Pacific Jet Van Nuys In Bankruptcy

[pa56pa]

I'm surprised this thread hasn't been deleted and all of you put in the penalty box.

I imagine the owners will just set up shop under a new name and start all over again. I'm trying to remember... were the PJ owners the same guys who ran JetWest @ KVNY?

AA717driver- I know two of those "smokin' hot" FA's. They both quit ASAP. They've got stories that'll make your hair stand up.

Yes.. used to be JetWest @ VNY... then TP bought it to start Pac Jet.... now, it's a so-called new company @ VNY ran by TP called "JETFIRST"

 

[Gulfstream 200]

I'm surprised this thread hasn't been deleted and all of you put in the penalty box.

I imagine the owners will just set up shop under a new name and start all over again. I'm trying to remember... were the PJ owners the same guys who ran JetWest @ KVNY?

AA717driver- I know two of those "smokin' hot" FA's. They both quit ASAP. They've got stories that'll make your hair stand up.

I agree.
I ran into a crew in LIRQ in a RAT A$$ G3. Nice folks, but that seemed like the definition of a $hit charter job.

 

[TransMach]

I'm wondering ... what are the expenses that run an aircraft mangement/charter company into bankruptcy? The mangement company doesn't own any airplanes, so there's no debt service there on secured paper. The management company can expand/contract it's staff to meet the flying demand. The management company makes a markup on outsourced maintenance, fuel, insurance and crew services it provides to it's airplane owners. It would have it's own business umbrella insurance, operating insurance, facility rent and staff employee overhead costs. I can see an aircraft management company continue to contract until it dissappears, but bankruptcy ... that means somebody's cheeting somebody by hiding behind the bankruptcy rules or they have cheeted the airplane owners by making promisses they can't keep or they have collected monies from the airplane owners and spent it without doing what they were suppose to do with it.

Just my slant on it. If you pay the airplane owners as you are suppose to, and charge them what you are suppose to, bankruptcy would seem a far fetched idea.

TransMach

 

[HMR]

Interesting post TransMach. I'm not an expert on business (that's why I sit in the front of the jet) but your argument makes sense.

A few other things to consider:

-PJ always seemed to be one of the busiest operators @ VNY.

-Their unwillingness to spend money on proper MX is well known.

-Pilots paid for their own training.

So... what exactly were the expenses that would lead to bankruptcy?

Also, remember the guys on here a few months back who were justifying paying for their training because PJ offered them a GIII job with 500TT? I wonder what the payments are on that training debt?

 

[GVJeff]

You really think there are any clients left?

Even if there were, with that 30 days revocation clause, it's a joke.

Just flew into KBED from LFPG. Heard a Pacific Jet Gulfstream coming over as well. Apparently they're still flying.

 

[kilroy]

One thing that hurt thim is how the structured there management of the aircraft. I know of one G3 deal they managed. Basically they payed the owner $30000 a month to run it. This included all fixed cost . Then when the owner wants to use the aircraft it would cost them $2500 an hour for usage which includes all costs. And on top of that any one in the owners family could use the aircraft for $2500 an hour. If you gave PJ 5 days notice there would be no reposition fee. This particular G3 was in paint and interior for 3 months and PJ payed them while it was down.............

I'm wondering ... what are the expenses that run an aircraft mangement/charter company into bankruptcy? The mangement company doesn't own any airplanes, so there's no debt service there on secured paper. The management company can expand/contract it's staff to meet the flying demand. The management company makes a markup on outsourced maintenance, fuel, insurance and crew services it provides to it's airplane owners. It would have it's own business umbrella insurance, operating insurance, facility rent and staff employee overhead costs. I can see an aircraft management company continue to contract until it dissappears, but bankruptcy ... that means somebody's cheeting somebody by hiding behind the bankruptcy rules or they have cheeted the airplane owners by making promisses they can't keep or they have collected monies from the airplane owners and spent it without doing what they were suppose to do with it.

Just my slant on it. If you pay the airplane owners as you are suppose to, and charge them what you are suppose to, bankruptcy would seem a far fetched idea.

TransMach

 

[AA717driver]

It's stuff like this that makes me thank my lucky stars that I didn't have to take a job like PJ. A friend was in the IV at Clay Lacy and that was bad enough. (Not trashing CL, just 135 in general.)TC

 

[dingo222]

85K in Van Nuys wont buy you the ad on the back of a bus bench, lol.

 

[pa56pa]

One thing that hurt thim is how the structured there management of the aircraft. I know of one G3 deal they managed. Basically they payed the owner $30000 a month to run it. This included all fixed cost . Then when the owner wants to use the aircraft it would cost them $2500 an hour for usage which includes all costs. And on top of that any one in the owners family could use the aircraft for $2500 an hour. If you gave PJ 5 days notice there would be no reposition fee. This particular G3 was in paint and interior for 3 months and PJ payed them while it was down.............

so basically, what your saying is.... it was poorly managed. I agree, and disagree. TP is an experienced aviator and a shrewd businessman who knows both legally and illegally what he can get away with in this business. He has pushed more buttons @ VNY including unfortunately aircraft owners who were misled and conned into thinking their airplanes were NOT making money, while in reality, PJ WAS making tons of $$.

 

[JediNein]

85K in Van Nuys wont buy you the ad on the back of a bus bench, lol.

I won't say housing is expensive in Van Nuys, but yesterday the local paper ran a quote:

"I just got a refrigerator delivered to my house. A homeless man offered me $3 million for it." ~Daily News

 

[TransMach]

Pj

PA56pa,

Never mind. I just figured out you weren't addressing my post. Sorry ...

TransMach

 

[SoundBarViolatr]

Pilot Profile

85K in Van Nuys wont buy you the ad on the back of a bus bench, lol.

Dude your profile icon rocks.

BTW, PJ was not as bad as people made it seem. But then again that's just my humble opinion.

SBV

 

[pa56pa]

BTW, PJ was not as bad as people made it seem. But then again that's just my humble opinion.

SBV

You kidding, right? They're not a great company-- I guess that's why they're no longer in business. Case is closed.

 

[greed]

I have to agree it was not the best place but I have been at many worst places. I did not pay for my training either.