buy one of the fractionals?

 

[landlover]

goldman sachs? didn't uncle warren give them 5 billion for a slice of the pie in 2008?

 

[gret]

They owned NetJets and convinced Warren to take it off their hands. Why would they go back? They've had enough fun with private aviation and are smart enough to never go back.

 

[LRplt]

I believe they own First Aviation in TEB.

 

[miles otoole]

They owned NetJets and convinced Warren to take it off their hands. Why would they go back? They've had enough fun with private aviation and are smart enough to never go back.

wrong//////////

 

[realityman]

They owned NetJets and convinced Warren to take it off their hands. Why would they go back? They've had enough fun with private aviation and are smart enough to never go back.

Uh, no. Not even close.

Next contestant please!

 

[gret]

Santulli has sold a minority shareholding in EJA - "more than 10%, but less than 49%" - to investment bank Goldman, Sachs to finance expansion plans. Goldman, Sachs will have a passive role, leaving Santulli still in control of the company, which he founded in 1987, but he will use its international presence to help EJA expand, he says.

DATE 4/10/95
SOURCE:Flight International

http://www.flightglobal.com/articles/1995/10/04/24039/eja-expands-netjets-with-european-move.html

 

[ProFracPilot]

Perhaps GS buys one of the fractional providers so that they have a pipeline to sell their Hawker Beechcraft products. :laugh:

 

[miles otoole]

They owned NetJets and convinced Warren to take it off their hands. Why would they go back? They've had enough fun with private aviation and are smart enough to never go back.

And yet they own HBC. Hmmmmmmm........

 

[rajflyboy]

I believe they own First Aviation in TEB.

They do

 

[FLYLOW22]

I believe they own First Aviation in TEB.

Santulli, Jacobs and Goldman I believe.

 

[rajflyboy]

Santulli, Jacobs and Goldman I believe.

The word at first is that Goldman owns it.

Not sure the truth.

 

[gunfyter]

Hmmm ... makes sense. They would be able to keep tabs on all their customers ... leaving and returning to NYC.

 

[rajflyboy]

I think Goldman will buy in at some point. The question is what will they do when they buy in? Will anything change?

 

[gunfyter]

I think Goldman will buy in at some point. The question is what will they do when they buy in? Will anything change?

Santulli will be back.

 

[mtnrunner]

Hansell can handle Santulli... Right?

Santulli will be back.

Goldman, Santulli, and Jacobs... Not to mention a few other large institutions with mutual underlying strategic interests. But not in the way people may think. An 800 airplane operation where less than 250 of those planes provide solid positive margins isn't the way of the future. NetJets could have dominated for a long time to come, had DLS and team not screwed the pooch. They divided to product offering, therefore they divided the market. Long-term they have created competition where there was little to none.

Sadly, thanks to DLS, his team, and a poorly constructed and implemented plan very few have strategic interests aligned with NetJets anymore; maybe, and I stress maybe, the Brazilians and Canadians.

NetJets WAS an industry-wide solution offering many aircraft options. The industry will find or develop the solutions it needs. In about a year Santulli's rumored noncompete will expire, then who knows what? But what is known is that many of the heavy hitters are brainstorming and talking and that's not good for NetJets. Anyone think GD and Gulfstream are going to sit on the sidelines while listening to Buffett and Dichter pump Globals on CNBC? By the way, what are NetJets customers flying today? Not Globals. As an example, CitationAir is doing quite well.

Today Goldman owns 100% of First and roughly half of HBC (where Boisture is ceo). The Goldman exec that invested in NetJets early on and wanted to buy it oversees both First and HBC.

I would feel better about NetJets future if management would focus on the future, rather than "honking" blogs.

But this is all just one person's opinion in a cruel and uncertain world.

 

[BentOver]

Santulli will be back.

we can only hope so and not soon enough!

 

[Outta Here]

Santuilli and Jacobs sold their share in First 9 or so months ago coincidentally when Milestone was announced...

