Charter and Fractional » Fractional

News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.

September 17, 2013 - 2:30pm

To celebrate the 50th anniversary of the Learjet 23’s first flight this October 7, Flexjet launched a six-city U.S. tour dubbed “Legends Redefined.” The showcase features a Learjet 85 mockup, as well as products from other legendary brands, including Aston Martin, Scotch whisky maker Royal Salute and Napa Valley-based Ackerman Family Vineyards. Tour stops and dates are Menlo Park, Calif., September 17; Chicago, September 23; Columbus, Ohio, September 26; Washington, D.C., October 1; New York City, October 7; and Houston, October 15.

September 12, 2013 - 3:36pm

A bankruptcy hearing for Avantair held yesterday in Tampa, Fla., brought some needed good news for share owners of the 56 ex-Avantair Piaggio Avantis, with the Italian OEM unveiling a path for them to get their aircraft back in the sky. These aircraft, which haven’t flown since early June when Avantair shut down, were officially grounded by the FAA last month when the agency revoked their airworthiness certificates.

September 12, 2013 - 3:05pm

Flexjet has named Dr. Kenneth Cooper, inventor of aerobics, and his son, Dr. Tyler Cooper, as the fractional provider’s official health advisors. As part of its new alliance with Cooper Aerobics, the doctors will educate Flexjet share owners about health, wellness and travel in upcoming issues of the company’s magazine that is distributed to customers.

September 10, 2013 - 3:45pm

With the exception of the heavy jet category, charter flight demand seems to be tailing off at the end of the Northern Hemisphere summer vacation season. The latest forward-looking demand index from online charter portal Avinode shows demand dipping for light and midsize jets over the next 30 days.

September 5, 2013 - 11:32am

Directional Aviation Capital (DAC)–the company headed by Kenn Ricci that owns Flight Options, Sentient Jet, Nextant Aerospace and Constant Aviation, among others–announced today that it is buying fractional provider Flexjet from Bombardier for $185 million. The transaction is expected to close by year-end, pending U.S. government approvals. All Flexjet employees will be retained, Ricci noted.

September 5, 2013 - 11:14am

The trustee overseeing Avantair’s involuntary bankruptcy is seeking a halt to a class-action lawsuit brought against the company on behalf of former employees alleging Fair Labor Standards Act violations for failure to pay for work performed or provide proper termination notification.

September 5, 2013 - 9:25am

Directional Aviation Capital (DAC)–the company headed by Kenn Ricci that owns Flight Options, Sentient Jet, Nextant Aerospace and Constant Aviation–announced this morning that it is buying fractional provider Flexjet from Bombardier for $185 million. The transaction is expected to close by year-end, pending U.S. government approvals.

September 1, 2013 - 4:45am

Owners of fractional shares in Piaggio Avanti twin turboprops operated by Avantair are trying to take possession of their aircraft in the wake of the August 16 court hearing that put the Clearwater, Fla.-based company into involuntary bankruptcy.

September 1, 2013 - 4:45am
Avantair’s Clearwater, Fla. headquarters are currently secured by the bankruptcy trustee. In this photo, the company welcomes employees back to work after last year’s three-week grounding.

The assets of Clearwater Fla.-based Avantair will be sold and the company liquidated after it failed to meet an August 13 deadline to contest an involuntary Chapter 7 filing in the Florida Middle District U.S. Bankruptcy Court in Tampa. Judge Catherine McEwen signed an order during a hearing on August 16 authorizing the case to proceed under Chapter 7.

August 22, 2013 - 3:30pm

On Tuesday, the judge overseeing the Avantair bankruptcy case approved a motion for trustee Beth Ann Scharrer to begin examinations of Avantair CEO Steve Santo, CFO Bret Holmes, president David Haslett, associate general counsel Tom Palmiero, executive vice president Kevin McKamey and executive vice president of finance and operations Stephen Wagman “to obtain any and all documents in [their] possession related to the assets, liabilities and business operations of [Avantair].”

 
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