Caravan,Jetstream fractionals cease operations
Two separate turboprop fractional operations have not done well. Atlanta-based Corporate Aircraft Partners, founded two years ago, eventually put six Jetstream 32s in operation with an hourly rate of $1,830, but the company was unable to sell enough shares to make the program successful. In September it ceased operation and furloughed some 16 pilots. Meanwhile, last February Chicago Cessna Caravan dealer J.A. Aero and charter company Planemaster established CaravanShares to sell fractions in the turboprop single (AIN, March, page 4). But the company said it has not sold a single share, blaming the economy. It plans to reintroduce the program at a later time.