Tab Express Closed, Scandal Again!!

[FN FAL]

Are you suggesting I find myself a Sugar Mamma?

Better act now, supplies of sugar mommies are dwindling.

 

[CTS]

The APR is now just over 5%. It is a variable rate based on the LIBOR. I was at TAB in 2002 and got picked up by Colgan Air then made my way to ASA. I did all my ratings on my own and used TAB's transition program to get my 1st 121 job. At the time I was there, everything seemed stright up. Bob had a nice porshe, the money for that came from his Cancer Insurance. I guess a few years back he purchased a large cancer policy, then he ended up with cancer, so he got the money. I know shortly before I arrived he was going through treatment. He had quite a few King Air 90's when I was there, maybe up to 20. Most, at the time were flying in the northeast. He leased them out to individuals and corporations. I knew going into the program there was a great risk that I would never see a job out of it, but I was lucky. The biggest problem I had with TAB, was they accepted everyone. There were guy's and gal's that had no business being in aviation. Mostly stick and rudder skills were lacking, but also the ability to get through ground school. There was no talk of an airline being started, and the most expensive program from 0 time to job was I think 70K? I guess alot changed over the nex few years. Somebody said here that they were going to file Bankruptsy, but if their granmother co signed the loan, then Key will go after her next. Hope she really likes you!

 

[Murdoughnut]

I called TAB in January of '05 because I had seen their ad in AOPA's Flight Training. I was just sorta curious. They quoted me $90k for the program. Even being ignorant of PFT and flight school costs in general, I knew I'd never ask my parents to cosign something like that - just not right. The more I looked into it, I couldn't figure how they would possibly need as many FOs as they were trying to bring in. The "airline" was only flying on a charter basis - and when I looked at their schedule, they had only chartered something like three flights for the next six months. Didn't add up to me.

I went through school up through my Masters degree for free thanks to scholarships and fellowships. I had long considered law school, but even $50k sounded too steep for me (I subsequently married a lawyer). I feel especially bad for the foreign students who got roped into this - those who probably didn't have the knowledge of American industry enough to know they were being bent over.

If anyone hasn't seen this, there's still a link for a news report that was done right after TAB closed down ... http://www.wesh.com/news/4618631/detail.html

Hey Mcjohn - where at KPIE did you do your CFI? I rent from CAMS.

 

[mcjohn]

American Flying Adventures. It was the only place I could find in the S.E. that had C152s at the right price, an Arrow, and a gold seal instructor to get me through quickly that was available full time. 80% of the checkride was in the 152 and 20% in the Arrow. Good way to do it. What is CAMS?

 

[Murdoughnut]

CAMS is another FBO on the field ... they just recently got into flight instruction, however (like in the last two years I believe). They're a Cessna Pilot Center. I rent a 152 from there for $69p/h (which includes a $10 fuel surcharge). Not as good as I use to get in Texas, but not bad for here.

St. Pete is a nice place to fly. Gets kinda crowded up and down the coast, but there's a lot of fun trips within an hour each way.

 

[mcjohn]

Yeah, it was fun practicing Eights on Pylons over those houses that sit out in the middle of the water a little northwest of the feild. People were always out partying on them and flipping us off.

 

[DJRobbioRobbio]

Yeah, it was fun practicing Eights on Pylons over those houses that sit out in the middle of the water a little northwest of the feild. People were always out partying on them and flipping us off.

Don't try that over Bunell... They shoot planes up thurrr

 

[mcjohn]

Naw, watchin a little 152 is fun.

 

[wmuflyguy]

A person I spoke to who attended Tab, transfered to Gulfstream told me as soon as they get hired by a Regional carrier, some where going to file for BK, as they knew they where going to be unable to pay back the money, b/c of what had gone on with TAB

I asked him how much he borrowed total $115K of which is grandmother co-signed for him.....

Better tell them to rethink the "bankruptcy" strategy. Since student loans will not go away in bankruptcy.

 

[timeoff]

These loans being discussed are private. They aren't federally sponsered, therefore they can be included in a bankruptcy.