 

[platinum750]

I dont understand why some people want Santulli back. All he did was spend someone else's money and never earn a return. That is easy to do. Let's get someone that can make a profit, a real one.

 

[rajflyboy]

I dont understand why some people want Santulli back. All he did was spend someone else's money and never earn a return. That is easy to do. Let's get someone that can make a profit, a real one.

ha ha ha ha ha

dumb dumb dumb you are

 

[BentOver]

I dont understand why some people want Santulli back. All he did was spend someone else's money and never earn a return. That is easy to do. Let's get someone that can make a profit, a real one.

Yeah life under Santulli sucked

even Kenny Dichter couldn't bring himself to say Sokol brought the company to profitability. He immediately referred to the "aircraft writedowns" and that "nobody could have seen that coming".. well nobody but Sokoluke:Watch the tape.......

Was the company profitable in '06, '07, and maybe '08?? It took the greatest credit crunch since the 1930's to bring Santulli down, and even that $$ loss was sketchy at best..... It doesn't necessarily take a genius to cut costs, keep an eye on costs, or monitor costs..... What it takes to keep NJA going and growing is a great leader who inspires those who make the company go. and Santuli did that.. Whether it was all an act or not, employees believed him and believed in him to do the right thing.. And for the most part he delivered......

Only reason he was made the scapegoat was because of an ego maniac who thought he was smarter and better than everyone else..... Sokol was the worst thing that ever could have happened to NJA. But in the beginning all the bandwagon jumpers bashed Santulli and jumped on Sokols wagon.. Hell, even the Union was with the Sokol idea, well things certainly chnaged quickly didn't they?????????

 

[gunfyter]

If The Italian did nothing; all we have left is -- Strength -- to make life slightly less frightening...."

Daniel Miller HM Class of 77​

:laugh:​

 

[rajflyboy]

Yeah life under Santulli sucked

even Kenny Dichter couldn't bring himself to say Sokol brought the company to profitability. He immediately referred to the "aircraft writedowns" and that "nobody could have seen that coming".. well nobody but Sokoluke:Watch the tape.......

Was the company profitable in '06, '07, and maybe '08?? It took the greatest credit crunch since the 1930's to bring Santulli down, and even that $$ loss was sketchy at best..... It doesn't necessarily take a genius to cut costs, keep an eye on costs, or monitor costs..... What it takes to keep NJA going and growing is a great leader who inspires those who make the company go. and Santuli did that.. Whether it was all an act or not, employees believed him and believed in him to do the right thing.. And for the most part he delivered......

Only reason he was made the scapegoat was because of an ego maniac who thought he was smarter and better than everyone else..... Sokol was the worst thing that ever could have happened to NJA. But in the beginning all the bandwagon jumpers bashed Santulli and jumped on Sokols wagon.. Hell, even the Union was with the Sokol idea, well things certainly chnaged quickly didn't they?????????

clap clap clap clap clap

 

[CA1900]

I dont understand why some people want Santulli back. All he did was spend someone else's money and never earn a return...

And who told you that? Sokol? You really believe the numbers that lying, unethical snake-in-the-grass gave us?

He manipulated our finances to make himself look good for the BH top spot. To do that, he had to show how "bad" Santulli was.

 

[BentOver]

And who told you that? Sokol? You really believe the numbers that lying, unethical snake-in-the-grass gave us?

He manipulated our finances to make himself look good for the BH top spot. To do that, he had to show how "bad" Santulli was.

Amen!! and I'm not even religious:beer:

I think a first step and good sign was Dichter even mentioning or praising Santulli for his time at NJA...AND sort of downplaying Sokol's profits in referring to the "writedowns"...

When Sokol was around I don't think there was anyway Dichter even talks about RTS.... It's the little things that may start the trend back to normalcy?? I predict that eventually current management starts to do some Sokol bashing and crowd control..... ehhh maybe not, always good to dream though!!

