Business Jet Traveler » October 2009

October 1, 2009
While bigger fractional ownership providers are scaling back, Clearwater, Fla.-based Avantair plans to add six more Avantis to its fleet before year-end. CEO Steven Santo attributes the growth partly to the operating economics of the twin-turboprop Avanti, which has a cabin equivalent to that of a midsize business jet, a maximum cruise speed of more than 400 knots and low fuel burn.
October 1, 2009
Startup private jet provider Jet Republic, which planned to launch a fractional share business in Europe, suspended operations at its Portuguese subsidiary in August. As a result, Bombardier announced the cancellation of the order Jet Republic placed last year for 25 Learjet 60XRs, worth $340 million, as well as options for another 85 of the midsize twinjets.
October 1, 2009
In the latest annual product support survey by BJT sister publication Aviation International News, readers rated Gulfstream number one for both newer and older business jet support, while Pilatus scored highest for new turboprops and Mitsubishi topped the rankings for older turboprops. In the newer jets category, Cessna came in second, followed by Boeing BBJ in third place.
October 1, 2009
A federal bankruptcy judge in Albuquerque, N.M., has approved a $40 million offer from Eclipse Aerospace to buy the assets of the former builder of Eclipse 500 very light jets. The new company said its first order of business is to get parts flowing to owners, followed by performing modifications and upgrades to in-service airplanes.
October 1, 2009
In the latest annual product support survey by BJT sister publication Aviation International News, readers rated Gulfstream number one for both newer and older business jet support, while Pilatus scored highest for new turboprops and Mitsubishi topped the rankings for older turboprops. In the newer jets category, Cessna came in second, followed by Boeing BBJ in third place.
October 1, 2009
Richard Santulli resigned as chairman and CEO of NetJets, which has been owned by Warren Buffett's Berkshire Hathaway since 1998. [See related stories on pages 4 and 50.--Ed.] Santulli founded the firm, which introduced the fractional-ownership concept, in 1986. He will remain with the company as a consultant for at least a year.
October 1, 2009
Bombardier says it is on pace to deliver its Learjet 85 model beginning in 2013. The manufacturer reports orders for nearly 60 of the $17.2 million (2008 dollars) aircraft, which are expected to become the first certified all-composite Part 25 business jets.
October 1, 2009
While business aircraft flight hours are down from last year, industry safety has increased disproportionately, according to business aviation safety analyst Robert E. Breiling Associates. In the first half of the year, the U.S. business airplane fleet experienced 13 accidents, down from 34 in the same period last year, a 62-percent drop.
October 1, 2009
The European Aviation Safety Agency will extend discussion of the most contentious points arising from its proposed new rules for aircraft operations and has indicated that it could permit greater flexibility for business aviation on issues such as flight and duty-time limitations.
October 1, 2009
Dassault Aviation logged $1.28 billion in Falcon sales in the first half of the year, down from $1.56 billion in the same period last year after order cancellations far exceeded sales. Thus, Dassault's consolidated orders for the first six months equaled negative $1.5 billion, compared with $3.4 billion in the year-ago period.

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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