Tas Air in trouble AGAIN

[pmjttrm]

Heard rumours that TAS AIR is in trouble again and have reduced their sched significantly and cannot operate certain flights, any truth?

[ab33t]

Still rumours , cant find any info

[Dog One]

Past experience with Tasmanian operators have shown that January is usually a very quiet month for RPT services, due to the number of people on holidays and very little activity within the various government dedpartments

[fanning]

If you can't make money in the summer months in Tasmania, god help you for the rest of the year :}

The Island of the other side of the straight appears to be having lots of flights :confused: so unsure why KII would be any different, unless it's all one way traffic.

Maybe a few more whale charters are in order :E

[AIREHEAD]

Flinders tourism seems to be going realy well the last year or so. AoT would be the main beneficiery. Don't know about King Is but Tasair seem pretty quiet

[43Inches]

King island is very well serviced from Melbourne via King Island Airlines and Rex. There's not a lot of passengers or freight travelling the Tasmanian direction. Whilst Flinders may have an improving tourist market this will not make for very successful air services until the local population (which is much smaller than king) and industries grow.

[tasdevil.f27]

Best time of year for Airline of Tas, been extra flights for them over the last month or so. The **** box Dornier has been busy most days. :ok:

Would not be surprised with TA, however did hear a rumour that they were looking at getting another Jetstream, as they want to get rid of the aging chieftens. :confused:

[pause]

as they want to get rid of the aging chieftens. http://images.ibsrv.net/ibsrv/res/src:www.pprune.org/get/images/smilies/confused.gif

Is that why they sent one out to the Japs?

[Fantome]

Whilst Flinders may have an improving tourist market this will not make for very successful air services until the local population (which is much smaller than king) and industries grow.


Ahhh . . . . what a spot! FLI's unsurpassed out of the way nooks and crannies, it's people and it's byways add up to a haven in which change and the exploiters must ever be strenuously countered. Anyone who has moseyed
round there for longer than a few days and allowed it's character to get under the skin will know the truth of this.

[fanning]

did hear a rumour that they were looking at getting another Jetstream

Tas Govt providing finance for that one too ? :mad:

It is an election year afterall :ugh:

[tmpffisch]

Interestingly, they're advertising ICUS on AFAP now.

[pmjttrm]

2 chieftains apparently in the hanger without donks, no cash, only thing flying is the jetstream and 1 of the 3 chieftains

[fanning]

Light plane makes emergency landing - ABC News (Australian Broadcasting Corporation) (http://www.abc.net.au/news/stories/2010/03/19/2850155.htm)

good to see all ended up well

[FRQ Charlie Bravo]

The pilot circled for an hour to use up fuel before landing safely. (ABC News)Well thank God for that, otherwise the mighty PA31 could have landed somewhere near MLW; not the mention the almighty inferno which would have erupted and consumed the new litter of puppies at the Johnson house down the road.:ok:

FRQ CB

[The Green Goblin]

That would have been some great ICUS training :cool:

[fanning]

Looks like old Burnie/Wynyard has been removed from their website as a RPT stopover.

Saw this in the paper the other week - Business loan oils industry Tasmania News - The Mercury - The Voice of Tasmania (http://www.themercury.com.au/article/2010/05/16/146455_tasmania-news.html)

Other companies loaned money include Tasair, an intrastate airline, lent $1.6 million to pay creditors, three farming families and a magazine publisher. Tasair declined to discuss the loan.

$1.6 Million :eek: That's one hell of an advertising campaign and lots of king island dairy products :}

[PLovett]

From The Mercury article:

DEPARTMENT OF ECONOMIC DEVELOPMENT LOANS TO BUSINESSES SINCE JULY 2009

Tasair Pty Ltd
Tasmania's intra-state airline
$1.6 million
Refinance the company's aircraft finance facilities, pay pressing creditors and additional working capital.

My bold. Says it all unfortunately.

