Last month, the Alfred E. Mann Living Trust filed a complaint against Etirc Aviation and Etirc chairman and CEO Roel Pieper, seeking more than $10 million plus interest and expenses. According to the complaint, Etirc and the Mann Living Trust agreed last November “to each provide $10 million in funding to…Eclipse Aviation” following Eclipse’s Chapter 11 bankruptcy filing.
Single Point Assist has launched a new AOG subscription service tailored for destinations in Asia and Latin America. Operators can register with the company on a monthly or yearly plan. Upon encountering a maintenance issue, subscribers contact Single Point Assist, which will dispatch a local technician, usually line mechanics from the airline industry, who can quickly diagnose and repair the problem.
For business aviation, the latest $787 billion economic stimulus bill–H.R.1, the “American Recovery and Reinvestment Act”–giveth with one hand and taketh away with the other.
Despite the recession, XOJet has reported strong year-over-year increases in revenue, flight hours and customers. The charter company said it experienced a 66-percent increase in revenue last year and a 60-percent increase in flight hours over 2007. XOJet ended the year with more than 1,500 customers, up from 1,000 the previous year.
As of this month, USAIG (U.S. Aircraft Insurance Group, Booth No. 1730) has contributed more than $5.1 million toward Bell, American Eurocopter, MD Helicopters and AgustaWestland training programs through the company’s preferred policyholder program.
Sparta, N.J.-based Brian Foley Associates president Brian Foley foresees a recovery of the business aviation industry in the middle of next year, but not before unavoidable pain.
The standoff between buyers and sellers over the last six months is beginning to show some wear. It seems that sellers had been concentrating on where prices were six months ago, as buyers were predicting where they would be six months forward. The dichotomy in perspectives aided in slowing transactions to a crawl.
To adapt to current economic conditions, Dallas-based fractional provider Bombardier Flexjet last month unveiled two new jet-card products.
By the end of next month, JetDirect Aviation expects to close a deal with a private-equity firm “with significant private aviation experience” that will see the charter/management company backed by a new control investor, according to a letter sent to JetDirect clients last week. This follows JetDirect’s selling its three FBOs and unwinding recent acquisitions by selling Presidential Jets and Sunset Aviation back to their original owners.
A wide-ranging coalition of aviation interests that includes both general aviation and the nation’s airlines has proposed a $4 billion stimulus package that could–among other things–accelerate the Next Generation Air Transportation System (NextGen) by creating 100-percent government-funded grants to retrofit both commercial and GA aircraft with NextGen equipment such as on-board avionics, electronic flight bags, cockpit displays, surface movi