SilverState Helicopters to close doors

[NoJoy]

Just read about this. Anybody else hear about this:

http://www.aero-news.net/

 

[NuGuy]

Just read about this. Anybody else hear about this:

http://www.aero-news.net/

Ouch. I think they bought out an operator I once worked for.

Sounds like it's tough nutz if you're a student.

Nu

 

[propsarebest]

I feel bad for all of the students, but GOOD RIDDANCE to SSH. They bilked alot of money out of alot of people.

 

[NoJoy]

I have not heard anythig positive about this heli school. They had a couple of flight schools hear in WA. One in Tacoma Narrows and one in Arlingtion.

 

[avbug]

Silver State going under only makes it a better world, particularly so for the helicopter industry.

 

[G-force]

Art Of The Con

I feel bad for all of the students, but GOOD RIDDANCE to SSH. They bilked alot of money out of alot of people.

This sounds alot like TAB EXPRESS @ Deland Fla. a couple of years ago.They pulled the same crap,get the money from the students,then leave town!!!
and they seem to keep getting away with it!!!!

 

[NuGuy]

Heyas,

It just goes to show: if a place wants the money up front, RUN. If they give you a "discount" for putting money up front, RUN FASTER!

The ONLY way I'd pay for training these days (and to be honest, I'd run as far from this biz as possible) would be on a per flight/per session basis. Take your money, put it in a nice interest bearing account and simply write a check EVERY DAY. The money stays in your account, making you interest.

Even better, get a credit card, ONLY for this purpose. Charge each lesson, then pay off the entire balance each month (from the account above). Use the credit card company's money free for 28 days.

Nu

 

[Goffer]

I have two friends (CFIs) that were at SilverState now looking for jobs, and out the balance of their accounts they had with SilverState. I completely agree with NuGuy about any place that wants the money up front.

A coworker of theirs told them they might want to pack up their stuff they had in the office. The next day the doors were chained and they had security guards there while the place was being shut down.

Maybe I can get them to move out to Hawaii with me. It would be nice to live near some old buddies from school again.

 

[T206driver]

So sad for the students. This outfit had a base hear in southern Colorado with 4 active birds. On there open house day this summer, two of there CFI's were pushing around 4 kids under 3 years old. Yes, they did have a hard sell style. ;(

[FONT=arial,helvetica,geneva]Students Left Hanging By Silver State Closure[/FONT]

Shocked by the downfall of Silver State Helicopters, the Nevada-based flight school that declared bankruptcy earlier this week, former students and employees are telling AVweb they face major financial losses. Silver State Helicopters abruptly shut down operations at its 34 nationwide locations on Sunday afternoon, leaving more than 800 employees without jobs and more than 2,500 flight students saddled with millions in debt. Company president and founder Jerry Airola has yet to speak publicly on the event, but a statement released by the company alleges that “a rapid, unprecedented downturn in the U.S. credit markets” curtailed the availability of student loans for the company’s students and resulted in a “sharp and sudden downturn in new student enrolment.” Tony and Heather Sullivan told AVweb they were at a Super Bowl party when they got the news. Heather was employed as a receptionist and flight dispatcher at Silver State’s Houston facility, where her husband was a student. To date Tony has logged just 81 of the 200 hours he signed up to receive, and said he does not know how he is going to complete his training. Tony, who works full time as a human resources manager for a construction company, said he has an outstanding loan through American Education Services (AES) for approximately $70,000, the cost of the 18-month program designed to get students through their private, commercial, instrument and initial flight instructor certificates. Mike Reiber, spokesperson for AES, told AVweb that AES is one of several companies that originated and serviced loans made to Silver State students. “Effective this past Monday we are no longer dispersing money to Silver State Helicopters,” he said. “Any disbursements that were sent out are being returned.” Reiber said that AES is awaiting direction from Student Loan Xpress, the guarantor of the loans. Student Loan Xpress spokeswoman Jenn Stark said Silver State should pay unused tuition back. “As a result of Silver State Helicopter School's decision to file for bankruptcy protection, we are currently working with its students to ensure that their loans are managed properly until the bankruptcy court decides upon a course of action to assist them." she wrote in an email to AVweb. She said affected students can contact Student Loan Xpress for information, at 888-568-2429, between the hours of 8 a.m.-5 p.m. EST. Silver State Helicopters is a member of the Helicopter Association International (HAI). In an undated membership profile on HAI’s website, Silver State lists a fleet of 195 helicopters including 138 two-place Robinson R22s and 43 four-place R44s. HAI president Matthew Zuccaro told AVweb that the loss of such a large flight school will be felt throughout the industry. “It’s certainly of concern to us,” he said. Jerry Airola founded Silver State Helicopters in 1999 and quickly became known throughout the industry for using aggressive sales tactics to recruit students to the program.

 

[NuGuy]

Heyas,

I've been around the block a few times in this biz, and it still amazes me ANYONE pays in advance for anything, let alone sign up for massive debt.

Good luck to all involved.
Nu

 

[414Flyer]

http://www.fox12news.com/Global/story.asp?S=7863546&nav=menu439_7_6

Idaho Attorney General looking to hear from former Silver State students who lost money

"Again, if you are a student of Silver State Helicopters, officials at the attorney general's office want to speaking with you.
They can be reached by calling 334-2424, or by obtaining a complaint form on the website www.ag.idaho.gov."

 

[propsarebest]

FYI...

There is a GREAT article in this month's Aviation International News about the end of SSH.

 

[Jetsetter]

Is that the same company that was on the TV show with OCC ?

 

[TWA]

There is now a list of assets for sale! Any takers for a few slightly used R22s? http://silverstatehelicoptersbankruptcy.com/Assets.html

 

[propsarebest]

There is now a list of assets for sale! Any takers for a few slightly used R22s? http://silverstatehelicoptersbankruptcy.com/Assets.html

Funny, in their filing, they mentioned they only had 20K in assets- that's why they can't refund any student funds.

 

[TWA]

Funny, in their filing, they mentioned they only had 20K in assets- that's why they can't refund any student funds.

That's because the assets listed there are already spoken for. All aircraft were listed as collateral for their $50 million line of credit.

There have been all sorts of rumors going around about helicopters being moved around and sold after the bankruptcy filing, so definitely do not purchase site unseen! If this doesn't bring down the price of R22s, I don't know what will!

 

[propsarebest]

If this doesn't bring down the price of R22s, I don't know what will!

I for one, hope it does. Those ****boxes are worthless. Train in a 300.