[Stationair8]

So lets see an RPT operater helped financially by the state government and selling ICUS as well, great business plan.

[CharlieLimaX-Ray]

Cheap investment for the state government really, lot cheaper than building a bridge to King Island.

[porch monkey]

Obviously not charging enough for the ICUS, I guess....:rolleyes:

[Counter-rotation]

I've heard a few of their ex pilots are going to hit them up for award entitlements not paid going back a few years

I hope they do!!!

And if they do, I sincerely hope they get every cent that they SHOULD HAVE BEEN PAID IN THE FIRST PLACE! :ouch:

CR

[Counter-rotation]

Ho hum, another chest beating, mutual back-slapping session, and cement-eating contest...

Well done I say, and solid career prep for sure - for taking it up the arse until retirement. Your colleagues thank you one and all. :ugh:

How many times can it be said and ignored?! You won't leave it behind in GA mate - if you encourage and foster it there, it will follow you for your entire career.

Maybe you can offer some of your left over cement to Operators, so they can harden up and pay their staff properly. How many clients got discounts, because they said "gee, your aircraft sure are pretty!" :hmm: Thought so...

How about you harden up, and have some self respect while you're at it. Respect your skill set, and the work/money/sacrifices you did/spent/made to get your ticket.

Righto, FLAME AWAY, I've said my bit.

CR.

[Reading5]

Am I hallucinating here? I'm actually a little confused and might sign off for good as I think there are a few knuckle heads passing comment here.

A company obtaining a government loan...and people are rejoicing in their struggle? People getting ICUS and people PPRuners canning the company?

Give me a break! So where is the happy medium? If companies like Tasair go under, apart from the immediate impact, what happens to the employees...not just the pilots.

Honestly, I don't get it.

I am not aligned to any company but I read these forums with mild bemusement. Do any of you guys honestly believe that any of these regionals are making millions....?

If you want to take up the fight, take it up with QANTAS or another major. Having a go at Tasair about icus is bull shiber. Hopefully that is it on the subject.

[Reading5]

G'day anon mouse,

Fair enough,

I agree with you in that we don't want to see any of these companies going under, as it reduces competition and affects lives and makes it harder for employees and all. I understand they are trying to do the right thing by all and hope they do okay in a challenging industry.

Hopefully another GFC not coming. Next few years are going to be interesting.......

[PropDuster]

Recently, there was message on these forums requesting advice on obtaining flight training in Tasmania. In none of the replies was Tasair recommended,despite its position as the best equpped school in the region.

And this was one reason I chose to do the renewal on the mainland.
Guess I won't be sending them a resume either

35k for an initial :ugh:

[fanning]

any truth in the rumour that the bank run contract is about to come to an end and not being renewed?

[PLovett]

It has been said that Toll (who I believe are the contracting party) are taking over the run from the end of June. I do not know if the contract is being awarded to another party or they are going to do the run themselves. Given that the run is able to be done in a Chieftain then anything bigger on the run would be overkill in terms of capacity.

[fanning]

That's a lot of presumably profitable flying which is about to dry up. 30-35 hours per week? That's gotta hurt.

Could be even more problematic if a certain airline spreads it's wings across to the other Bass Straight Island

[tasdevil.f27]

Toll about to start running their metro from Hobart to Melbourne via Launy very soon, word on the street is that the bank plane will go as well.

Could be even more problematic if a certain airline spreads it's wings across to the other Bass Straight Island

Only a matter of time...

[PLovett]

fanning, you may well be on to something there. I have heard rumours that the paper work for such a run is being prepared now.

[AIREHEAD]

I heard a metro belonging to a certain Victorian company going into King a while back, I take it this is who you are talking about

[tasdevil.f27]

That company have had a few charters to King Island this year from LST. Interestingly REX have flagged the island as one of the routes they are looking to withdraw from which has caused a stir on the island today!

