Is Flight Options Close to Bankruptcy?

[fracman]

"If FO is in such bad shape, then why are the buying Cit. X's?"

I hear Swift will continue to own and operate the X's until they are sold to the share owners - technically FO is not buying the X's, just selling them.

 

[Dep676]

Well Ironman I do work for Options. You never answered the question about Options being in 23 different states. Are you an Options original or Ex-RTA?

Maybe I did put words in your mouth about being unhappy. I didn't mean too. From your posts though. It would appear that you aren't very happy about being there. That is just my thought. I guess if liked the place were I worked I wouldn't be posting stuff like that. If you are really unhappy nobody is forcing you to stay.

As far as a BE-10, it burn the same kerosene as any other turbine.

 

[IronManNDFW]

23 States

This information is accessible to anyone. Take the time to lookup (run a National Comprehensive Report) on the company and the leadership on an Internet database. You will learn a lot about the people whom we work for. Ok, you will actually have to spend money for this type of a search.

It has actually been 26 states not 23. Some of the 26 are: IN, OH, KY, NV, IA, CA, TX.

Corporate Wings the Parent of Flight Options was originally started in the State of Texas 5/30/1985. The company filed a PIR (Public Information Record (before an IPO)) on 5/19/1990 with no revisions. The state of Texas Rejected the filing due to TAX/Accounting problems.

The company filed again on 5/17/1993 with revisions. On 2/15/1994 the Secretary of State of Texas DISSOLVED the company due to TAX forfeiture.

12/4/1996 the State of Nevada closed the company for Illegal Activities! Imagine that Nevada closing a company for illegal activities. Nevada??? Oh now how bad was it?

States filed in range from California to Ohio. The companies have been closed or moved for various reasons.

Public record shows on 10/7/1992 there was an Action filed by the state of Ohio against Corporate Wings, Inc. A Partial release and amendment was filed on 8/25/1993, with the termination of the issue on 5/31/1995.

The 2 at the helm of the company have played this scheme in many states. Some of the states shut them down; some have allowed them to move on to other states.
Ohio is just the latest.

Again this is to help you make a better informed decision. Don't believe me. Do your own search, do your own investigation, read the report with a open mind, but be mindful of what is in the report.

Yes they (CW, FO ) have had money problems in the past, and it appears they still do. I will, like many ride this one as long as it lasts. Then on to the next gig..

This does not mean that I don't have a back up plan or company to fly for.

For those nay Sayers that say then "go and don't let the door hit, yada, yada." Better people than you have told me this non sence.

Do your own independent investigation, make your own decision.

Heard of many planes, not a BE-10. Is that a KA 100?

 

[Dep676]

Yes BE-10 is a KA 100.

Thanks for info. Just have to wait and see if anything will happen.

 

[RJL]

I met a guy last week that told me Flight Options is starting to take back (or is it buy back) more aircraft fractions than it's sellling- Is that true? He said that sales really stink right now. I know times are hard for everyone, but it was a surprise for me that so many people were looking to get out of doing business with Flight Options.

My heart goes out to those pilots- I've been there. I hope things get better fast!

 

[Turbinehead]

Boo Hoo

Boo Hoo.

 

[trainerjet]

Re: Boo Hoo

Boo Hoo.

A$$ hole!!

Why, every time you speak the stench just gets worse and worse.

Your parents must be VERY proud.

 

[banned username 2]

If FO is in such bad shape, then why are the buying Cit. X's?

Avolar "bought" a bunch of Falcon 50EX's, Falcon 2000's, Falcon 900EX's, Gulfstream IVsp's, Gulfstream V's and you see where they are right now...

Also they announced a bunch of LearJet purchases, then just a couple weeks later they said they were closing the doors...

Things that make you say "Hhhmmmm....."

 

[SheGaveMeClap]

Even in a bad economy, Flight Options is selling 7.5 airplanes per quarter. In a slow year, it's estimated we will sell 30 airplanes. When this economy turns around, that number will increase significantly. Keep this thread going, it makes me laugh watching non-Options folks talk doom and gloom about our company. This is great entertainment for my days off!!!

 

[RJL]

Are those numbers accurate? My brother sells aircraft parts (used to work for Raytheon) and he did research on flight options for me- he found the sales numbers flight options reports to the FAA. He used a system called jetnet.

He said that according to the FAA, Flight Options really sold less than 4 aircraft in the second quarter of 2002 and less than 3 aircraft in the third quarter 2002. They also have been buying back shares (i guess like all companies do). He told me the year to date numbers for flight options are that they only sold about 11 aircraft all year (really only about 7 jets with the buy backs).

He said that Flight Options would probably sell less than 12 total jets this year after fractional share buy backs. I figure that 12 jets times 5 pilots per plane would be about 60 new pilot openings (plus other open seats from the people being let go because of the union mess)- is that right?

I asked him why there are so many weird numbers out there, and he said that Flight Options keeps taking credit for sales that where made by Raytheon Travel Air before the 2 companies merged.

My brother said I should stop sending my resume to those folks. Sounds like he may be right.

 

[SheGaveMeClap]

I've given the information we were told by management. If anyone else (from Flight Options) has any other information, feel free to chime in if I'm giving bad stats.

RJL, keep your resume, we have thousands of resumes sent by people who want to work for us.

 

[RJL]

Will do. Thanks for the info. and good luck friend.

Watch out when it comes to "quoting managment"- It only took me 23 years with my head in the clouds to finally figure out that people aren't always as nice and honest as we would like to believe that they are.

Anyone know of an honest airline, cargo, or corporate flight department? I would love to work for them. I would rather be told bad news and work harder to make it right than be lied to.

RJ

 

[SheGaveMeClap]

RJL,

Like I said, I was just passing on what we heard. Options is running about 20-30 newhires through school per month. If we aren't getting new airplanes on property, I don't know what these new guys would be flying. We continue to be short staffed, so we must be doing something right. If we weren't selling airplanes, we probably wouldn't be flying as much as we are.

Good luck in the job search.

 

[fracman]

Flight Options Sales

Pretty easy AMSTAT search - here's the YTD title transfers

Sold: 169 shares/13.1 aircraft. Average share size 62 hours.

Repurchased: 64 shares/5.625 aircraft. Average share size 70 hours.

Net Sales: 105 shares/7.475 aircraft. Average share size 57 hours.

Again - this is AMSTAT data, not my opinion.

Fly safe.

 

[Dep676]

NAYSAYERS

Again the simple question of why are they hiring so many people? There were 20 in class last month and heard of possibly 2 classes this month. Also stepping up the interview from 2 a day to 4 a day possibly. Why would they waste time doing all of this if they are going under? Spend all of this money sending all these guys to school and get trained on the airplanes. Just ask that. Do you think a company that is going under spend that kind of dough? Again you show me a company, in aviation, that has made a lot of money this year. All of them are in debt somehow. That's just a fact of life in aviation. Just food for thought.