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Freddy Forks
5th Jun 2008, 20:02
KINGPLACE CONFIRMS OFFER TO BEGBIES TRAYNOR FOR RELAUNCH OF SILVERJET.

4th June 2008, Kingplace Ltd. announces that it has made an offer to Begbies Traynor, administrator, and Lawrence Hunt, CEO of Silverjet, to relaunch the British exclusively business class airline.

Kingplace is registered in Ireland and managed by Heritage Cie S.A., a Geneva trust and management company. The offer by Kingplace is being made on behalf of private clients.

Ian Ilsley, Chairman of Heritage and a Director of Kingplace comments:

"Kingplace can confirm that it has made an offer to Begbies Traynor and Lawrence Hunt, CEO Silverjet, with a view to purchasing Silverjet. We are excited at the prospect of acquiring Silverjet and resuming operations as quickly as possible with the existing staff and in particular, Silverjet’s highly regarded crews. We will be investing in the future development and success of the brand. We will make a further announcement in due course".

Lawrence Hunt, Chief Executive of Silverjet comments:

“I am delighted to confirm that Kingplace is in conversation with Begbies Traynor about Silverjet resuming operations in the near future. As CEO of Silverjet my aim is to see Silverjet up and flying as quickly as possible, working with our incredible team of staff and delivering our very sivilised travel experience. We hope to make an announcement in the near future about when we will be able to resume operations.”

Nato 35
6th Jun 2008, 17:53
Me thinks that there is more to this topic and the previous thread has been closed RIP. There are now 2 offers on the table. All this and no one has bothered to ask befree if this is allowed to happen

35:ooh:

ps. would have called it "Silverjet 2 - The Phoenix" but that would not get past the Mods.

Powerjet1
7th Jun 2008, 05:48
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/07/cnsilverjet107.xml

The Real Slim Shady
7th Jun 2008, 07:21
And who will crew the new operation?

Pilots who have gone off to other jobs?

Cabin crew who weren't paid?

Nato 35
7th Jun 2008, 09:30
I understand all the arguements against this model, but why are some very cleaver and wealthy business people investing in a dead duck.

35:confused:

Freddy Forks
7th Jun 2008, 09:47
Slim Shady,

Its been 1 whole week. Crews have not been made redundant. A handful of cabin crew may have resigned but everyone is still waiting to restart. A handful of pilots may have gone for interviews, but just as a back up. Remember they were over crewed as it was -ready for extra aircraft, so no problem with crews.

As for the rest of you-why dont you just manage your own lives instead of trying to be self proclaimed armchair philosophers.

Hope it works, but then I supoose you lot will still find something to moan and bitch about.

crewmeal
7th Jun 2008, 09:54
And if it did restart, where will the passengers come from? Many thousands were left stranded and had to fork out extra money to get elsewhere, plus claiming on insurance etc. The trust will have gone and it would take a hell of a long time to get them passengers back.

Whilst Silverjet have an excellent product to sell, the finance will need a lot more than just promises and hot air to begin again.

Tiger
7th Jun 2008, 10:13
I see, people can`t make comments now? And seen as bitching etc...

The point is pprune is a discussion forum hence you will get a point of view which you may like, dislike, agree or disagree.
I have made discussion points regarding Silverjet and I don`t expect others to agree with me.

However, I have been in a situation very similar although not in a world of high oil prices and economic turn down. If Silverjet laid you off you could claim benefits. Presently, making yourself redundant doesn`t help you.
The company has not paid the cabin crew? Right or wrong? You want to work for a company which isn`t going to do that?
Some people have the right idea.. move on...other clutching on to straws.
Oh the other thing...don`t believe what other crew you worked with tell you.. that one where "oh I`m hanging in there, talking of starting up again in xxth mth and all is going to be cool. Naw I`m not applying for airline123, or fly101 etc coz babe they are and they are keeping it close to there chest, first your hear will be end of June "Oh yeah I start BA Sept, Easyjet August etc"

I don`t dislike Silverjet, idea seems great, and location of work place fab for me, fly to good places.. but wrong product for today, and I saw as not safe enough to leave my current employer for.

nt639
7th Jun 2008, 10:15
Perhaps it will mainly be a purchase of the name or perhaps they will restart but not using Luton as a base. Perhaps Dubai?.

Tiger
7th Jun 2008, 10:18
The name? The name is tarnished. The AOC might be worth something.

747-436
7th Jun 2008, 12:26
The business model isn't bad, it is just that EOS, Maxjet and Silverjet didn;t have the cash flow to keep them going while they bulit themselves up to a position to make money.
There is still a market for all business carriers, either those supported by majors with a ready made customer base, ie Openskies and the planned London City - New York route, or a backer with a huge amount of money to keep it going until it can make money.

And as has been said I think the brand is damaged now, especially if they want to attract more business travellers.

Tiger
8th Jun 2008, 07:34
from The Observer website today..

www.guardian.co.uk/business/2008/jun/06/theairlineindustry


plenty of You Tube links. So look back with fond memories :ok:. Clutch at straws:\

befree
8th Jun 2008, 15:29
I think silverjet has about a 30% chance of going again. The cost base will be lower if it can do a deal to lease the 767s cheaper and it will not have to repay all the loans. It would need to get all the bits of the package on the cheap and not lose money on expansions that never happen. A lot of what went wrong with Silverjet 1 was things done to con the shareholders. Off the stockmarket things can be more honest.

This will be very dependant on the oil price over the next two weeks. With AA going from stansted having about 1/3rd stands seating may help.

747-436
8th Jun 2008, 16:20
In the Sunday times today it says that the CAA will require Silverjet, if it restarts, to have enough money in the bank to cover 6 months operations before they will let it fly again.

Honest Fr@nk
8th Jun 2008, 17:52
Befree, thats generous of you. Anything to back your estimate up with or was that just a figure that sprung up.

befree
8th Jun 2008, 19:47
30% is just a guess. It could happen but its slightly more likely that it will not.
4 Airlines have pulled newyork to Stansead or luton flights. That must leave a small niche. may need some echonomy to make it work.

OldCessna
8th Jun 2008, 19:53
If they do get it for pennies on the dollar, dont expect the original management to be retained!

RFFS
9th Jun 2008, 21:09
I was one of the so called stranded, i flew to Newark and was told during my trip, which just happened to be my wedding/honeymoon that operations had ceased. Was i disapointed yes, was i angry no, Would i use Silverjet again, yes i would, a top class service, fantastic staff from start to finish.

I wish all involved a speedy return to a job, more than well done, a crying shame we couldn't return in the style we arrived, but these things happen. And i at least knew i had a job to return too.

The negative comment's posted by some from the very start regarding SJ, imho cant have done buisiness any good yet alone staff moral, but take it from me they were worth every penny.

Good luck and get back in the air again.

SquareOne
10th Jun 2008, 15:02
ArabJet Offers to Purchase Silverjet, Emirates Business Reports
By Shaji Mathew


June 10 (Bloomberg) --

ArabJet (http://www.arabjet.com/), a Dubai-based aviation company that plans to start operations in 2009, has offered to buy Silverjet PLC (http://www.bloomberg.com/apps/quote?ticker=SIL%3ALN) for an undisclosed sum, Emirates Business 24/7 (http://www.business24-7.ae/) reported, citing a person it didn't identify.

ArabJet is awaiting clarifications from the airline's administrator regarding potential legal and financial liabilities, according to the Dubai-based newspaper.

Silverjet, which sold business-class only tickets to New York and Dubai, never made a profit in 16 months. The airline grounded planes on May 30 after running out of cash. Silverjet had its shares suspended last month after it failed to secure $5 million in emergency funding from United Arab Emirates-based Viceroy Holdings LLC.

To contact the reporter on this story: Shaji Mathew (http://search.bloomberg.com/search?q=Shaji+Mathew&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in Dubai at [email protected]
Last Updated: June 10, 2008 01:11 EDT

http://www.bloomberg.com/apps/news?pid=20601102&sid=aE0gocLU2ENw&refer=uk

Powerjet1
10th Jun 2008, 17:46
Silverjet sold

http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article4106938.ece

AirLCY
10th Jun 2008, 18:44
I dont see Silverjet being able to reduce costs much, especially if they plan to continue to expand - therefore they need to raise fares / yields - which is actually now possible, with them being the only biz only airline until BA start at LCY! Silverjet should actually work this time round due to lack of competition!

frostbite
10th Jun 2008, 19:46
Really great news!