“The very high fuel price is making the situation quite untenable and all airlines are compelled
to put in place rigorous measures to remain profitable. As foreshadowed in the earlier media
release, the Rex Board has carried out a review of its network and has identified a number of
routes that may not be sustainable should the situation degrade further especially in light of
the Federal Government’s decision to significantly reduce its contributions to regional air
services throughout Australia from 1 July 2012.”
The routes identified are:
􀂃 Sydney-Taree
􀂃 Sydney-Grafton
􀂃 Sydney-Moruya
􀂃 Sydney-Bathurst
􀂃 Melbourne-Griffith
􀂃 Melbourne-King Island
􀂃 Melbourne-Merimbula
Rex has started briefing some stakeholders of these communities and will provide ample
notice when the final decision is made.

May see those Metros more often, can't see TasAir being able to step up with their current **** boxes...

[fanning]

Heard a couple of titans flying to KII today ..., one has a pretty sharp paint scheme on it :zzz:

[Skystar320]

Time to upgrade the BAe31 to a nice BAe 32EP!

[pa31p]

Where has SMQ gone?

They seem to be operating on 1 PA-31 at the moment ... MZI had to return to DPO with some tech issue yesty.

What ever happened to LTW?

Lucky they don't have to do the bank run now :8

[das Uber Soldat]

So now that the bankrun/seafood has gone to toll, does this spell the end of the whole bull**** paying for ICUS scheme with tasair?

[pa31p]

Still NO sign of SMQ again today.

Will be interesting to see what Sharp do with their spare Metro's once they discontinue their MQL services.

If they were to attack KII ... I wonder if it would be just ESS-KII or if KII-Mainland Tassie as well?

[fanning]

I've heard Sharp are considering Wynyard - King Island ... don't know about the Melbourne leg though, would be tricky while the established operators were there ... Tasair didn't last long on KII - EN

[22k]

I dont think ny operator would survive the KII-EN leg unless Rex pulls out. It would be hard to compete with them. KI Airlines is well established with their RPT and freight to back it up.....

[fanning]

so like something such as ... Rex may sever King Island link Tasmania News - The Mercury - The Voice of Tasmania (http://www.themercury.com.au/article/2011/06/03/234871_tasmania-news.html) :hmm:

[22k]

Yeah, exactly like that.... :rolleyes:

Point being, it would take that to happen for anyone else to really have a go. Thats all i was saying.

ON another note, is SMQ still running up to KII? Have Tasair realised that most of the Islanders actually want to go to WYY instead of DPO yet?

[fanning]

probably not, but perhaps someone else has... ? unless they are going to MB?

KingIslandCourier - Vortex Vying for KI airspace (http://www.kingislandcourier.com/index.php?option=com_content&view=article&id=133:vortex-vying-for-ki-airspace&catid=1:latest-news)

[tasdevil.f27]

I did hear that SMQ went U/S on King Island the other day. Also a rumour around here is that Tasair has been placed into administration. Can anyone confirm?

[fanning]

administration is news to me.., you don't work in the office of la la giddings do you??? :O - this would be a bombshell to them :{ and the tax payer :=

[Di_Vosh]

SMQ is flying again.

DIVOSH!

[PLovett]

Fact, rumour or wishful thinking dotell?

[Aussie Bob]

If this is true it is an incrediably sad inditement on the state of GA.

If an already established AOC holder needs to buy another company to expand what hope is there for the future of GA?

If this is true CASA should hang their heads in shame.

[PLovett]

Aussie Bob, I don't think that was the reason for Rotor-Lift wanting to buy Tasair, if that is what has happened. I think it may have more to do with some as yet unannounced contracts.

[Warm Ballast]

I'm with PL on that one .... I can't help but feel the 'public purse' might be making a contribution at the end of the day ...

[fanning]

If the public purse is involved in this, then that is a very very sad state of affairs and surprising considering Giddings public stand on handouts.

There is no denying the rumour that there are other operators looking at starting up services to KII, Vortex, Sharp Airlines/Airlines of Tasmania, so keeping a service alive shouldn't be a factor here handout wise.

