More detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft, is the aim of proposed rulemaking from the Securities and Exchange Commission (SEC). The Wall Street Journal calls the proposals the “most sweeping overhaul of pay disclosure rules in 14 years.” One of the proposals would lower the threshold at which perks must be disclosed.
Beginning March 1, aircraft purchasers, sellers and lenders in the U.S. will be required to comply with the Cape Town Convention on International Interests in Mobile Equipment and the Aircraft Protocol. Covered under the treaty are airplanes certified with eight or more total seats and helicopters certified with at least five seats and with engines rated at 550 horsepower or more.
Jeffrey Borer, former owner of defunct charter operator XtraJet, and Arvel Reeves, previous owner of one-time aircraft services firm Executive Aviation Logistics, admitted guilt in a plea bargain on federal charges of secretly videotaping entertainer Michael Jackson and his attorney while flying aboard a chartered Gulfstream IISP on Nov. 20, 2003.
Former Sino Swearingen senior v-p of sales and marketing Gene Comfort is suing the SJ30-2 manufacturer for alleged promised bonuses, vacation pay owed, wrongful termination and economic and emotional damages.
Operations by U.S.-registered aircraft owned by a company not considered a U.S. citizen will be eased.
Monday is the deadline for comments on a Securities and Exchange Commission rulemaking proposal to require more detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft. The Wall Street Journal called the proposals the “most sweeping overhaul of pay disclosure rules in 14 years.” One of the proposals would lower the threshold at which perks must be disclosed.
On December 6, attorney Richard Genter filed a lawsuit on behalf of client Charles Duke in U.S. District Court in Indiana. The complaint seeks a jury trial to determine punitive damages from defendants Rolls-Royce (and its previous Allison/General Motors incarnations), Standard Aero and Southeast Helicopters. Duke was flying an aerial tree-trimming mission on Dec.
AOPA and seven flight schools have challenged in federal court a New York state law that requires criminal background checks for all flight school students. The law went into effect in September.
Aspen Avionics, the maker of the AT300 hazard awareness display, has asked a New Mexico court to dismiss a lawsuit filed by Eclipse Aviation in October claiming “intellectual ownership” of the device. Former Eclipse employees Peter Lyons and Jeff Bethel say they developed the AT300 before ever coming to work for the VLJ maker and that Eclipse decided to sue them only after the pair left the company to form their own company.
A $27 million child-abduction suit involving charter and aircraft management services operator Executive Jet Management (EJM) has been settled out of court for an undisclosed amount, according to attorneys for the plaintiff, Cornelia Streeter.