U.S. judge Randall Dunn on Friday ruled that China Aviation Industry General Aircraft Co. (CAIGAC) will be the winning bidder for the assets of bankrupt turboprop kit manufacturer Epic Air, but only if it licenses bidder LT Builders Group to manufacture Epics in Bend, Ore., according to a report in The Oregonian, which has been attending the Epic hearings.
An evidentiary hearing was scheduled today to determine the winner of an auction held last Friday for the assets of bankrupt Epic Air and its sister companies. Bidders were China Aviation Industry General Aircraft Co. (CAIGAC), Harlow Aerostructures and LT Builders Group. CAIGAC’s all-cash bid of $4.3 million was highest, followed by Harlow’s bid of $4 million.
The public auction for the assets of bankrupt Eclipse Aviation is scheduled for tomorrow, followed by the bankruptcy court’s selection of the winner on Friday. Some interested parties have visited Eclipse recently, according to an Eclipse spokeswoman.
Elvis Presley’s 1962 Lockheed JetStar–the only one of the three aircraft owned by The King still in private hands–was put on the auction block December 19 at the 35th Annual Las Vegas Collector Car Auction. According to auctioneer Kruse International, the jet has never been restored and features the original exterior and interior.
Word spread quickly throughout the business aviation community when an ad on the eBay auction Web site appeared on November 19 offering Millville Jet Center in New Jersey for sale at $2.5 million. By the end of the day the ad had been withdrawn, but according to Millville president Cliff Russell, “It generated a lot of telephone calls.” Russell said his maintenance business is down 30 to 40 percent from last year.
The DOT’s plan to auction a single round-trip slot at Newark Liberty International Airport on September 3 sets a perilous precedent U.S. regional airlines can ill afford to let stand, according to Regional Airline Association (RAA) president Roger Cohen.
Dee Howard, the San Antonio-based heavy maintenance, repair and aircraft modification company in business since 1947, is being auctioned. According to CEO Jim Malone, Dee Howard filed for Chapter 11 protection in mid-February and the due diligence phase is now in progress, with all bids due by April 15. The winning bid is expected to be announced on April 18 and subsequently sent to a Federal Bankrupcy Court for approval.
If an “acceptable bid” for the bulk assets of bankrupt Adam Aircraft isn’t received by the end of today, then the aircraft manufacturer’s individual assets will be sold in an online auction later this month by GoIndustry-DoveBid. Englewood, Colo.-based Adam Aircraft, which filed Chapter 7 bankruptcy on February 15, is being offered as an “enterprise sale” with bids in excess of $10 million due today by 5 p.m.
The Greek government may have found a buyer for the Falcon 900B in which seven people were killed during a series of severe oscillations on Sept. 14, 1999. Two previous auctions failed to attract interest. But last month Liberia-based Elyzee Enterprises may have secured the purchase with its $5.5 million bid. The aircraft, minus its tail and engines, has been at Transairco at Geneva Airport since November 2000.
Eclipse Aviation has placed a second Eclipse 500 very light jet, S/N 082, on the auction block. The online eBay auction began yesterday at 11 a.m. EST and will conclude at 8 p.m. on November 29. Bidding began at 95 percent of the aircraft’s retail value of $1,844,804.30, and bidders must pre-qualify with a $5,000 refundable deposit. The aircraft will be ready for customer delivery early next month.