That being said, if this is above board, then that's great news - some good people get to keep their jobs, and some planes get to keep flying, everyone wins :ok:

However - why on earth Rotor-lift would want to get involved in an organisation which on the surface appears to be going down the gurgler and beyond repair is beyond me, this isn't cushy government paid by the hour contract work - this is a competitive industry... let's hope RC knows what he is getting himself into :ooh:

As to the line that they are going to "give it a crack" well - what is there to actually crack? At the moment, they have a monopoly on the service to King Island, so what is left - go to Flinders? pfff .... good luck ... Sharp's have that tied up quite nicely. Maybe the Canberra run will get a turn again :ok:

Interesting times ahead

[PLovett]

If Rotor-Lift has bought Tasair I don't think it is for any public handouts; fanning is right when he says Giddings is against them; and there just isn't the spare cash for it. However, Tasair did get a loan last year and I would be highly surprised if it has been repaid. What has happened to that in any sale may make interesting reading.

I believe Rotor-Lift is pursuing more opportunities in the state and the aero-med contract (fixed wing) would make a nice supplement as well as the police contract (rotary wing), the latter hasn't been announced as yet but I would be very surprised if Rotor-Lift didn't get it.

While Rotor-Lift also operates fixed wing their expertise is rotary so the acquisition of Tasair would supplement their operation. They would certainly need that expertise if they are going to pursue RPT. The two intra-state RPT operators both found themselves on a steep learning curve when they moved to turbine operation and it would be senseless for Rotor-Lift to reinvent the wheel in that area.

However, if the sale is true and the rumour of more aircraft and extending the RPT service is valid then certainly it will be interesting times ahead.

[Jack Ranga]

it will be a just reward for some of the pilots who have been ekeing out an existance at the company for years pulling ridiculous hours on pitiful rates.

You seriously think better conditions for these people will come about if they get more contracts/flying?

Better being a glass half full person, I agree. But I think being realistic also helps?

There is also a talented pool of Engineering staff that have deserved better.An injection of able,motivated and just management might just keep the dream alive. I bloody well hope so.

Good luck :ok:

[tasdevil.f27]

I think Rotorlift will be very lucky to keep the Police contract let alone pick up the fixed wing aero med contract & may well be the reason behind the Tasair purchase.

[fanning]

I think Toll had more to do with that one Anon than anything else... I highly doubt that the "new" management would be turning away the bank run contract.

anyway - I hear now Tasair is back to WYY? what on earth is going on there now? gone from 0 operators, to 2 and maybe 3..? this sounds familiar to the old ausair and geelong flight centre days

[fritzandsauce]

BWT from 05 Sep

King Is air link plus Tasmania News - The Mercury - The Voice of Tasmania (http://www.themercury.com.au/article/2011/08/13/253061_tasmania-news.html)

[Stationair8]

So I take it we have had a population explosion on King Island or is the Gillard government setting up a new detention centre?

[JohnnyK]

Anymore news on this?

[fanning]

I believe the phrase being thrown around (for what it is worth) is that Rotorlift have an "option to buy" Tasair.

Rumours going around of more jetstreams being purchased, as well as purchasing kingairs, that they'll be going to both islands, and services even extending to Melbourne/Essendon

I really hope that this isn't just all crap and something comes from this as while I have no idea of the financial strength of rotorlift - the staff of Tasair just need to see a strong company in the air ... not one that is promising everything and not delivering :rolleyes:

[fanning]

The old Chieftain got airborne out of Wynyard today to King Island

obviously something new happening

[PLovett]

Supposedly a lot hanging on certain contracts as to what will eventually happen between RotorLift and Tasair. There is one very scurrilous rumour doing the rounds concerning that.

The latter has certainly recommenced operations out of Wynyard with the venerable Chieftain while the Jetstream still operates from Devonport.