I hope they make a real success of it this time round.

ground_star
10th Jun 2008, 19:56
Taken from Daily Telegraph Website:-

Silverjet, the business-class only airline, is to fly again after being bought out of administration for an undisclosed sum by a Geneva-backed company.

The carrier, which flies to New York and Dubai from Luton airport, has been sold to Kingplace, a shelf-company registered in Ireland and managed by Heritage Cie SA, a Geneva trust and management company.
The offer by Kingplace is being made on behalf of private clients.

It's not clear what role Silverjet chief executive Lawrence hunt will have
Terms of a deal were agreed with Silverjet administrator Begbies Traynor this afternoon. Silverjet's chief executive Lawrence Hunt was involved in the negotiations, though his long-term involvement with the airline is currently unclear.

Silverjet grounded its fleet 10 days ago and collapsed into administration. It owed creditors £40m, £17m of which is secured against its three aircraft.

Of the remaining £23m, £10m is owed to property entrepreneurs Simon and David Reuben. The rest is due to trade creditors. Shareholders have lost everything and creditors are expected to receive only a few pence in the pound - at best.

Industry sources believe Kingplace will need to pump in £20m-£30m of fresh cash to have any realistic chance of reviving the business.
advertisement Aim-listed Silverjet began services on January 25 last year with a daily flight from Luton to New York. It upped that to twice daily and added a service to Dubai.

Mr Hunt refused to blame the soaring oil price for the company's problems, instead pointing the finger at bearish City analysts, who he claimed deterred people from booking.

Analysts had expressed doubts whether Silverjet could survive following the collapse of rivals Eos and MAXjet.

Enderby-Browne
10th Jun 2008, 20:21
Silverjet or what its successor might be called, if indeed there is to be one, should not be allowed to leave the ground until ALL debts have been cleared and ALL shareholders bought out.

And I'm neither a creditor nor a shareholder. :)

cldrvr
10th Jun 2008, 21:24
Enderby, that is the whole point of "administration" creditors get zero, shareholders get zero. Totally legit and acceptable, in the eyes of the law.

manrow
10th Jun 2008, 21:28
From Enderby's post looks as though there are some vested interests.

I have no such connections so hope that Silverjet will be airborne again soon"!

Kalium Chloride
10th Jun 2008, 21:32
As with any gamble, the higher the reward, the higher the risk. And investing in a start-up airline is a huge risk.

We'd all like to invest in low-risk, high-gain ventures but there's no such thing. If the share price goes through the floor, the company goes t!ts up, and you're an unsecured creditor, them's the blues - surely?

oversteer
10th Jun 2008, 23:10
I could speculate - but I won't - that those buying it now were the same that were interested in buying it before.. only now they have it without the debts.

I trust that staff will not be out of pocket on this one.. it's bad enough stitching up the creditors in such a (totally legal!) way.

rewfly
10th Jun 2008, 23:52
I think an important question is how does silverjet capture back its bussiness after suddenly stranding 100's of people? Are passengers going to trust this airline again after they suddenly stranded everyone in the cold?

Wangja
11th Jun 2008, 00:02
"I could speculate - but I won't - that those buying it now were the same that were interested in buying it before.. only now they have it without the debts.

I trust that staff will not be out of pocket on this one.. it's bad enough stitching up the creditors in such a (totally legal!) way."

Oversteer, in such circumstances, wages and salaries rank no 2 after inland revenue (and customs), then secured creditors, then unsecured creditors and finally shareholders.

Pretty logical really: tough on shareholders maybe but that's the foundation of the system - risk and reward.

heli_port
11th Jun 2008, 06:00
http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article4108253.ece

Silverjet, the business-class-only airline, is to return to the skies after being rescued from administration by a Geneva-based company.

Freddy Forks
11th Jun 2008, 08:00
LONDON (Thomson Financial) - UK all-business-class airline Silverjet Plc. has moved closer to being rescued after reaching a preliminary agreement with Kingplace, an Irish registered company, managed by Swiss investment group Heritage, according to the Financial Times.

The troubled airline, that went into administration May 30, said Kingplace is set "to acquire and relaunch Silverjet".

Contracts are expected to be signed on Friday, the FT said.

rubik101
11th Jun 2008, 09:28
To those who think that the Silver Jet business model won't/doesn't work, ask yourselves why is it that Big Airways are launching a business only London-New York service in the near future?
Because there is money to be made in it, might be the answer.

Maybe rumours were spread to the city from undisclosed sources? Competition drowned at birth to enable the big brother to thrive? Remember Laker and Virgin, both attacked, one survived. Conspiracy theories rule!

Good luck to them if they do get going again.

Whitehatter
11th Jun 2008, 10:08
Good luck to all concerned.

Enderby...the whole point is that a buyer takes on Silverjet as a going concern and the sale proceeds are used to settle some or all of the debts. However it certainly won't be all of them.

Goodwill is something that can't be bought and may be tougher to claw back

boredcounter
11th Jun 2008, 10:39
Economies of scale?

Wino
11th Jun 2008, 10:41
I guess that formally ends the complaints about the US bankruptcy laws.

looks like you can not pay your bill in the EU as well and still have an airline.

Cheers
Wino

TwinJock
11th Jun 2008, 10:46
With ONLY 3 aircraft and its shaky track record, I will think twice before I buy a ticket on SJ!!!:suspect:

VAFFPAX
11th Jun 2008, 11:10
VA survived only because SRB had a big asset to borrow against: Virgin Records. If Virgin Records hadn't been there, his airline would've been shut down a LOT earlier. He says as much in his autobiography. He was forced to sell the label (ironically to the company VR had tried to buy before) to satisfy his bank, who gave him the choice of keeping either VR or VA.

Hence him starting V2 Music so he could go back into the record label business.

S.

Bealzebub
11th Jun 2008, 11:26
I wish them the best of luck, however their biggest problem is now going to be one of confidence. Once a business has stopped trading in this fashion it has effectively exposed its underlying weakness to the world. The customers it has let down, the potential customers many of whom would be reluctant to risk being in the same position. The suppliers who may want cash up-front, or hefty security bonds. The credit card companies (without whom the business could not realistically operate) who may demand very high levels of security before they expose themselves to credit risk.

These are very credit risk averse times for banks and institutional lenders, and if they perceive a potential client has already burned someone fingers, even if it wasn't theirs, many of them will not want to know. Confidence is a major issue and you only have to look whats going on generally in the marketplace to realise that times are not good for those companies that cannot provide that confidence in spades.

teamax
11th Jun 2008, 12:00
Give them until mid winter.

Todders
11th Jun 2008, 15:00
To those who think that the Silver Jet business model won't/doesn't work, ask yourselves why is it that Big Airways are launching a business only London-New York service in the near future?
Because there is money to be made in it, might be the answer.

Maybe rumours were spread to the city from undisclosed sources? Competition drowned at birth to enable the big brother to thrive? Remember Laker and Virgin, both attacked, one survived. Conspiracy theories rule!

Good luck to them if they do get going again.


Maybe because they have the big buisness clients secured on long standing contracts!! That new start ups can't even get close to.

crewmeal
11th Jun 2008, 15:02
Give them until mid winter.

What for? to restart operations, or shut down completely?

Evanelpus
11th Jun 2008, 16:08
To those who think that the Silver Jet business model won't/doesn't work, ask yourselves why is it that Big Airways are launching a business only London-New York service in the near future?
Because there is money to be made in it, might be the answer.

Yeah right, you reckon. Another of BA follies methinks!!

747-436
11th Jun 2008, 16:48
The business model does work but as Silverjet has demonstrated you need substantial funds behind it to get over the start up costs until you can make money on it. Silverjet has a good model, just needs the right long term investment.

BA has the money and very reduced startup costs as the aircraft and a lot of expertise are coming from mainline, plus they have an established brand and corporate clients, who will probably make the bulk of the London City - New York passengers.

