Shocking but I guess Warren was going to sit idle and watch the losses mount. It reads like all the other CEO stepping down press releases. He will always be an icon in the fractional industry. All of the companies were born out of his great idea. We all owe him
Prediciton: Someone is coming to slash and burn costs in an effort to find profitability.
They wouldn't have had him step down as Chairmen as well if that were the case. Expecially when berkshire is releasing their earnings soon. If they were good it seems they would have waited. Could be wrong we will see very soon.
OK...I read the BH 1stQ Financials.
It didn't give much insight, but I did find out that of the $96M, $55M of that was aircraft devaluation...which will go up in better times. When people say "We're loosing $1M a day" that's not really true.
The $96M is real. Same as when you looked at your 401K last quarter and it made you sick.
The current aircraft value trends are even worse this quarter, Nothing is selling especially high time 5 year old aircraft. Lenders will not finance these planes. Period.
The first quarter loss from operations was $41M (96M-55m). This is also real. RTS is out for a reason. A great man an even greater vision.
Times are tough. You can expect 2nd Qtr to be as bad or worse. BH will not stand by silently and wait for the operation to return to profitability.
Berkshire has spoken!
Who's they? It seems that WB didn't expect this either. Of course, I'm going off of the email that RTS sent us but it seems that this wasn't WB's idea.