As to the future, see the first paragraph. Interesting times ahead.

[Kharon]

Just for a moment, that two ego's of this size could ever agree; under commercial pressure sort out a deal.

Ho ho bloody Ho - dream on.

[CharlieLimaX-Ray]

If Ansett flicked the run in 70's due to it being a loss maker, Air Tasmania couldn't make a go of it with Emb110 and Airlines of Tasmania couldn't make a go of it with the Herons, I don't know how Rescue Roterlift would make a quid out of it?

[fritzandsauce]

Airlines of Tasmania daily flights from KI to Wynard/ Burnie start 10 Oct. With a follow through service to Launceston every Tue and Thu.

[Lostshirts]

Just heard that late last week that either King Island Airlines or Vortex had a PA31 run off the end off the runway at moorabbin in poor conditions. Fair effort but a sign of things to come with the pilots coming through both companies now?? Any of this true?

[jas24zzk]

wasn't XLR advertised for sale recently?

edit...hold 5...lemme get the right rego!

Edit 2. XLB is the ad I saw, tho the current operator is NT based. How many cheiftans can there be running around with this scheme?


http://www.aviationtrader.com.au/SubsampledImages/AdInstance/04FBC964-1.pdf

I thought it was XLR tho that I used to hear/see running about the bass straight islands... :ugh:

[cavok123]

I believe that it was King Island that went off the end of the runway

[22k]

Jas,

That scheme is close but that is def not a KIA chiefdog. They all start wit KI rego's.

[jas24zzk]

22k,
thanx for the reply, but it was definatley XL(x) in that scheme. As bass strait is local to me, i have heard the aircraft in the area, and even held conversations with the days pilot about Wx in the area he was departing, that I was inbound to, or vice versa.

I know it is in that scheme as i dropped into YLTV one day and it was on the apron. I was like WOW there it is........i'd probably spoken to the PIC about 30 times by then.

Failing here. i guess my next step is to hit the register with XLA, XLB etc and compare that with images on airliners.net

[machadotaughtme]

Sort of a thread drift but can anyone name this airline? Its a tassie operator of some description going to flinders

:D

Guido Hatzis at his brilliant best!! - Class - YouTube

[fanning]

that's a blast of the past, would be 10+ years ago ?

Probably Island Airlines would be my guess

[fanning]

King Island flight scare - Local News - News - General - The Advocate (http://www.theadvocate.com.au/news/local/news/general/king-island-flight-scare/2375316.aspx)

"Tasair explained the auto-pilot had malfunctioned and thought the plane was stalling and put it into a nosedive to regain speed." :sad:

[No Body]

Don't believe everything you read in the newspaper...

[cone zone]

What part of the newspaper story should we not believe?

I know a passenger that was on the flight and the incident was close to what was reported.

[Damien1989]

What part of the newspaper story should we not believe?

I know a passenger that was on the flight and the incident was close to what was reported.

Errrr... I can tell you from speaking to the pilots themselves, most things that were quoted from the passenger are way off the ball.

[CharlieLimaX-Ray]

Best not to run both the aux tanks empty in the Chieftain either chaps!

[Hugh Jarse]

Stick pusher event?

[cone zone]

The passenger's description to me (he is non aviation) was the aircraft shuddered (stick shake???) then the aircraft nosed over (stick push???).

I am only relaying what I was told by a non professional and put my thoughts in the brackets. I must also add that I am not familiar with this aircraft type.

[Howard Hughes]

Stick pusher event?
Sounds like to to me.:eek:

[glekichi]

Shaker due to a system fault only.

[Stationair8]

Refueller tells me that a couple of Tasair J31 guys got an early Christmas present getting a gig with the RFDS on the B200! Must leave Tasair a bit short of turbine drivers over the summer months?

[Hugh Jarse]

Glekichi,
the problem with Jetstreams is that when you get them wet, things go wrong.

Google "Lucas Electrics".