I hope Silverjet comes through but my guess is the brand is damaged now and it will take a lot to restore it, and with the rising cost of fuel their fares might have to rise, which could push potential customers to the majors, who are able to reduce fares and take a hit.

Banterman
11th Jun 2008, 17:15
Silverjet had a great product! hope this new potential investor can bring them back in the game...just before it went under they were generating 95% loads and much higher yields than earlier in the year. I think customers will be sympathetic if they start up again...

Those dodgey UAE investors who held on for so long and then just couldn't produce the goods are not to be trusted,Silverjet shouldn't try to deal with them again. They'll only just take it out to Dubai anyway!

tristar500
11th Jun 2008, 17:24
Silverjet to fly again...

This is excellent news, and it should be applauded!

Why is the city of London knocking this company. Certain 'brokers' were panning the company from day 1... Its outrageous that such 'qualified people' could possibly do harm to a company they know absolutely nothing about...

Maybe Birdseed Airways has had a finger in the pie somewhere - who knows. However, the rumour that Birdseed were 'looking' at Silverjet does pose a question or two.

I do think Silverjet should be allowed to get on with their business - which is soley aimed at Business Class passengers. Its a market that is growing (Just look at Netjets) If another company such as Birdseed want in on the action, then so be it, but it will be very difficult for them to actually operate a service from LCY with only 2 aircraft! Clutching at straws, missed the boat, bolting the door after the horse has gone etc etc... Openskies - the agreement - has opened up BAs home base to everyone and anyone so let the games begin!

Personally, I cant wait to see what the next 12 months brings!

Go for it Silverjet. Now is your chance to re-establish yourself and prove these city *ankers wrong!

:ok:

marlowe
11th Jun 2008, 18:51
The thing is though Tristar, the guys down at canary wharf want to fly from LCY they dont want to go to a regional airport ie. Luton to travel on an aircraft that was never designed to do what SJ want it to do . You can paint an old 767 up in a fancy paint job and make the interior fancy but it doesnt disguise the fact that the airframes have some miles on them !!!! The 318s that BA are getting are brand spanking new and are being kitted out to do the job they are intended to do from the start , i am not knocking Silverjet and the product that they are trying to deliver, but maybe smaller new airframes are the way to go when trying to deliver this high end product and not just converting a large old aircraft that was designed to do a different job.

Banterman
11th Jun 2008, 19:19
moarlowe, SJ have to start somewhere as does every start up does with their choice in a/c. A low leasing cost of an older 76 determined lower operating costs!

They were about to go for the 200ERs'. BA is no comparison; SJ's real market was the in-between premium economy/business class passengers, not necessarily the city banker don't you think?

marlowe
11th Jun 2008, 20:30
I know what you are saying Banterman regards start up ,and that a lease on an older airframe is probably cheaper but is it? I think that there is a niche market for a high end product that sits somewhere between business/First class and the private business jet market, and if properly addressed with the right airframe and inflight experiance, and correct destination would work. Three Business type airlines have gone bust in the last year all with the same type of business model, so on the surface you could conclude that there is not the market for this type of service, but i disagree I think that you need to look at the model with a different perspective and possibly BA may have just got what is required.

Wet Start
11th Jun 2008, 20:31
Very best of luck to all at Silverjet. If the Investors have the confidence to settle the creditors, pay the staff, post the size of bond that the CAA ERG will now require, pay upfront to reorganise the engineering cover - then they have deep pockets indeed and must genuinely believe the businessplan will work.
No reason they're wrong, (and they're not necessarily right), but the model deserves to succeed.

Fingers crossed!:ok:

Banterman
11th Jun 2008, 21:42
Eos and MaxJet tried to expand too quickly, whereas Silverjet took its time with NWK and DXB and just needed these two more aircraft to start making a viable profit! (Eos was definitely First Class), silverjet not quite the same. But you cant say there isn't a market for the Business class travelers going to the US. L'Avion are doing well, BA is going to try and grab back a piece of the pie, KLM and PrivitAir expanding... I'm told the flows between us and the US is like 7000/day, 18% of which is business and 11% first. What more proof do you need!

The Real Slim Shady
11th Jun 2008, 22:30
Can we eliminate "Rent a Muppet" and " My airline knowledge is gained from computer games" people here?

And can we start with Banterman who patently has zero understanding of he mechanics of the market for business travel!

BYALPHAINDIA
12th Jun 2008, 00:01
Wouldn't it be a good idea for XL to purchase SJ, Then run SJ alongside XL's fleet of current 76's??:D

What made me think of this, Is if Peter Owen is returning to restart SJ.

SJ could be renamed something like 'XL EXEC' the same product as before but owned by the XL Leisure Group, Or part owned etc.

XL's 76's could sub for the EXEC side when short, And vice versa.

And also the engineering side of the combined fleets.

Obviously it would be at a cost to the XL Group, But could also be an investment in the long run.:hmm:

I think the only way SJ would have a more secure future would be to 'pair up' with a company as XL.:D

All SJ needs is that initial 'push' from a major player.

I do believe there is a demand for whole Business Airlines as SJ.
And it was proved with 3 years of op's.

Then Mr Owen would have 2 in 1, & a bigger POW fan club..:}

I think now is the critical time that our Airlines need to work together to save each other from sudden death, Not compete against each other:D

As 2008 is just a 'wake up' call - 2009 will be a very unhappy year to all of us and that's inevitable.:*

We are losing an Airline/operator 1 every 5 days.:ugh::sad:

BestonBoard
12th Jun 2008, 01:02
'Ian Ilsley, chairman of Heritage and a director of Kingplace, said that the group intended to take on all existing staff and to honour Silverjet’s existing customers’ tickets. He said that Silverjet could return to the skies “in a matter of weeks”.'

Quoted from the Times...

Silverjet has not exactlty had an easy ride, with supposed investors not coming up trumps... but we are attempting to make things right... with the right support.

captjns
12th Jun 2008, 07:42
Just read this on ATW this morning. Hope it goes through. :ok:Good luck to the guys and gals at S/J:ok:!


http://www.atwonline.com/news/story.html?storyID=12991

Vannin
12th Jun 2008, 07:51
See also:

http://www.flysilverjet.com/docs/Silverjet_Final_joint_announcement_re_Kingplace_offer_10_Jun e_2008.pdf

Globaliser
12th Jun 2008, 12:42
See also http://www.pprune.org/forums/showthread.php?t=330668

Matt35
12th Jun 2008, 13:09
Silverjet saviour's companies show late filing and losses


By Alistair Osborne

Last Updated: 1:08am BST 12/06/2008





The businessman fronting the proposed rescue of business class-only airline Silverjet is a director of late-filing companies, whose most recent venture has left investors nursing heavy losses.
Ian Ilsley, 59, is a director of Kingplace, the Ireland-registered company that is hammering out final terms of Silverjet's rescue with administrator Begbies Traynor.
Mr Ilsley also chairs a Geneva trust and management company, Heritage Cie SA, that manages Kingplace, whose offer is being made on behalf of undisclosed private clients.
advertisement
http://m.uk.2mdn.net/1042493/MtM300x250Wifi.gif
Kingplace intends to relaunch Silverjet, which flew from Luton to Dubai and New York, within the next few weeks and is working with the carrier's chief executive, Lawrence Hunt.
Monaco-based Mr Ilsley is most recently known to UK investors as the chairman and finance director of Sandhaven Resources, an Irish-registered company formed to acquire and develop oil and gas assets.
It is registered on the Plus Markets junior exchange, where its shares have collapsed from around 175p a year ago to 34½p yesterday, valuing the group at £24.3m. Sandhaven made €74,000 losses (£58,600) in its most recent half year.
On May 30, Sandhaven said its full-year results, due to be announced that day, were "still being finalised by the company's auditors". They are now due by Friday - when Kingplace plans to complete the Silverjet deal.
When Sandhaven began trading on Plus in May 2007, Mr Ilsley's current UK directorships were listed as BASE Management (UK), Garnham & Co Management (UK), Marine and Aviation Services, Napier Properties, TNTC, Tulah Yachts and Yachting Ventures.
Companies House searches show that BASE and Yachting Ventures each have shareholder funds of only £2, while Napier is dormant and Tulah has never filed accounts, which like BASE's are now overdue.

