Options Big announcement?

[Diesel]

Anybody know what John was alluding to in the weekly message about his big announcment?

PS i hear jet blue is getting into the fractional market

 

[flyboycpa]

.

 

[FL450]

CLEVELAND--(BUSINESS WIRE)--June 13, 2003--Flight Options LLC, a leading provider of fractional shares in jet aircraft announced today that it has completed a financial recapitalization agreement with Raytheon Company's wholly owned subsidiary, Raytheon Travel Air, and other investors that results in Raytheon owning approximately 65 percent interest in Flight Options LLC.

As part of the recapitalization agreement, Raytheon exchanged certain Flight Options LLC debt it holds for equity. Raytheon also has committed to invest certain additional capital on an as needed basis over the next eighteen months in Flight Options LLC and provide secured aircraft and retail financing over the next three years.

"Raytheon is pleased to participate in the recapitalization," said Ed Pliner, Raytheon's chief financial officer. "We believe this recapitalization will provide Flight Options with the resources to achieve its business objectives."

"Raytheon's investment will allow Flight Options to grow and continue to exceed our customer's expectations for safety, service and value," said John P. Nahill, chief executive officer of Flight Options LLC. "With this transaction complete, we look forward to introducing new products and programs for our owners, which will continue our tradition of bringing innovative and value oriented products to the marketplace." Other Flight Options LLC shareholders include Brantley Partners, Brantley Capital and Monitor Clipper Equity Partners.

Based in Cleveland, Ohio, Flight Options employs over 1,300 professionals nationwide. Flight Options offers fractional shares in its fleet of over 200 aircraft, which includes the world's largest fleets of King Air's, Beechjet 400A's and Hawker 800's. The fleet also includes the CitationJet, Citation V, Citation 650, Falcon 50, Citation X, Challenger 601 and Gulfstream IV. As was reported in the 2002 ARG/US Fractional Ownership Study, Flight Options rated first overall in the categories of service, crews and reliability.

 

[Da Man]

Don't think this is the "big news", since the RTN takeover has been no secret for some time now. Must be more news coming.