Is Flight Options Close to Bankruptcy?

[xrated]

We started flying for F/O on the 1st of Nov (I happen to be one of the contract X pilots), and we've all been flying our butts off. Even as we started to fly Options trips, there were still some details to be hammered out, but as far as I can tell the deal is still on. Just got word from management yesturday that we are going to phase in the Options uniforms so that was one more hint that things are a go. It's true that making the program work with just five X's would be tricky since the plane can be a hanger queen at times, but word on the street is Options is looking at other tens on the used market. I'm confident that the program will be a success, the pax we've flown seem to be excited about it, but what the future holds for us contract X pilots is still a mystery to us.

 

[ArmyPilot]

Contract Pilots

I am not sure what the contract pilots will do but I am sure Flight Options will offer them employment once we have transitioned our existing pilots into the X's. For the sake of senoirity I am sure the X pilots will be offered jobs at the bottom of the list. I can't imagine it any other way. It is understood that we can't simply send guys to X school and throw them into the aircraft without any experience, so once that experience is aquired with a little flight time, etc. I am sure they will upgrade to Cpt (400 hours?) and then the contract pilots would be phased out. No one gets hired at FO other then at the bottom of the list and I am sure this will be no exception. We are all excited about the X program and look forward to the opportunity to fly them.

Just my 2 cents...

 

[hawkercpt]

Contract pilots

It's true that Options hires only into the bottom of the list. We have however seen them place guys higher on the list without regard to seniority. A look at the list and aircraft being flown will show the discrepancy. I only hope Kenn does the right thing this time. Lately I am starting to question his thought process.

 

[ArmyPilot]

I agree

Well HawkCapt I would have to agree with you, lately FO has been doing some very strange things. I also would hope that FO do the right thing and place any "new" pilot at the bottom of the list and in a light jet for fairness. Only time will tell....

 

[fracman]

JP Morgan Report

Dated 11/11/02 - I think this says it all:

Neutral-rated Raytheon's 10-Q confirmed financing problems with Flight Options. Consistent with the note we wrote dated
10/28/02 on the fractional jet business, Raytheon's 10-Q disclosed that its Flight Options joint venture is experiencing delays in
obtaining outside equity financing. We believe this speaks to the deteriorating appeal of the fractional business, and also
presents Raytheon with another issue it needs to address. Raytheon currently has $83 million in exposure to the Flight Options
JV, largely in the form of debt owed to it by Flight Options.

 

[Lrjet55]

Once again

Here we go again!!!

Dont listen to AIN. Even after having the Editor of AIN come on this board to defend himself they are still wrong. NJA has not slowed taking deliveries of aircraft. If anything NJA was hoping to receive them quicker. NEVER EVER listen to AIN!!!!! no matter what they say. They are on the verge of being considered a tabloid for the aviation industry.

 

[Publishers]

Financing

Right now finding money for aviation ventures is not very easy. That is not reflective of Flight Options as much as the over all situation in our economy.

It is even tougher for someone in the airline business.

Obviously fractional sales will level off at some point. The growth has been amazing. The net effect on the used aircraft business, the effect on corporate flight departments, and other factors are yet to be determined.

 

[fracman]

Wall Street Funding

Anyone know if the deal for funding from the "major wall street firm" ever went through?

 

[sky4]

Raytheon

Raytheon would not sell.

 

[fracman]

Raising the capital had nothing to do with Raytheons desire to, or not to, sell. My understanding is it was to fund ongoing operations.