This from Daily Telegraph today - hope it all goes OK for the company!

Matt.

HZ123
12th Jun 2008, 13:20
I do not want to rain on anyones parade but this company does not exactly come with glowing testimonials. I am sure that if it is to succeed it must restart without delay and if so in todays worsening climate can it really last. I hope that the staff will not ultimately suffer once more.

cwatters
12th Jun 2008, 18:06
Google found...


http://www.sandhaven.net/about.html

http://www.sandhaven.net/images/ian.jpg

Mr Ian Ilsley FCCA, FinstD - Chairman and Finance Director

Ian has over twenty years experience in the trust and offshore management business. Since 1998, Mr Ilsley has, been the Managing Director of Garnham & Co., a Bermudian corporate consultancy/corporate finance business. He has significant experience in the public company arena, having been a director of several U.K. and U.S. listed companies. Ian's professional qualifications ensure that he is in constant update with the ever changing corporate governance, international financial standards and reporting requirements.

http://www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=1110172


Ian Ilsley

Director at
Pulmo BioTech, Incorporated
New York, New York
HEALTHCARE / BIOTECHNOLOGY
Director since February 2008

Track This Person

58 years old

Ian Ilsley, age 58, has served as Director since June, 2006. Since 1984, Mr. Ilsley has been the Managing Director of Bureau d'administration de Services et d'Etudes (Monaco), a small but long-established Monegasque financial services and management consulting business that offers trust, offshore management and tax planning and related activities. Since 1998, Mr. Ilsley has also been the Managing Director of Garnham & Co. Limited (Bermuda), a corporate consultancy/corporate finance business operating under the Garnham and Fulton Partners names. Mr. Ilsley holds a degree in accountancy and business studies from Thames Valley University and is qualified as a Chartered Certified Accountant.

Professor Fog
12th Jun 2008, 18:12
I'm afraid this could be too little too late - I mean who - customers and staff are going to go back...........once bitten twice shy......

Dysag
12th Jun 2008, 19:10
The business model is fatally flawed. To even survive today an airline needs to be able to extract the best results from a mix of high volume and high yield traffic.
Turning their back on half the revenue stream is (was) suicide.

tonker
12th Jun 2008, 19:22
Which is why BA are about to launch just this type of service from Heathrow!

Dysag
12th Jun 2008, 19:27
I said "an airline needs to be able to extract the best results from a mix of high volume and high yield traffic"

BA has plenty of economy traffic.

To start an airline which has NO high volume traffic is too risky, as Silverjet has shown.

londonmet
12th Jun 2008, 19:31
Chaps,

Just a thought...........

If BA and Virgin weren't too worried about SJ why would they be offering cheap rates and good air miles offers? If they weren't concered then they'd just plod on and wait for the business to come to them.

They must be worried about something.

L Met

747-436
12th Jun 2008, 20:09
The business model is fatally flawed.

The model is not flawed, it just needs significant capital behind it to get over the start up costs. The boss of BA said so himself when asked about EOS and Maxjet.

Which is why BA are about to launch just this type of service from Heathrow

It will be from London City, and there is also the Openskies venture from continental Europe.

HZ123
13th Jun 2008, 06:55
At BA the only service we are launching is from LCY. Futhermore we are leasing 4 x 777 which will like a number of our other 77's does not have 'first'. First and Club bookings have taken a 2% downturn in the last month. Much of Silvers service that attracts the punter is the late check-in but that is offered by Virgin from LHR.

Whatever the outcome of LCY and its 2 x 318's BA can easily write that off if it makes no monies. The LCY operation is nothing whatsoever like silver it will have new economic aircraft and will require only the minimum ground handling costs. Our Open Skies service is now going to operate as a codeshare with another EU operator that has been flying a similar service to the USA for a couple of years now thus minimising the risk.

Finally all airlines offer advantages like Air Miles and I .do not know when WW made any comments about the niche market operators. He has more than enough to worry and concern himself with at LHR / LGW. As loads get worse this summer I would not be suprised to see many offers from the USA carriers out of LHR that will futher deflate everyones earnings.

joe two
13th Jun 2008, 07:08
Be carefull, guys at Silverjet, try not to let other job offers pass on you by.
Been in the situation as well, more than once, and staying is not always the best option.

Epsilon minus
13th Jun 2008, 09:12
A318 versus B777
Which one will the excutive choose
A318 M.76 LCY-NYC 8hrs +
B777 M.84 LON-NYC 7.30
Same legroom and service in both. A318 frequency once a day B777 numerous.
Or, if you were really that important would you not go private on a corporate jet and enjoy much less risk from the boys from AQT?

alexp4mes
13th Jun 2008, 09:43
all silverjet staff made redundant as there is no rescue

Skipness One Echo
13th Jun 2008, 09:59
A318 versus B777
Which one will the excutive choose
A318 M.76 LCY-NYC 8hrs +
B777 M.84 LON-NYC 7.30
Same legroom and service in both. A318 frequency once a day B777 numerous.

If you had bothered to read the threads on this oyu would know the asnwer. LCY is to avoid the nightmare that is Heathrow, LHR rather than LON as you suggest. You can be sitting on the plane relaxed and working a couple of hours earlier and still be on US soil at around the same time if not before.

PAXboy
13th Jun 2008, 10:58
As I have said before - the basic business plan is not flawed - but you do not launch a premium service at end of the financial cycle. As the recession takes hold, all carriers are going to suffer and across all sections of the market. However, I expect that the BA 318s out of LCY will do well not least because they have money to back them and will be nicely worked in by the time the next upturn occurs.

TartinTon
13th Jun 2008, 11:31
Not just the nightmare at LHR but isn't the plan to clear US customs in SNN and avoid the ever-so-slightly less nightmarish arrival through JFK?

flying brain
13th Jun 2008, 12:39
Apparently the investment deal is far from concluded.....

Professor Fog
13th Jun 2008, 13:38
alexp4mes is that official ??

mary_hinge
13th Jun 2008, 13:42
http://ukpress.google.com/article/ALeqM5gkeZpJqq5WGKFb2eTIZxuKN7WjDg

All 300 workers at collapsed business-class airline Silverjet were laid off after a rescue deal fell through.
Swiss investor Kingplace had provisionally agreed to take over the Luton Airport-based carrier after it fell into administration a fortnight ago.
But administrator Begbies Traynor said that, due to "unusually complex negotiations" with third parties, Kingplace was "no longer in a position to acquire Silverjet as a going concern

IainB
13th Jun 2008, 13:48
http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article4130007.ece


Sadly looks like the end of Silverjet as a going concern. Much sympathies to all staff and hope they get new positions soon.

IainB

:bored:

Sorry for multiple posting, we must all have hit the button at the same time.

WestofEMA
13th Jun 2008, 13:50
That's a damn shame. Hope you guys and gals get new jobs soon.

RVR800
13th Jun 2008, 14:28
http://news.bbc.co.uk/1/hi/business/7453108.stm

spinnaker
13th Jun 2008, 16:14
Sad news.

I found it odd, that a prospective buyer had come along, when an airline is just what you don't want in a portfolio at the moment.

I presume the third parties mentioned would be the creditors.

saucy jack
13th Jun 2008, 16:28
I agree, sad news and my sympathies to those affected.

That said, and even leaving aside the question of oil prices, 420 employees to operate just 3 planes makes even Alitalia look like a lean and streamlined business.

Was it ever viable with these staffing levels?

spinnaker
13th Jun 2008, 16:39
I was wondering. Maybe they meant 45 or 54. 450 is an awful lot of pay-packets.

saucy jack
13th Jun 2008, 17:31
...and perhaps that's all part of the plan. If the prospective investor baulked at the size of the staff pay-packet before it surely looks a lot more attractive now (i.e. nil). Maybe the Administrators agreed with him.

You can bet this has figured in any negotiations and therefore what remains of the Company now, the bare bones, perhaps has a better chance of being resurrected than it did yesterday.

The question of whether crews would actually want to re-join Silverjet Mark 2 in any slimmed-down form, and the legalities of re-employing some but not all, is of course another matter entirely.

