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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“"Many years ago, our company founder, Al Conklin, sold a new twin-engine business aircraft to a very successful entrepreneur. He had established a bit of a rapport with the individual and, after the sale, asked him straight out, 'How can you justify the cost of this airplane?' His reply? 'What is the cost of a divorce?'"–David Wyndham, president, Conklin & de Decker”

-David Wyndham