FBOs Join New Partnership

Business Jet Traveler » February 2009
Sunday, February 1, 2009 - 4:00am

Seven FBOs have left the Million Air franchise system and switched to a new brand name, Odyssey Aviation, having joined in a marketing partnership with the Odyssey Aviation Bahamas FBO at Lynden Pindling International Airport in Nassau. Odyssey Bahamas also used to be a Million Air franchisee. The seven former Million Air FBOs are owned by Ken Allison, who joined the Million Air franchise system in 1992 with his first FBO at Louisiana's New Orleans Lakefront Airport. Allison's other newly branded Odyssey FBOs are in Asheville, N.C.; Charleston, S.C.; Chicago; Cincinnati and Columbus, Ohio; and Lafayette, La.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack