ATG Javelin George Bye's Alternative Engine Venture?
ATG's Javelin Jet hit a credit crunch in December, but ATG chairman and president George Bye is now seeking unnamed incentives to lure a different business, Bye Engineering, to an airport in the southwest. Bye Engineering was formed in early 2007 to focus on alternative energy engines for aircraft and aerospace consulting. It is funded by private investors, has 25 employees and is in growth mode, Bye told Phoenix's East Valley Tribune. Bye says he believes that bio-fuels, electric power and battery technology have collectively reached a tipping point and should now be evaluated for use in general aviation aircraft. Bye's Aviation Technology Group, which stalled in December on its way to bring a fighter-like two-place "executive" jet to business and military markets, was last seen seeking a buyer that would fund completion of the jet's certification process and begin production.
ATG's board by March had successfully negotiated deals with its main lenders and was seeking "final offer bids from prospective buyers to reach ATG within the next few weeks."