AVwebBiz - Volume 6, Number 4

January 23, 2008

By The AVweb Editorial Staff
 
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Lean Times for Adam Aircraft back to top 
 
Sponsor Announcement

Adam Needs an Immediate $25 Million

Adam Aircraft faces "liquidation" if it doesn't raise $25 million by the end of January. In a letter to shareholders, CEO John Wolf said that without the immediate cash injection, Adam will have to take action to meet the terms of agreements with "senior lenders," according to the Wichita Eagle. The lenders were not identified. Adam spokeswoman Shelly Simi told the Eagle the money crunch has to do with financial obligations coming due. "It's like every other loan or any other type of funding," said Simi. "There's always stipulations or requirements and that's what we're working through as every other company would."

Wolf said in the letter that securing the $25 million (the full total was $30.5 million but $5.5 million has already been raised) will give the company time for its financial partner Citibank to find the $100 million needed for long-term stability. He said that if the first $30 million isn't raised there's little hope investors will recover any of their money. But he's also hopeful that if the money is found, Adam will rebound on the certification and sales of its A500 twin and the future sales of its A700 light jet.

 
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Quotes reprinted with permission. Aviation Consumer, August 2007.
 
Grob to Develop Learjet 85 back to top 
 

Grob to Develop Composite Lear 85

Bombardier Aerospace has picked Grob Aerospace to develop the all-composite structure of the Lear 85 business jet that was announced last October but without much detail. The new aircraft is Bombardier's first venture into composites and the 85 will be the first composite bizjet certified under FAR Part 25, the company said. Grob will build the first three Lear 85 prototypes, too. Grob has built 3,700 aircraft and is developing its own business jet, the Spn.

The Lear 85 fills a market gap for Bombardier in the mid-size market and the composite aircraft is expected to offer eight passengers a stand-up cabin for journeys up to 3,000 nm at Mach .82. The structure will be developed and the first three aircraft built at Grob's Tussenhausen-Mattsies, Germany facility.

 
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NBAA Spends Big Dollars in Washington back to top 
 

NBAA Drops $100,000 on Lobbying

The National Business Aviation Association paid lobbyists Ernst and Young to pressure Congress and the Treasury Department on "tax issues related to fuel and aviation" in the first half of 2007. The figure was reported by Thomson Financial and based on disclosure documents filed by Ernst and Young. Although the description is vague, it appears the lobbying centered on the user fee debate, which is now on the backburner as the Senate and House can't seem to find consensus on the issue.

 
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Sebring Behind Us, Air Taxi Convention Ahead back to top 
 

International Air Taxi Convention Under Way

Delegates from North America and Europe are gathering in Ft. Lauderdale, Fla. for the rest of this week to talk about the air taxi business, particularly as it relates to the use of very light jets. Most of the companies represented have been in business less than a year and there's plenty for them to talk about as they continue to try to build a new and independent aviation service sector. "For the first time, the business traveler has a real choice," says the convention Web site. "However, the industry is still young with many questions yet to be answered."

The conference begins with the CEOs of most of the new American air taxi companies taking the podium to explain their business models and to update their operations. Representatives of Adam Aircraft, Eclipse Aviation, Embraer and Farnborough Aircraft will also be discussing their offerings and displaying their aircraft.

 
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Europe's Own Air Taxi Association back to top 
 

Air Taxi Association Europe

The Air Taxi Association Europe has officially launched, with founding operators including AccelJet, AirCab, Air-Cannes, Bikkair, Blink, byJets, ETIRC Aviation, GlobeAir, Gonow, JetBird, Jet Ready, LEA, Taxijet, and Wondair. The assiciation will work to develop strategic committees on technical standards, finances, manufacturers, lobbying, and communications. It aims to stimulate demand and the adoption of best business practices driving industry standardization economies of scale and operational efficiencies. Collectively, the association reaches across Europe and beyond and all operators will be using "next generation very light jets" with low carbon footprints to minimize their environmental impact, according to the Association's press release. Alan Perry will serve from London as Managing Director of ATXA Europe and members have elected Stefan Vilner of JetBird to serve as Chairman of ATXA Europe.

