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Pace CEO arrested....there is justice

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I certainly would like to know how a guy could buy a business and run it into the ground so fast. Has to be more to the story than we get from these post on FI.. As for his arrest, if he did indeed pay the last 3 mo of the premiums and previous owner hadn't been paying he most likely will get off. IE the ins company cancelled because of the original owner not paying...
I don't think the NC DOI is going to use pretzel logic. It was up to rodgers to notify as per the law. He chose not to. He broke an NCGS, 350 times .
Pace Airlines Gets New Investors, Eyes Rehiring Workers

Staff Writer
October 26, 2009

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WINSTON-SALEM - Financially troubled Pace Airlines is getting new investors and talking about rehiring some workers.

Pace vice president Stuart Carnie told FOX8 on Monday former William Rodgers signed documents last week relinquishing his ownership of the airline. Carnie would not reveal the names of the airline's new investors.

Pace has taken control of a building on Tucker Street in Burlington near the Burlington Airport. Carnie said the business will use that location and Smith Reynolds Airport in Winston-Salem as it gets back up and running again.

Carnie also revoked his interest in Rodgers' bond, meaning Rodgers was once again booked into the Forsyth County jail on charges he failed to pay health insurance premiums for Pace employees.

Carnie explained: "At this point, he's no longer involved with the company because he signed off his ownership of the company. It's no longer prudent for me to be a part of the situation."

Rodgers was still being held in the Forsyth County jail late Monday night.

Pace Airlines stopped operating in September. Many of its 300 employees were not paid in August and September. All of them were let go in two separate layoffs after Rodgers took control.

The U.S. Labor Department is investigating.
Exactly! That's what I'm thinking. If there really is new funding from "investors" then the first priority should be to pay back the employees what they are owed.
So Rogers was released from jail and some point and then put back in?

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