Jetcruzer Project Goes For $125,000
It's often said that it takes a fortune to make one in aviation. Well, after pouring almost $100 million into engineering, development and certification for the rear-engine turboprop Jetcruzer, the top bid during last month's online bid for the entire project was just $125,000. That's a bit more than a tenth of a cent on the dollar. Mooney Aerospace Group (MASG) spokesman Dan Apel said the bid was received just before the noon deadline on December 31. MASG, which used to go by the name Advanced Aerodynamics and Structures Inc. (AASI), had a reserve bid of $500,000 on the Jetcruzer assets and Apel said the lower bid must be approved by the board of directors. He said the prospective purchaser, whom he declined to identify, has not indicated what will be done with the prototypes, molds, drawings and type certificate (for an unpressurized version). Apel said the sale, assuming it's approved, is the final step in the withdrawal of the company from Long Beach, Calif. Except for a small accounting office in Long Beach, MASG will be based at the Mooney plant in Kerrville, Texas. You win some, you lose some.