First-delivered Hawker 4000 Seized by U.S. Government

Business Jet Traveler » December 2008
Monday, December 1, 2008 - 4:00am

The first Hawker 4000 to be delivered to a customer--cigarette wholesaler Gary Hall--was seized along with other assets in October by the U.S. government as part of a 43-count federal fraud indictment. According to the U.S. Attorney's Office in Kansas, Hall and seven of his business associates were involved in "a scheme to avoid paying taxes on cigarettes that cost the state of Oklahoma and Indian tribes $25 million in tax revenue."

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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