 

[gret]

I dont understand why some people want Santulli back. All he did was spend someone else's money and never earn a return. That is easy to do. Let's get someone that can make a profit, a real one.

ha ha ha ha ha

dumb dumb dumb you are

2009 Berkshire's Annual Report-

The major problem for Berkshire last year was NetJets, an aviation operation that offers fractional ownership of jets. Over the years, it has been enormously successful in establishing itself as the premier company in its industry, with the value of its fleet far exceeding that of its three major competitors combined. Overall, our dominance in the field remains unchallenged.

NetJets’ business operation, however, has been another story. In the eleven years that we have owned the company, it has recorded an aggregate pre-tax loss of $157 million. Moreover, the company’s debt has soared from $102 million at the time of purchase to $1.9 billion in April of last year. Without Berkshire’s guarantee of this debt, NetJets would have been out of business. It’s clear that I failed you in letting NetJets descend into this condition. But, luckily, I have been bailed out.

Dave Sokol, the enormously talented builder and operator of MidAmerican Energy, became CEO of NetJets in August. His leadership has been transforming: Debt has already been reduced to $1.4 billion, and, after suffering a staggering loss of $711 million in 2009, the company is now solidly profitable.

​

 

[Rubber Ducky]

And who do you suppose wrote THAT? RTS, NJ needs you!!!

 

[BentOver]

2009 Berkshire's Annual Report-

The major problem for Berkshire last year was NetJets, an aviation operation that offers fractional ownership of jets. Over the years, it has been enormously successful in establishing itself as the premier company in its industry, with the value of its fleet far exceeding that of its three major competitors combined. Overall, our dominance in the field remains unchallenged.

NetJets’ business operation, however, has been another story. In the eleven years that we have owned the company, it has recorded an aggregate pre-tax loss of $157 million. Moreover, the company’s debt has soared from $102 million at the time of purchase to $1.9 billion in April of last year. Without Berkshire’s guarantee of this debt, NetJets would have been out of business. It’s clear that I failed you in letting NetJets descend into this condition. But, luckily, I have been bailed out.

Dave Sokol, the enormously talented builder and operator of MidAmerican Energy, became CEO of NetJets in August. His leadership has been transforming: Debt has already been reduced to $1.4 billion, and, after suffering a staggering loss of $711 million in 2009, the company is now solidly profitable.

​

Sure they have lost $157million AFTER taking a $711 million dollar loss in 2009. And what was the major if not primary contributor to that 2009 loss... The aircraft writedown brought on by David Sokol.....

I'm not saying the operation wasn't going to lose money, but the main reason for the 11 year net loss was 2009. Ya gotta connect the dots to see where the total losses come from in then end.

Sokol and Berkshire blames RTS for that huge loss in'09... There was an aircraft writedown...... And who knows the accounting methods used to come up with that loss....Well I know 1 person who knows and he isn't gonna talk.....

Fact of the matter is both Netjets and it's employees are vastly better off with RTS at the helm...Anybody who disputes that is simply a bandwagon jumper........ I always found it ironic how many people jumped off the Santulli bandwagon as soon as he left. And then bashed his leadership of NJA. Why, because the new guy said he was a bad CEO......

 

[gunfyter]

Pilots want him back ...
Owners want him back...

I see a trend.

 

[gutshotdraw]

A large portion of the large cabin customers are "Friends of Richie." Whenever Owner Services, or Scheduling, or whoever screwed up and pissed off one of those owners, Richie was there to smooth the ruffled feathers. Nowadays,

A: We're pissing them off more often; and

B: Richie isn't there to smooth the ruffled feathers.

That's a bad combination and the large cabin exodus proves it.

We need RTS back for his connections, marketing savvy, and customer service belief system. We need a numbers guy that RTS and Uncle Warren both trust to keep us from hiring another three dozen VP's of Paper Towels and keep the lid on the stupid spending.