Sole bidder AAI wins Adam Aircraft assets

Business Jet Traveler » June 2008
Sunday, June 1, 2008 - 5:00am

AAI Acquisition has purchased bankrupt Adam Aircraft Industries for $10 million, having made the only bid for the composite twin turboprop and very light jet aircraft developer. The assets include prototype and unfinished A500 piston twins and A700 VLJs. "We plan to revive Adam Aircraft's operations," said Dmitry Shokhin, vice president of AAI Acquisition, "including continuing the process of certification for the A700 jet." AAI Acquisition was formed by a group of former Adam Aircraft employees and Moscow- and London-based Industrial Investors, a private equity asset management company. Industrial Investors owns two aviation projects: Velvet Skylines, a charter broker; and Russian air-taxi company Dexter.

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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