Is Flight Options Close to Bankruptcy?

[RJL]

Is the stuff written in the post below true? I was looking at some other fractional online boards and saw this about Flight Options- Just when I am getting close, the bad news always rolls in... I heard some stuff about bills not being paid and some FBO's holding Flight Options aircraft for non-payment- Is this a common thing?

COPIED FROM ANOTHER BOARD

A Nervous Employee - Some Honesty Needed from Kenn
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There needs to be some honesty on Kenn's weekly calls-
We all know about the immense money problems we are having. Shares aren't being sold, our vendors are getting very angry, people are cutting us off for non-payment, and our customers are starting to notice- this company is in real trouble.

A sales guy told me that our sales numbers are getting worse every month. This is a bad situation that is getting very scary. How are we going to get an investor to help us out? Kenn needs to stop comparing us to our competitors and start fixing what's broken at home. Be honest, we will understand. We have been through this before.

I want to work for a stable, honest company. Not one that tries to buy pilot's dedication and silence for a lousy $25 gift card. That's just ridiculous. Come on- tell us what's going on. Are we about to go bankrupt? I hear it every day from too many people a lot smarter than me.

I heard today that Kenn has been asking for special deals and favors from vendors that we owe a ton of $ to. How far behind are we? The economy is getting worse - Customers are telling me that they need to fly less and save $$$ themselves. A few have said they want to sell and get out, but can't afford the huge loss due to the bad jet market right now. - There is no way we will be able to afford the Premier 1's next year. How is that going to happen? How can we even afford the Citation X's, not to mention the training and maintenance, etc. Please, let us know.

 

[GooseHZ]

Merlin????????



This comes up every month or two....from what i heard is that we have a big invester out of NY. Dont take what you read on union board from merlin as anything but BS.

Fly safe.....

 

[RJL]

Thanks- That will help me sleep a little better. I hope to be on the short list for Flight Options.

 

[fracman]

Reality is all fractionals are losing money in this economy, even the mighty Netjets. At the end of the day, those with the deepest pockets will be the ones to survive, and those short on capital will fade away.

I personally don't know Flight Options financial status, but for the sake of all those employed there I hope Kenn is being honest about the funding.

 

[Apeman]

I have been at OPT for 2 and change. It's true that these rumours come around every now and then. When people post this stuff about us on other boards, never has any factual information been shown by the people alleging this information. As far as scared owners--a couple of tours ago , I was able to talk with the owner for quite sometime. He told me that he can sell his share of the BJ for more than what he bought it for 2 years ago. He also got his friend into one of our F-50s, and is ready to move into the Cit 3, or a HS-125 shortly, while retaining his BJ share. In my opinion, there are a few gutless slugs who like to stir up the rumour network on a monthly basis. They have a case of the brown-hole against everybody! Let them say what they want, cause it will get them to shut up faster (for awhile). If we owe vendors money, let's get all the facts b4 we decide that the world is ending. There are many possibilities as to why a bill is not paid ontime.

Tailwinds!

 

[flexlrpilot357]

"Reality is all fractionals are losing money in this economy, even the mighty Netjets. "

Actually, Flexjet is operating at a net gain. That's not to say that business and sales have never been better, but we are performing well.

 

[Lrjet55]

Just spoke with some of our sales folks at a static the other day and we have waiting list for several aircraft programs. NetJets is doing just fine.

I want to see this industry strive to levels none of us ever imagined but Flight Options management is going to detract from that. All the pilots I have ever met from Flight Option have been great, the only problem with that company is the owners(of the company, not A/C) and management. If thsi Ricci guy would take his head out of his A-- and try to make his company better instead of trying to point out the faults of every other fractional company he would have much more succes. Just my opinion.

 

[fracman]

Very good point - Kenn's definately not making any friends in the industry.

 

[IronManNDFW]

Hummm...

Yes, this does come about every few months. Yet, it is also true, and no big secret that FO is in financial trouble.

FO has been started in 23 different states, the latest is Ohio.

About 2 years ago before the merger FO wasn't even sure they would make payroll. Many companies had them opn a cash only basis. Of course you will read that it never happened, or didn't happen here. Yes, it did, but Corporate hides things very well.

Is this the same investors in NY that invest every time FO needs money? New blood? Hard to believe in this economey. Wait until you learn it is none other than RTS of NetJets! You think you have seniority issues now.

Ask around about a true count of how many XRTA pilots you still have? As of last count there were 108 out of almost 500 XRTA pilots "no longer with the company." Why do they still show up on the "revised" pilot seniority roster?

Why does maintenance pincle whip the books on "jobs performed?" Is it becaus ethye get a bonus for an aircraft being up? The answer is yes, they do get a bonus for aircraft returning to servce quickly.

To answer your question - At least 1 Falcon 50 in teh LA area is being held for non-payment. Raytheon Aircraft Services (RAS) has put FO on notice and will not extend additional credit.

As one poster stated, Kenn shuld stop bragging about how FO is #2 or that they are gaining on EJA, and fix what is broken.

Yea, the $25 gift card is a joke along with the proposed $40.00 for a cell phone that we will have to provide. Let's not forget that the extra 40 will be listed as income an dyou will get the taxes taken out of that amount.

And what happened to the big pay raise?

not Merlin, but not stupid either.

 

[learflyer]

hey ironman, obviously, you don't work for options. First of all, that 40.00 dollar voucher for the cell phone isn't going to happen. we are all keeping our calling cards. Second of all, none of those "ex rta guys" who were let go are still on the seniority list. Yes, the mx dept. does have an incentive program, but safety is not compromised. Late