I'm afraid that, while sadly livelihoods are at stake on the front line, to the financiers of Switzerland, Monaco and Bermuda like the fellow involved here it's all a money-making game...

spinnaker
13th Jun 2008, 17:44
A good number of these knights in shining armour are just assets strippers. Most don't know how airlines work and all they see is three huge pieces of valuable assets, namely, the aircraft. When they find out the airline don't own them, but lease instead, things cool quickly. The moment a leasing company say they want money, they're off like a rocket.

I don't hold much hope of a Silverjet MkII. I feel that staff were given a false hope, its something the administrators have to do, however remote the chance of a sale going through.

Spunky Monkey
13th Jun 2008, 18:07
I am a bit confused here, one part of the document says the staff are sacked, the other says that they have been "Formally made redundant".
I thought that these are two subtle but completely different ways of loosing your job.
Very sad for the staff. Good luck one and all.
450 staff!!! F M

spinnaker
13th Jun 2008, 18:14
I thought that these are two subtle but completely different ways of loosing your job.
True, but in time honoured fashion, the media wont let relevant details get in the way of a good story

Freddy Forks
13th Jun 2008, 20:43
:{The Administrator has a legal obligation to resolve employment issues within 14 days of going into administration, i.e. by today, and if that is not possible the only options available to them are to make staff redundant or to take on the liability (and cost) of those contracts themselves.

BYALPHAINDIA
13th Jun 2008, 22:47
Stop.....Companies have not been allowed to sack employees since around 1999.:=

What I mean is 'sack on the spot'

If the SJ staff were made redundant with no notice, That is still classed as a 'sacking on the spot':=

If the SJ management said something like, I am very sorry to tell you you are being given a month's notice on full pay - then that is within employment law even if the agreement is not in writing.:D

But to say to someone your contract has ended on the spot,And no notice given Is a breach of employment law.

In a previous life I worked for a Leading Solicitors in Leeds.

And that is what I learnt about employment law, Although I wasn't an actual solicitor just a Solicitor/fee earner's Assistant.

By the sound of what SJ have done today, It could be a case for a tribunal??:hmm:

So SJ Management watch out - You have just dug yourself a 'deeper' grave.:=

SAM 2M
13th Jun 2008, 23:01
I hope that the MINORITY of posters on Pprune who seem to wish the demise of airlines and jobs are pleased with themselves.

Some of the attacks on Silverjet (and others) have been quite disgraceful.:ugh:

BYALPHAINDIA
13th Jun 2008, 23:14
Easier to go and stack shelves at Tesco's thesedays than work for some unstable Airline.:hmm:

It's not about having a career anymore, It's about keeping the Banks & financers away.:hmm:

BYALPHAINDIA
13th Jun 2008, 23:23
Yes they have, But the SJ management have done no favours to it's loyal waiting on hand staff.:=

I guess Lawrence *unt and his fellows will be running through the fields now???:ugh:

PAXboy
14th Jun 2008, 00:22
Non pilot. Non lawyer speaking.
BYALPHAINDIABy the sound of what SJ have done today, It could be a case for a tribunal?As I understand it, when a company goes bankrupt, then different rules apply. If you are 'sacked' it is because of a misdemeanour on your part that would be part of the company dismissing you from service with a bad record.

If you are made redundant, there is no blemish on your service with them and a future employer will be glad to talk to you. Further, it would (probably) make the staff a creditor for wages and redundancy payment - in the event of their being and cash left when all is done and dusted.

Lastly it also, I think, may affect how you are entitled to social welfare payments in the UK.

boredcounter
14th Jun 2008, 03:32
Went through this in '04 when my employer went pop.

The staff did collectively take it to tribunal and won. Lack of consultation of
redundencies (90 days I believe). One simple on-line form, but sorry no idea of the link.

Government protected award of about 2K each, but it does take a long time.

Size of company and curcumstances about the same.

Sorry if the rules have changed, but do some digging and give it a punt.


Very best of luck to you all,

Bored

GlueBall
14th Jun 2008, 03:53
Dedicated "all business class" airlines have come and gone, irrespective of fuel costs or economic constraints.

It's a flawed concept because travellers paying premium fare have an expectation of flying in separate class. When the entire cabin is just one class, there is no separation; all the seats are the same size, everyone is treated equal. There is no stimulus, nor "reward," for having forked out the extra cash to be visually separated from "cattle" class.

Furthermore, because of the large number of all business class seats in the wide body cabin, there are fewer cabin attendants per passenger than in conventional, much smaller, First/Business classes. Consequently, individual service and customer attention is less focused. :{

legoland
14th Jun 2008, 06:22
Unfortunately SAM2M some of those posters feel for the staff who thru no fault of thier own are now out of a job, however the way silverjet management treated flyjet crew was disgusting, they were lied too in the beginning, and were told that they would have to apply for jobs within the company as how can you compare a limo to a taxi, ( that did loads for the morale) and how many FJE cabin crew were taken on by SJ?, Thats right very few out of all the FJE crew.

flying brain
14th Jun 2008, 06:36
GlueBall

The "All Business Class" airline concept is impractical reality

--------------------------------------------------------------------------------

Dedicated "all business class" airlines have come and gone, irrespective of fuel costs or economic constraints.

It's a flawed concept because travellers paying premium fare have an expectation of flying in separate class. When the entire cabin is just one class, there is no separation; all the seats are the same size, everyone is treated equal. There is no stimulus, nor "reward," for having forked out the extra cash to be visually separated from "cattle" class.

Furthermore, because of the large number of all business class seats in the wide body cabin, there are fewer cabin attendants per passenger than in conventional, much smaller, First/Business classes. Consequently, individual service and customer attention is less focused.


GlueBall.

Your sweeping statement appears to have a large hole.

PrivatAir have just flown their one millionth all business class passenger and customer feedback shows consistent 100% passenger satisfaction.

Where is 'the flaw'?!

(My thoughts are with the excellent SJ staff)

parabellum
14th Jun 2008, 06:55
Concord was a one class aircraft, all in one cabin and that seemed to do alright.:confused:

heli_port
14th Jun 2008, 06:58
I'd like to buy silverjet for £1 as ING bought barings bank all those years ago :}

411A
14th Jun 2008, 07:34
Concorde was a one class aircraft, all in one cabin and that seemed to do alright.

Errr, I don't think so.
Concorde never made a profit in any real sense of the word, it was completely subsidized by the French/British governments and their respective large airlines.
Nice to look at certainly, and quite an aeronautical achievement...without a doubt.
But profitable?
Ahhh, no.

Wellington Bomber
14th Jun 2008, 08:27
PrivatAir have just flown their one millionth all business class passenger and customer feedback shows consistent 100% passenger satisfaction.

Where is 'the flaw'?!

Privatair do not sell under their own name, but under the disguise of people like Lufthansa and operate under their prefix

That is the huge difference

oldlag53
14th Jun 2008, 08:37
...and there is the 'small' matter of frequent flyer rewards. One assumes that most business class flyers are employees or (well-off) self-employed, and they ain't going to give up the perk of 'airmiles' in a hurry.

Trying to promote business-class service out of secondary airports such as Luton and Stansted is also not easy.

avrodamo
14th Jun 2008, 08:40
Did Silverjet actually do anything wrong? I don't really think so. They had a good package that was working well, but have unfortunately felt the pain , as all of us are to some degree, (both at work and in the home) of the crippling rise in oil prices . If oil prices had not reached the pretty much unforseen levels they are today i have every confidence SJ would still be here, and still growing. It was out of their hands, like it is for all of us, and there is little they could do.
I think it's a great shame that in a fairly short space of time the fortunes of the western world has been turned on it's head, and SJ amongst others have had to pay the price.

silvermuppet
14th Jun 2008, 09:47
Spinaker you mentioned....I feel that staff were given a false hope,

staff, press, passengers, creditors, markets, shareholders the list is endless

who keeps giving this false hope?