 
Cessna Aircraft Company, the World's Largest General Aviation Manufacturer
Based on unit sales, Cessna Aircraft Company is the world's largest manufacturer of general aviation airplanes. In 2006, Cessna delivered 1,239 aircraft, including 307 Citation business jets and reported revenues of about $4.2 billion. Cessna has a current backlog of $11.9 billion. The global fleet of more than 5,000 Citations is the largest fleet of business jets in the world. More information about Cessna Aircraft Company is available online.
 
One Lawsuit Settled ... back to top 
 

Eclipse and Hampson Settle

Eclipse Aviation and Hampson Aerospace announced Tuesday that they've settled claims and counterclaims that resulted from contractual issues between them. Late last year Hampson, a large British company which has a subassembly plant in Grande Prairie, Tex., sued Eclipse for alleged non payment for tail sections it had built for the very light jet. Eclipse filed a counterclaim against Hampson but Tuesday's announcement says that's all history.

"This will result in the dismissal, with prejudice, of the complaints previously filed in litigation and arbitration between the parties," the release said. "With prejudice" is a legal term that means that the plaintiff cannot file another claim on the same case. Details of the settlement are not being released.

 
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... As Another Suit Gets Underway back to top 
 

Canadian Operator Sues Transport Canada Officials

The manager of a small airline that had a fatal crash on Vancouver Island two years ago is suing Transport Canada and three of its senior employees for defamation. Nikolas Todd Chapman claims the officials unjustly lifted his authority to act as the operations manager for International Express Aircharter the day after one of its aircraft, a Cessna Grand Caravan, crash landed in a logging clearing, killing the pilot and two of seven passengers. At the time, Transport Canada said Chapman "failed to fulfil his responsibility as operations manager to control the operations and operational standards of all aircraft operated by IAE." Canada's Transportation Safety Board later determined the crash was caused by an engine failure and Chapman claims in the suit that there's no way he could have predicted or prevented it.

Chapman appealed Transport Canada's decision to revoke his operating authority to the Transportation Appeal Tribunal of Canada, which sided with Chapman. Despite the ruling, Transport Canada has not reconsidered its decision and Chapman says that's cost him money and damages. Transport Canada has not yet filed a statement of defense.

 
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AVweb Media: Look, Listen, Learn, and Laugh back to top 
 

Exclusive Video: F-15 Break-Up Report

Original, Exclusive Videos from AVweb | Reader-Submitted & Viral Videos

On November 2, 2007, an F-15C with the 110th Fighter Squadron (of the 131st Fighter Wing) broke up while conducting an air-to-air training mission. This video, produced by Glenn Pew for AVweb, covers the military investigative board's findings.


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Related Content:
F-15s Grounded, Structural Failure Suspected

 
Featured AVweb Classified Ad: Ohio FBO Wanted
The Wood County Regional Airport Authority is soliciting proposals for an FBO operation at Wood County Airport in Bowling Green, Ohio ... .
For contact information regarding this ad, to view more ads, and to post your no-cost ad, click here.
 
Help Us Track Down the Latest News back to top 
 

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Our best stories start with you. If you've heard something that 130,000 pilots might want to know about, tell us. Submit news tips via email to newstips@avweb.com. You're a part of our team ... often, the best part.

 
Names Behind the News back to top 
 

Meet the AVwebBiz Team

AVwebBiz is a weekly summary of the latest business aviation news, articles, products, features, and events featured on AVweb, the internet's aviation magazine and news service.

The AVwebBiz team is:

Publisher
Timothy Cole

Editorial Director, Aviation Publications
Paul Bertorelli

Editor-in-Chief
Russ Niles

Contributing Editors
Mary Grady
Glenn Pew

Features Editor
Kevin Lane-Cummings

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