Avantair Assets To Be Auctioned on January 10

AINalerts » December 26, 2013
December 26, 2013, 11:00 AM

The assets of bankrupt fractional provider Avantair will be auctioned off next month at a warehouse about a mile from the company’s former headquarters at St. Petersburg-Clearwater International Airport in Florida. According to court documents, the auction is being held off-site from its headquarters to address airport security concerns, especially since the building is adjacent to a National Guard air unit.

Items to be auctioned include an aircraft tug, various Piaggio Avanti parts, office furniture, computers and other equipment. U.S. Bankruptcy Court Florida Middle District Judge Catherine McEwen has approved Papillion, Neb.-based Starman Brothers Auction as the auctioneer. The date for the auction has been set for January 10, according to the Starman Brothers website.

Meanwhile, McEwen has permitted the sale of a TBM 700 owned by Avantair subsidiary Aircraft Support Llc to KGS Investments for $1.52 million. This is less than the $1.6 million minimum bid set by the trustee when the judge approved aircraft sales broker Corporate Jet Solutions to list the turboprop single for $1.85 million in October. After satisfying the $1.2 million aircraft loan from Iberia Bank, a $70,000 maintenance lien from Palm Beach, Fla.-based Big Sky Aviation and 5-percent sales commission to Corporate Jet Solutions, Avantair’s estate will net $75,000 from the sale.

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matt
on December 26, 2013 - 3:10pm

What about employee access to their 401K accounts? The local Tampa TV news outlet was told it would be " weeks", not months before employees would get access. The end of the year is almost here and still no word. Any chance the author of this article could look into this issue. There lots of former employees who really need access to their money to pay bills.

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