Repeat after me union bad, union bad
Meanwhile.......in the rest of the world........
http://news.yahoo.com/blogs/lookout/down-not-voices-long-term-unemployed-125453267.html
Yeah, a union is going to solve everything. Tick, tock, is right. Start the countdown to the end of the company. Things will NOT get better. I will happily eat crow if I am wrong.
Yea things are really horrible with a union here at Flight Options:
http://www.crainscleveland.com/apps/pbcs.dll/article?AID=/20110713/FREE/110719943
Thursday July 14, 2011
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Flight Options secures $167 million financing commitment to expand jet fleet
8:42 am, July 13, 2011
Flight Options LLC, a provider of fractional jet ownership, has secured a large financing commitment from Brazil's development bank in order to expand its fleet of aircraft from Brazilian manufacturer Embraer. Flight Options said it has entered into a three-year, $167 million financing agreement with Banco Nacional de Desenvolvimento Econômico e Social (BNDES) to finance its purchase of Embraer Phenom 300 jet aicraft. Flight Options said the first-of-its-kind loan agreement between the development bank and a fractional jet operator will be guaranteed by the Brazilian Ministry of Finance.
Michael Silvestro, Flight Options CEO, said in a statement that the financing agreement “underscores the bank's confidence in our financial stability, operating strength and future prospects.”
In 2007, Flight Options placed an order for 100 Phenom 300 business jets, plus an option to buy 50 more. The total value of the order exceeds $1.2 billion, at the Phenom 300's current list price.
Flight Options said it began taking delivery of the aircraft in May 2010 and currently has eight Phenom 300 jets in service. Flight Options anticipates it will have 15 Phenom 300 jets in operation by the end of 2011.
Earlier this year, Flight Options announced a 467% increase in fractional jet sales and a 46% increase in sales of its JetPASS card during the first quarter of 2011 compared to the year-ago quarter. The company also said fractional jet utilization, which measures how actively the company's owner/members are utilizing their shares, was up 8% compared to the 2010 first quarter, while JetPASS flight revenue hours rose 35%. In response, Flight Options has been recalling furloughed pilots, reopening maintenance centers and investing in customer service and operations.
