Private Jet Program touts On-time Guarantee

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

Magellan Jets' Voyager Program is offering a 10-percent discount on the next flight if your aircraft isn't ready to depart at the scheduled time. Membership in the program costs $250,000, which is applied to flight charges.

Benefits include guaranteed hourly rates, a selection of cabin sizes from small to large, aircraft availability with as little as 10 hours' notice, three aircraft upgrades a year, concierge service and one-way and round-trip pricing. Also part of the membership are complimentary standard in-flight catering as well as arrival and departure ground transfers for all domestic flights. Magellan does not have aircraft repositioning fees or fuel surcharges.

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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