New club offers flights, yachts and cars

Business Jet Traveler » August 2009
Tuesday, September 1, 2009 - 5:00am

Miami-based Air Platinum Club, which began operating in July, offers its members flight time on club-owned Gulfstream GIV-SPs. The club provides flights within the continental U.S. and between Paris and major U.S. cities. Members also have access to the club's 50-foot yacht, exotic sports cars and beachfront condo, all of which are in the Miami area. Annual memberships start at $163,000, which covers 15 flight hours, 20 days' usage of the club's cars, 15 days on its yacht and three weekends in the condo.

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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