PAXboy
14th Jun 2008, 10:30
avrodamoDid Silverjet actually do anything wrong? I don't really think so.I suggest that they launched at the wrong time. The UK economy had been on the Up for some ten years and was overdue for a down turn. The property market boom was clear to all across that time and other indicators too. To launch as the the third biz-only airline (following Eos and MaxJet) and at the time when the UK (and others) were teetering on the brink - that was wrong. The fuel price might have closed them early but it was the wrong time.

Bearpit
14th Jun 2008, 10:59
Paxboy is right. While everyone has sympathy for the staff involved, all the focus on increasing fuel prices is only one side of the equation.

If you don't deliver the revenue to match the costs, e.g. fancy new dedicated terminal at LTN for one service a day, then the numbers will never stack up. Perhaps the failure of 3 start-ups of this nature shows that the business model is fundamentally flawed!

All well and good having fantastic customer feedback, but no wonder given the service being provided for the fares being charged....

upandup
14th Jun 2008, 11:08
Not only was it the fuel price that crippled us, but comments from the likes of mike stoddard lost the faith of the passengers of Silverjet. They were canceling flights and even not buying tickets because they believed they would go under. When that statement that was full of incorrect information came out, share prices dropped and so did bum's on seats on the aircraft.

The Real Slim Shady
14th Jun 2008, 16:21
Up and Up

Are you blaming Mike Stoddart for the demise of SJ?

There are certain individuals who are able to critically analyse the product and its likelihood of success: there probability of SJ lasting more than 36 months was ZERO.

Wrong product, wrong place.

Had SJ done a tad more research they would have discovered seating solutions which would have generated more revenue without compromising service. Equally they would have seen that a 2 class service would have had more chance of survival than a single class and that Luton was the wrong choice of gateway.

You were all sucked in by smart presentations and great words: wanna buy shares in my airline?

flying brain
14th Jun 2008, 17:48
Quote:
PrivatAir have just flown their one millionth all business class passenger and customer feedback shows consistent 100% passenger satisfaction.

Where is 'the flaw'?!

Wellington Bomber

Privatair do not sell under their own name, but under the disguise of people like Lufthansa and operate under their prefix

That is the huge difference


Exactly my point - GlueBall states that ''all business class is a flawed concept'' - it is not true. This operator is running an excellent and successful all premium business.

Max Tow
15th Jun 2008, 02:09
As an aside, the following is from the BBC Business website report re Silverjet's demise:


"...Eos filed for Chapter 11 bankruptcy in April due to "insufficient costs"..."

That's certainly a new approach to business!

captjns
16th Jun 2008, 07:32
Sorry to hear the investors pulled out.

http://www.atwonline.com/news/story.html?storyID=13018

Longtimer
16th Jun 2008, 14:22
Seems that another group is looking at them.

"A sale is still possible, but there's no certainty. We are talking to them and to other people as well."

ArabJet, a planned premium class airline based in Dubai, is also interested in buying SilverJet, a person familiar with the situation told Reuters on Monday.

However, a deal is more difficult as time goes by, following the staff redundancies at the company's centres in London, New York and Dubai, Atkinson said.

"The more time that goes by, the more difficult it will be to reach a sale of any kind," Atkinson said. "If anything needs to happen, it has to be in the next week, if it happens at all."

ChristiaanJ
16th Jun 2008, 14:52
Quote:
"Concorde was a one class aircraft, all in one cabin and that seemed to do alright."
Errr, I don't think so.
Concorde never made a profit in any real sense of the word, it was completely subsidized by the French/British governments and their respective large airlines.
Nice to look at certainly, and quite an aeronautical achievement...without a doubt.
But profitable?
Ahhh, no.
Better read your history books again.
Once the BA Concorde operation was re-organized in 1982/83, it consistently made a profit almost to the end in 2003, without subsidies.
Not a huge one.... there were not enough aircraft and not enough flights, but the operation definitely more than paid for itself!

Air France was a different story.

Wodka
16th Jun 2008, 16:00
The 3rd party being reffered to was the CAA :mad:

The CAA were not satisfied with the funding being offered to rescue the airline and thus were blocking the application - hence forcing the airline into this position.

They are living upto there monkier... Cease All Aviation

Great shame, good luck to all crews looking for seats now...

llondel
16th Jun 2008, 16:31
ChristiaanJ/411A:

Concorde never repaid its development costs, which is what 411A might be thinking of. However, as ChristiaanJ says, the BA operation, once those costs were written off, was definitely profitable.

However, I bet it would be struggling now, given the cost of fuel. That's what really clobbered it back in the '70s.

TwoOneFour
16th Jun 2008, 16:38
Seems that another group is looking at them.


Not any more. Air Transport Intelligence is quoting CEO today that all attempts to find funding have stopped and S'jet is to be wound up.

Mr @ Spotty M
16th Jun 2008, 16:38
"Wodka", the third party was also the aircraft owners who were also not happy with the deal being offered.
Also "QUOTE". Lawrence Hunt has abandoned efforts to save the airline following the collapse of a rescue deal on Friday.

747-436
16th Jun 2008, 16:46
I don't think the CAA could have done anything else, if the medium term funding wasn't there then they couldn't let it restart, simple as. They want to avoid an airline starting up again then running out of money again in 5 months which is a real possibility without the money in the bank.

stormin norman
16th Jun 2008, 17:41
370 staff for 3 aircraft and oil at $139 a barrell with no hedging, would you buy it ?.The business model was flawed at the outset.Good luck to all who have lost their positions and hope they find work soon.

ChristiaanJ
16th Jun 2008, 17:47
ChristiaanJ/411A:
Concorde never repaid its development costs, which is what 411A might be thinking of. However, as ChristiaanJ says, the BA operation, once those costs were written off, was definitely profitable.I usually see that confusion....
The development costs were financed by the governments, and BAC/Aérospatiale, on the basis of a break-even of about 150 aircraft, IIRC.
British Airways and Air France were only two of the clients, and it was not their business to recoup the entire development costs!!
Admittedly they got a couple of aircraft cheap, in the end, even if it wasn't the £1 each as a certain RB likes to pretend, but in the long run that was not very relevant compared to the operating costs.

However, I bet it would be struggling now, given the cost of fuel.
It was 9/11, the Iraq war, the rise in maintenance cost, and a few other items that led to the premature retirement in 2003, even before the oil went through the roof. The $140 barrel of today would just have been the last nail in the coffin.

That's what really clobbered it back in the '70s.
Yes/no. She didn't stop flying until thirty years later!

spinnaker
16th Jun 2008, 18:37
who keeps giving this false hope?

Have another read of my post, and there the answer will be found. :ok:

Freddy Forks
16th Jun 2008, 22:58
Stormin Norm and anyone else who suggests that 300+ staff was excessive for 3 aircraft. What you have missed is that Silverjet were in the process of taking aircraft 4 & 5 very shortly.

The Real Slim Shady
17th Jun 2008, 10:29
Freddy

they weren't in the process of anything like that at all.

They were presenting to the big wide world that they were gearing up for jets 4 and 5 and everything was rosy but were frantically trying to raise enough money to keep 1 thru 3 going!

Honest Fr@nk
17th Jun 2008, 11:48
Slim,
As far as I know they had done verification flights on at least 1 of the next aircraft to arrive. Crew were being taken on ready for the next 2 aircraft I should know- I was one of them.

Ancient Observer
17th Jun 2008, 17:03
It's a real shame that SJ didn't make it. It is "upstarts" like SJ that will teach the legacy dinosaurs about how to run a business.
I do hope that the staff find great new jobs as soon as possible!
I remember reading some of their enthusiastic posts on pprune as they were heading for the first flights. They made me feel good to be in the sector.

Psr777
17th Jun 2008, 19:30
From someone who has been involved in interviewing some Silverjet cabin crew since the company went in to administration, it is has been a pleasure to meet so many professional people who clearly had/have loyalty to their employer, despite what has happened.

They will be a real asset to our airline, if they accept the offers of employment.

I would have loved to have experienced their on board service, which sounds excellent.

RFFS
18th Jun 2008, 07:12
I was one of the lucky passengers who sampled SJ's fantastic service, although far from the normal mode of air travel i am used to, it was like being royalty, and the 7 hr flight to Newark felt like 3.5hrs.

