GEXDriver
Well-known member
- Joined
- Jul 6, 2002
- Posts
- 200
I got this in an email from a business type who knew I was a pilot and thought I might find it interesting. I don't have any idea who sent this to him. Anyone have any idea where this came from?
[FONT=arial,helvetica]BERKSHIRE HATHAWAY TO SELL NETJETS
>
>
>
>WOODBRIDGE, NJ (Reuters). NetJets, the creator and market leader in
>fractional aviation, announced today that it is being sold to a employee
>stock ownership plan owned by its pilots. In the joint announcement, the
>pilot group announced the deployment of a groundbreaking, new and
>innovative management structure, unused in any industry. “We have the most innovative, efficient, kind, friendly, creative, flexible, multi-faceted and reliable
>workforce in the history of the world” said a NetJets executive referring
>to its unionized pilots. All employees other than pilots will be dismissed. We
>will be an all pilot company.
>
>
>
>The rationale behind this innovative strategy is“our pilots now know
>everything about everything” said a union executive. They started off
>knowing much about a little (flying), but over time began to know more and
>more about more and more so that today they know everything about
>everything. “Our studies have proven that through osmosis in handling their
>joystick, our pilots have become masters in not only flying business jets,
>but marketing, sales, corporate finance, dispatch and mechanical issues”,
>said the unnamed union executive. The union executive said that once upon a
>time, the NetJets executives, who created the fractional business model,
>were able to finance it, build it, get owners to purchase the jets and
>successfully operate it for many years, started out knowing a lot about
>many items, but after listening to the pilots for many years the NetJets
>executives realized that they know little about nothing and have decided to
>leave the company. Like many entrepreneurial ventures, it is time for us to
>move on and leave the Company in more capable hands”, said one executive
>who has been with the company since its inception. Union leaders have said that
>the collective intelligence of its membership have actually conceived of a
>model whereby pilots will have starting compensation at a per flying hour
>rate just below the per hour compensation of the owners they are flying.
>For example, a new pilot will receive a per hour compensation at 90% of the
>average level of total compensation (including perks, stock options and
>bonuses, but not including additional compensation, regardless of whether
>reported from insider trading and fraud) of the corporate executives which
>fly on that type of aircraft. As the pilots have more seniority with the
>company, they will move to larger jets whose owners, on average, are more
>highly compensated. For example, the average owner of a Gulfstream IV-SP
>makes more than the average owner of a share in a Hawker 400. In order to
>attract new pilots, all pilots will be required to change their status at
the company from pilot to share owner after 10 years in order to make new
>opportunities available for younger pilots. “Our model shows that after 10
>years, each pilot should be wealthy enough to own a quarter share in the
>jet of their choice; this will continually create many new owners, who can
>afford and would be more than willing to pay higher and higher salaries to
>the new pilots, who will make more and more until they have enough money to
>become an owner themselves”, says Charles Ponzi, Ph.D., a consultant to the
>pilots group.
In addition, with the pilots working fewer hours, they will
>actually fly even fewer hours since most new owners will be type rated in
>the aircraft they own. We anticipate that many of the owners will want to
>take the controls themselves, leaving the compensated pilots to dine on
>caviar and Tootsie Rolls while not clogging the toilets with excess toilet
>paper.
>
>In other news, in response to the continuing discussion of the choice of
>the successor to Berkshire Hathaway Chairman Warren Buffett, the Berkshire
>Hathaway Board released a statement saying that they are in exploratory
>talks to sell all of the BH divisions to the pilots group. Chairman Buffett
>said “not only does this amazing group know how to run NetJets, but they
>seem to be able to tell us how to run all of our divisions”.
>
>[/FONT]
[FONT=arial,helvetica]BERKSHIRE HATHAWAY TO SELL NETJETS
>
>
>
>WOODBRIDGE, NJ (Reuters). NetJets, the creator and market leader in
>fractional aviation, announced today that it is being sold to a employee
>stock ownership plan owned by its pilots. In the joint announcement, the
>pilot group announced the deployment of a groundbreaking, new and
>innovative management structure, unused in any industry. “We have the most innovative, efficient, kind, friendly, creative, flexible, multi-faceted and reliable
>workforce in the history of the world” said a NetJets executive referring
>to its unionized pilots. All employees other than pilots will be dismissed. We
>will be an all pilot company.
>
>
>
>The rationale behind this innovative strategy is“our pilots now know
>everything about everything” said a union executive. They started off
>knowing much about a little (flying), but over time began to know more and
>more about more and more so that today they know everything about
>everything. “Our studies have proven that through osmosis in handling their
>joystick, our pilots have become masters in not only flying business jets,
>but marketing, sales, corporate finance, dispatch and mechanical issues”,
>said the unnamed union executive. The union executive said that once upon a
>time, the NetJets executives, who created the fractional business model,
>were able to finance it, build it, get owners to purchase the jets and
>successfully operate it for many years, started out knowing a lot about
>many items, but after listening to the pilots for many years the NetJets
>executives realized that they know little about nothing and have decided to
>leave the company. Like many entrepreneurial ventures, it is time for us to
>move on and leave the Company in more capable hands”, said one executive
>who has been with the company since its inception. Union leaders have said that
>the collective intelligence of its membership have actually conceived of a
>model whereby pilots will have starting compensation at a per flying hour
>rate just below the per hour compensation of the owners they are flying.
>For example, a new pilot will receive a per hour compensation at 90% of the
>average level of total compensation (including perks, stock options and
>bonuses, but not including additional compensation, regardless of whether
>reported from insider trading and fraud) of the corporate executives which
>fly on that type of aircraft. As the pilots have more seniority with the
>company, they will move to larger jets whose owners, on average, are more
>highly compensated. For example, the average owner of a Gulfstream IV-SP
>makes more than the average owner of a share in a Hawker 400. In order to
>attract new pilots, all pilots will be required to change their status at
the company from pilot to share owner after 10 years in order to make new
>opportunities available for younger pilots. “Our model shows that after 10
>years, each pilot should be wealthy enough to own a quarter share in the
>jet of their choice; this will continually create many new owners, who can
>afford and would be more than willing to pay higher and higher salaries to
>the new pilots, who will make more and more until they have enough money to
>become an owner themselves”, says Charles Ponzi, Ph.D., a consultant to the
>pilots group.
In addition, with the pilots working fewer hours, they will
>actually fly even fewer hours since most new owners will be type rated in
>the aircraft they own. We anticipate that many of the owners will want to
>take the controls themselves, leaving the compensated pilots to dine on
>caviar and Tootsie Rolls while not clogging the toilets with excess toilet
>paper.
>
>In other news, in response to the continuing discussion of the choice of
>the successor to Berkshire Hathaway Chairman Warren Buffett, the Berkshire
>Hathaway Board released a statement saying that they are in exploratory
>talks to sell all of the BH divisions to the pilots group. Chairman Buffett
>said “not only does this amazing group know how to run NetJets, but they
>seem to be able to tell us how to run all of our divisions”.
>
>[/FONT]
imp: 
