“[New billionaires in fast-growing countries] have to buy longer-range airplanes. If you’re flying from Mongolia to Nigeria, it’s either a three-day journey flying commercial or a nine-hour flight on your jet.”
Eclipse Position-holder Sues for Deposit Refund
Geiger Excavating has sued Eclipse Aviation, seeking refund of a $150,000 deposit for an Eclipse 500 VLJ, plus pre-judgment interest and the cost of taking the case to court. Jay Geiger, president of Geiger Excavating of Fort Wayne, Ind., signed a deposit agreement for the aircraft in October 2000. According to Geiger, before April this year, Eclipse said it would deliver the jet in October or November 2008, but on April 11, Eclipse told him that if he didn't pay $773,762 within a week, he would be in default of the deposit agreement and would forfeit the $150,000. According to the complaint, "Eclipse's demand was based on an anticipated delivery date in September 2008," and the company refused to adjust the final payment date to reflect the previously discussed October/November delivery. Eclipse also refused to refund the deposit. The complaint accuses the manufacturer of material breach of the deposit agreement and cites a provision in it that allows cancellation and refund "if FAA Part 23 certification of the Eclipse 500 jet occurs after June 30, 2004." An Eclipse spokeswoman said that the company does not comment on lawsuits.