I had hoped that they would be able stay alfoat, or a solution found, because i would have booked again. I am sure that SJ staff will be an asset to any company in the position to offer employment.

whaley26
18th Jun 2008, 10:40
Could it be third time lucky for beleaguered Silverjet? Given the past six long weeks in the history of the former luxury airline, few would bet on its salvation. However Reuters reports that ArabJet, a premium class start-up airline based in Dubai, is talking to the administrators about a possible rescue package.

This would be the second attemped take-over of Silverjet by a UAE-based backer. Viceroy Holdings, was expected to inject a mixture of debt and equity into the business in May, but Silverjet was forced to call in administrators when it attempted to draw on Viceroy’s loan and found that there was no money available.
Talks to buy SilverJet by Kingplace, an Irish-registered company managed by Swiss trust and management company Heritage, collapsed on Friday, when the company made its 420 employees redundant.

Silverjet administrators Begbies Traynor but will not confirm that a bid has been made.

JennyB
18th Jun 2008, 13:40
Ancient Observer, or should that be Alzheimers Observer

"It's a real shame that SJ didn't make it. It is "upstarts" like SJ that will teach the legacy dinosaurs about how to run a business."

Wouldn't say they were that great at running a business, would you?

Flyer2008
18th Jun 2008, 13:50
Does anyone know whether the Fleet were OWNED by Silverjet or LEASED via a bank or a leasing company ?

cldrvr
18th Jun 2008, 14:16
Silverjet did not own their aircraft they were flogged (to Novus) after buying Flyjet to raise cash, then they floated on the AIM to raise cash, then they borrowed money from the City to raise cash, then they borrowed money from the Reubens to raise cash then they borrowed money from Viceroy to raise cash, then they refused to pay their crew to raise cash, then they tried to borrow cash from the Irish/Swiss,

See the picture developing? They have been hemmoraging cash from day nought to no avail or succes.

As a side note, the final installment for the purchase of Flyjet and their leases was due in May this year, the final nail in their coffin? Surely secured against their 76 lease, or spares,

Their loans thusfar are secured, they owe the City 20million and the Reubens 10million, both are first in line.

Any rescuer will need to pay them back, plus an additional 20million in other debt plus the 20milion that the CAA wil require in escrow and we are talking over 70million to rescue an airline with no AOC, no Aircraft, no crew, no goodwill and a shady history of paying its bills.

Good luck.

jkl
18th Jun 2008, 16:16
http://www.telegraph.co.uk/travel/travelnews/2150551/Silverjet%27s-survival-could-be-in-Arabjet%27s-hands.html

http://www.telegraph.co.uk/travel/travelnews/2152301/Silverjet-will-not-fly-again%2C-says-chief-executive.html

Mr @ Spotty M
18th Jun 2008, 18:27
The aircraft are owned by two separate leasing companies.
Two a/c are owned by a subsidiary of l believe CIT, understand both the ex TUI a/c. The other might belong to Boeing Capital.

hunterboy
18th Jun 2008, 18:46
If I was a conspiracy theorist, i might think that BA had parachuted in ex BA managers to sabotage Silverjets' operation. However, knowing the characters in question, I'm sure any decisions were just the result of incompetence.Why is these people go from airline to airline leaving a trail of destruction behind? Actually, I have a fair idea...BA don't give bad references to anybody, only a piece of paper listing employment dates.If the new employer doesn't know the inside track, then these "managers" go from job to job creating carnage.

SquareOne
18th Jun 2008, 19:02
Silverjet will not fly again, says chief executive

Dinah Hatch
Last Updated: 5:08PM BST 18/06/2008
Lawrence Hunt, chief executive of Silverjet, says the failed airline is permanently grounded. Dinah Hatch reports.

http://www.telegraph.co.uk/telegraph/multimedia/archive/00679/silverjet404_679976c.jpg
Silverjet was grounded on May 30 after failing to secure funding

Failed all-business carrier Silverjet will not fly again, its chief executive Lawrence Hunt has told The Daily Telegraph.



Hopes were revived that the airline would take to the skies again after rumours surfaced that Middle East proposed carrier Arabjet had made a bid for the beleagured business-class carrier.


But Hunt has rubbished plans publicised by Arabjet to revive the London-Luton based airline.



“They are just a bunch of timewasters," he alleges. "We’ve been talking to them since February, providing business plans, but it never moved forward. They can’t even raise the £125,000 needed to secure negotiations with the administrators. They just do not have the funding.”



Arabjet’s website says it plans to launch its own services next year to high-end passengers looking for premium travel within the Middle East.
Mr Hunt added: “There is nothing to buy any more because the CAA has now revoked all the licences.”


Hopes that Silverjet, which operated to Newark airport and to Dubai until it was grounded on May 30, will fly again have been reignited a few times as various undisclosed bids have been put forward. Irish-registered company Kingplace, which is managed by a Swiss trust, made a significant play for the carrier last week but failed when it failed to guarantee future aviation licences and the planes’ leases.



And just for the laughs, Silverjets CEO Lawrence Hunt...


http://www.dressedtokilt.com/img/ny2007pictures/hunt2.jpghttp://www.dressedtokilt.com/img/ny2007pictures/hunt1.jpg

BarbiesBoyfriend
20th Jun 2008, 20:33
Hunterboy

You might say that, but I, couldn't possibly comment.;)

PAXboy
21st Jun 2008, 01:20
If the new employer doesn't know the inside track, then these "managers" go from job to job creating carnage.It's the same in any biz. I have seen folks in the IT world sailing in with the management proud of their new acquisition and within a month the staff know that the new boy hasn't a clue. It usually takes the senior mgmt another 12/18 months to find that out - possibly longer if the new boy is a good political operator. Of course, the senior mgmt may ALSO not have a clue. :rolleyes:

BestonBoard
21st Jun 2008, 02:28
I will admit, I have always been an advocate of Silverjet, however, reading some of the information on here, I am intrigued about the legal implications regarding the redudancies...

Of the staff that were made redundant, approx. 200 were cabin crew, who, out of all the employees were the only people to not receive a salary at the end of May. (Office staff and Flight deck were contracted to be paid earlier in the month... and were!)

The co. enterred into administration, and the crew could not obtain any government assistance as we were not classed as unemployed or redundant. We were then called into the office to be advised by the administrators there and then that everyone was made redundant.

As the longest serving employees were with the company from November 2006, not one of us is entitled to statutory redundancy pay, and can only claim for unpaid salary, and perhaps part of our duty allowances...

Bearing in mind we are owed basic salary from 1/5/08 until 13/6/08, and flight allowances dating back to the 11/4/08, plus unpaid holiday, and pay in lieu of no notice given...

Are we entitled to make a legal claim? From what I understand the company has many creditors and investors which rank higher in the pecking order...

Is there anyone who could offer any advice to myself and my colleagues?

Any help would be greatly appreciated.

boredcounter
21st Jun 2008, 03:48
Sorry for all you guys and girls.

Fuzzy memories of the last time for me in '04.

You are now an unsecured creditor for all outstanding payments due. The Administrators can/should be able to confirm this for you. You will receive payment in due course, but a long due course and it will most likely be pence in the pound. (I received £186 for entitlements outstanding of £5k after Government payments in my case, two years later and the holding Co had c2.4 million in the bank).

Industrial Tribunal

http://www.berr.gov.uk/employment/employment-legislation/employment-guidance/page13852.html#Redress_in_cases

Do look there, again it is not a quick fix to the financial problems, but we won our case when the company went pop over night. (The Brum office listed were helpful so give them a call and explain your situ) or find a friendly union rep through a mate....


Again, good luck, find your feet as soon as possible one and all.

PAXboy
21st Jun 2008, 09:11
Maybe, just, maybe thats not the way to make money. .......Maybe, just, maybe that has been discussed in PPRuNe in a long (combined) thread running in Airlines, Airports & Routes.