We had huge problems with them at Eastern (with many spurious stick shaker events), almost on a daily basis until Eastern got rid of them.

It got to the point that the fleet was going to be grounded by QF, failing an answer.

BAe were unable to come to a feasible conclusion as to why these problems were occurring in 1995/6.

It seems that 15 years later, BAe still don't have the answers.

[Stationair8]

Lucas electrics prince of darkness.

[Hugh Jarse]

"In the 1930's, Lucas invented a vacuum cleaner. It was the only thing they built that didn't suck".

I worked on enough British motorcycles in a previous life (with Lucas electrical systems) to know better.

"In normal electrical systems, electrons travel along the conductors at the speed of light. With Lucas, however, they travel at the speed of dark".

[No Body]

Perhaps don't believe everything the refueller tells you either...

[glekichi]

Thought it was a C90 they left for.

[No Body]

I heard it wasn't that good and at least one of them was going back...

[PLovett]

If it was the C90 then think Rotor-Lift rather than RFDS.

[notrazor]

Tasair are apparently under the knife again? Anyone heard wind of this?

[PLovett]

I understand that the receivers have been called in today at midday, all RPT flights cancelled forthwith. :eek:

My best wishes to all staff in their attempts at getting another job, let alone what they are owed. :sad:

[fanning]

Airline hits financial turbulence - ABC News (Australian Broadcasting Corporation) (http://www.abc.net.au/news/2012-02-03/airline-hits-financial-turbulence/3810048?section=tas)

Very sad ...

[Eastwest Loco]

While I know it is not earth shattering, it is RPT and a shame.

Announced today that TASAIR has gone into voluntary liquidation.

The Airline operated RPT and freight ops between HBA DPO & KNS operating J31 and Chieftan equipment.

That has thrown mates of mine into total discombibulation as they have bought tickets DPO KNS for their annual mutton bird baby murdering trip:E:E

Interstingly current ticket holders are being viewed as unsecured. Hopefully the Travel Compensation Fund will step in.

Looks like Airlines of Tasmania (Not a rebirth of the old one) ex Wynyard may have picked up a bonanza.

Got lucky with my mate - money is in the till and because this morning was busy missed the Postie lady (the stunning Miss Jen) and decided to drop the nett cheque into the post tomorrow. Phew!

Damned shame when an Airline hits a glass mountain, but talking to their staff at midday there was not a word regarding this when I cross checked the fare to send the cheque and I hope that is just because the staff was not aware then.

It amazes me, even not knowing the DOC of a J31 or Chieftan that they went over brecause their fares were so very high.

Cheapest DPO KNS return on the most restrictive fare was $463.20, and it aint that far.

Just a heads up sportsfans - there are a few more folk with decent turbine time back on the lookout for jobs.

Best all

EWL

[Jack Ranga]

Ooooh, I think I know of a few companies that will be all over this like a rash........There will be a couple of Moorabbin companies that will be very, very happy.....

[Eastwest Loco]

For now at least I will miss hearing the "Mutton Bird Express" go tooling out past home at around 0800 and back over town around 1030. The return in the afternoon means it is time to head to the RSL for rehydration.

I feel sorry for the staff of course but also for the King Islanders who live on the big bottom rock. The annual pilgramage is like the Haj but without dangerous zealots. Just zealots.

Going to be ugly getting the birds home this year.

I personally don't like them, but they and whitebait are local staples. Nowhere anywhere as good as Ovens/Murray whitebait but you can't educate a proletariat that doesn't understand the magic of the basic Vicorian yabbie.

Quel domage

Best all

EWL

[Ex FSO GRIFFO]

LURVE YER STYLE E/W,

Reur - " The annual pilgramage is like the Haj but without dangerous zealots. Just zealots."

= A whole - lot more betterer than some of our 'recent arrivals'....!!!

Light up the 'Barbie'......
Cheers..:ok:

[Eastwest Loco]

Talking to the good people at Airlines of Tasmania today with regard to rebooking my mate and his offsider.