This will take you to Page 50 of the main thread:
http://www.pprune.org/forums/showthread.php?t=325056&page=50

This is when there was hope of it restarting:
http://www.pprune.org/forums/showthread.php?t=330177

The Trappist
21st Jun 2008, 12:06
These may bring back some wistful and poignant memories of what we will now all miss...:{ ;)
Silverjet The Movie:
http://www.youtube.com/watch?v=mUuirIuquvE&feature=related
Silverjet Crew Training
http://www.youtube.com/watch?v=hIRDgGySBUo&feature=related
Women Only Loos:
http://www.youtube.com/watch?v=yvtpmMrSvlI&feature=related

:ok:

awalis
21st Jun 2008, 17:38
Ancient Observer:8

noneatall
21st Jun 2008, 19:38
Beston Board.... you were such a supporter of Silver Jet?

Flower Duet.
21st Jun 2008, 20:16
Enough is enough !! And I must admit I was one of those twats too,
who said I told you so and as Tightslot was really right, I put a really nasty post on here and to be honest I was really in the wrong. People have lost there jobs.

Please let's move ....

Peace ;)

BestonBoard
22nd Jun 2008, 00:14
Noneatall...

I had every faith in Silverjet, and will hold my hand on my heart to this day and say that it was an amazing company, an amazing product, and had the most fantastic people working for her...

The experience I gained, the lessons I learned, and the lifestyle I led are now gone...

In a different thread, you accused me of being brainwashed... I believe the word 'cult' was mentioned... A cult is a social organisation with beliefs and values that are different to the mainstream, and compared to normal social values are perceived as extraordinary... and extreme.

If you speak to a member of Silverjet that truly believed in what we were able to achieve, they would have battled... tooth and nail to ensure her survival, but unfortunately matters were completely out of our control.

My concern is now for my colleagues and the silver family that were the face and image of the airline. Having researched some history into what our entitlements could be, if we receive anything, it will be very little... if anything at all.

Of course, as an individual I have to think of myself too. I know there are so many in the same situation, but losing my home, a great deal of friends, and a way of life I had become accustomed to, I would like to know what support the cabin crew have.

To ask questions and draw from the experience of those who have suffered through similar situations is not disrespecting the Silverjet brand and concept... I merely wish to fight for what is rightfully ours, and to ensure that all the exceptional Silverjet crew can fly with their own wings again... with confidence, and with pride.

annnee
22nd Jun 2008, 03:14
I had to re-book with BA for flights the same days as I would have flown with Silverjet. I did the booking on 30th May when Silverjet went into Administration.

I looked at Virgin Atlantic too, but BA had the edge...just.

It cost me more to fly economy outbound and club world inbound than both ways business class with Silverjet, but I had got a special deal with the latter so couldn't really complain.

My eldest son who lives in Australia has been following our trials and tribulations and briefing us with detail that we might have missed ourselves from his own trawling on the internet.

He advised me yesterday to input the same dates and flights with BA now; the cost for anyone booking yesterday has risen by 38%!!!

Since I am dumbstruck, does anyone have any comments to make?:(

brakedwell
22nd Jun 2008, 10:54
Since I am dumbstruck, does anyone have any comments to make?

Air travel will soon become too expensive for the average punter! :ouch:

Dysag
22nd Jun 2008, 16:19
You've made 29 posts, all in some way connected with Silverjet. Even if you are (were) not an investor in the airline, you must at least by now be an expert on the N. Atlantic travel market.

So what are you dumbstruck about? That the going rate for a July seat is 38% higher on 21st June than on 30th May? That's called revenue management, my dear. Sort of supply and demand stuff like at the local fruit market. Both perishable products.

P.S. can anyone comment on whether Silverjet had an effective revenue management system in place? Thanks.

annnee
23rd Jun 2008, 11:24
Ooh...bit caustic there, Dysag...and extremely patronising to boot.

I am no expert on Atlantic travel, nor am I an investor of any company...I am merely a future traveller who has experienced more upheaval than most with their plans due to the demise of my original travel provider.

I don't know if you consider that flights costing me £1,534 on 30th May now cost £3,996 some three weeks later is not cause to be dumbstruck. Or whether you would defend such extortionate practise because their main competitor is now out of the picture...or even if you work for the airline concerned.

It seems that the very worst of capitalism is rearing its ugly head once they have the monopoly.

Non competitive price-fixing between those left to provide the service maybe?

cldrvr
23rd Jun 2008, 11:28
Annee, you can always pack up and move to China. This is capitalism, simple supply and demand, don't like it I can give you the phone number of the rice paddy planters association.

annnee
23rd Jun 2008, 11:32
I had no idea that this forum was so politically driven by some. And that instead of reasonable debate and comment, those same people descend to making personal remarks.

I ask if this is the acceptable face of capitalism and am told to move to China - how puerile is that? No better than a school playground with the same bullying tactics.

And this from supposed, mature adults? :=

So tell me...is this price mark-up defensible in your opinion?

cldrvr
23rd Jun 2008, 11:34
Absolutely annee, the airline is in business to make a profit not to take you to your destination at a subsidised fare, and if you don't like the price of BA call me for a quote on a 604 or GLEX then you will find out what true capitalism means.

Rhodes13
23rd Jun 2008, 11:41
Depends Anneee are you looking at exactly the same flight? If so the flight might be full leaving only the most expensive seats. Also lets not forget we are coming into the summer season now which has traditionally meant that seat prices go up to reflect the greater demand.

As many poster have said this is avtive revenue management. Im sure your beloved silverjet didnt sell all their seats at 999 or whatever it was. Only a small percentage of overall seats would have gone for that price the rest would have gotten progressively more expensive.

You do realise that in the current market of high oil prices that all airlines are jacking up prices to cover increasing costs. Unfortunately silver jet didnt do it as well and has folder. This will be survial of the fittest.

PS fuel furcharges to australia through JAL are now running at 1000 AUD or about 440 pounds. Times are changing!

annnee
23rd Jun 2008, 15:45
Yes, it's exactly the same flights. Additionally, when I booked I was able to have my desired seats assigned to me there and then, such was the availability.

It is unfortunate that I can't make a reasonable observation of a mark-up of £2432 on a fare that three weeks ago cost me £1534 - an increase of 258% and not 38% as previously mentioned - without sarcastic comments for other posters.

Now why would an airline nearly treble their price in such a short space of time.

Can someone give me an unbiased and logical reason, apart from my own feeling that it is opportunism at its worst?

I don't want to see any ad hominems, rather reasonable justification please.:)

spinnaker
23rd Jun 2008, 16:10
Now why would an airline nearly treble their price in such a short space of time.

Depends on how the ticket sales go. If they had a big uptake at the cheaper prices, then as the flight starts to sell out, up the prices.

Evileyes
23rd Jun 2008, 17:12
This horse, as well as its reincarnation, has been well kicked and is truely dead.

Should former employees need to pass on information regarding collection of wages owed and such please post in the Terms and Endearment forum.

flygirl28
10th Feb 2009, 15:43
Any substance to the rumour that Silverjet is going to rise from the ashes?:D

Dysag
10th Feb 2009, 15:47
Wrong time, failed business model.

GobonaStick
10th Feb 2009, 16:03
Sure you're not confusing it with Silver Air?

capt.m
10th Feb 2009, 16:15
Saw the silverjet 767 dept juba a few days ago..seems like they back in the air..

Travelman34
10th Feb 2009, 16:35
The silverjet B767 is now owned by Jordan Aviation. they just have not changed the livery yet.

1DC
10th Feb 2009, 16:52
One of the weekly newsletters published an old version in error, one of the subjects was silverjet relaunching.The publishers have apologised and said the correct version will be available on thursday..

AltFlaps
10th Feb 2009, 17:30
Nah,

Bridger ... one of 'Peter's friends' is busy helping to destroy bmi at the moment :mad:

aeroground
10th Feb 2009, 17:55
this rumour came about today by business traveller a old article was sent out instead of current one and the headline was Silver jet into the air again

loggerhead
18th Feb 2009, 15:09
Has anyone had some news on Silverjet? I know someone, who knows someone (if you know what I mean) that is going for a job interview… I think they are getting their wires crossed to be frank... any rumours?


No offense intended Loggerhead but rumours regarding Silverjets resurrection are as popular as Elvis sightings and apparently just as far fetched.

Rather than host yet another one, Silverjet is now considered a dead issue on this Forum until such time as someone can show proof that they have performed a Lazarous and returned from the dead. Like maybe an AOC.

The Mods