They are in the process of building a schedule ex DPO as well as they already hold the traffic rights. It should be up and running by Monday.

Airlines of Tasmania (a blast from the past that!!) is aka Par Avion.

I dare say they could get the Chieftan and J31 on wet lease from the liquidators at a decent price too!

Just so long as the murdering of baby birds is allowed to go on this year, all will be well.:E:E:E:E:E

Oh well, it doesn't impact the overall population and they are all taken to eat!

Just not by me!

Oh yeah - Griffo - I will shoot you if you come within 20 feet of my barbie with a mutton bird!! Cook one on the barbie, that's all you will taste for 12 months.

best all

EWL

[CharlieLimaX-Ray]

$4 Million worth of debt according to the Mercury website.

The administrators notes on the Tasair website make for an interesting read.

[falconx]

anyone pick up a bargin?

[abbafan]

Heard on the grapevine that Tasair's old mail run to King got picked up by Sharps very recently... Good pick up for them :ok:

[PLovett]

Heard on the grapevine that Tasair's old mail run to King got picked up by Sharps very recently... Good pick up for them

Given that they are also taking over the Airlines of Tasmania routes to King Island from July it is a very good pick up for them.

[Rotor Work]

Are Sharp using the Metro on the King Island Route?
What has happened to Tas Airs Aircraft?
Regards R W

[PLovett]

I believe that they are to use the Metro on the run but just what airports are to be used on the "mainland" is still not clear, nor is the schedule. They were to start in July. Watch this space, as they say.

Tas Air aircraft were put up for tender. Not sure if any decisions have been made about them yet.

[Waghi Warrior]

Is the Conquest and Jetstream part of the tender?

[PLovett]

The Jetstream is but the Conquest is long gone. It was sold some time before Tas Air went under.

[BPA]

Didn't their Jetstream come from Skywest, thereby making it one of the oldest 31's still flying.

[Rotor Work]

From todays Advocate
Regards R W

Airline to lose $450k in Tasair bid | The Advocate (http://www.theadvocate.com.au/story/80046/airline-to-lose-450k-in-tasair-bid/?cs=4169)

A TASMANIAN airline that did the due diligence to buy voluntarily-liquidated company Tasair says it now expects to write-off the $450,000 it spent on the process, which has been aborted.
Airlines of Tasmania managing director Donald Wells confirmed yesterday his company, which flew out and into Wynyard, Launceston and King Island, had spent $450,000 on a potential purchase of Tasair, which went into voluntary liquidation in February.
Mr Wells said he "thought the risk was low but it was high".
Airlines of Tasmania is one of 162 creditors owed a total of $3.3 million from Tasair.
"We were in the process of doing due diligence of buying the company and we bought some of their fixed and floating charges but unfortunately the due diligence showed up a situation that differed from the balance sheet," Mr Wells said.
"We put in an offer subject to due diligence.
"Unfortunately it's unlikely we will get our funds back.
"We are somewhat relaxed about it.
"We knew they had difficulties.
"Our company is financially quite strong."
The secured creditors included the Department of Economic Development ($1.6million) and Westpac ($645,000).
Mr Wells said it was very unlikely even the secured creditors would be repaid in full.
It can also be revealed that Tasair owed the government other money, including a further $27,786 (interest) to Economic Development.
Also listed as unsecured creditors are King Island Council, TasPorts and the Burnie Airport Corporation.
Tasair was placed in voluntary liquidation on February 3.
Fifteen full-time and eight casual jobs were lost.
Tenbensel & Dee Chartered Accountants were appointed liquidator. Yesterday the liquidation company said the list of creditors had increased from 99 to 162, however it was unclear how much of the debt would be repaid.
The increased cost of fuel, competitors and regulation compliance costs were blamed for the collapse of Tasair.

[swells]

By CHRIS PIPPOS March 5, 2012, 11:41 a.m.

Not quite todays article