Daifly

Shocker...

Alphabet soup

sad but predictable....

sorry for those who have got to find a new job but there is always a place for good people so hopefully they will be fine. always places for good people so im sure they will get snapped up sooner or later.

Mr B will have no doubt been royally rewarded for his time at the head of this delusional business model...

x933

100% Predictable - but is there a confirmed source for it yet?

Alphabet soup

scandinavian says hes heard it from the inside and ive heard simialr very very credible info,
and nobody from JR has come on here to deny it yet.
im sure all will be clear in the morning....

try ringing them?

maybe bombardier pr dep in canada will be able to comment?, are they still awake over there?

Paradise Lost

Reminds one of the old adage about how to be become a millionaire in aviation......start with a billion!

Flintstone

'tis true. I received a copy of the email to employees today.

Shame really.

Phil Latterly

Their desperate PR over the last few months spoke volumes. Sorry, but if it looks like a duck, walks like a duck, and sounds like a duck.....then no amount of positive Campbellian spin can turn it into anything else.

In the US there are a number of writers likening Fractional Ownership to Ponzi schemes. The fall of Breeze, like the momentous sudden departure of Santulli suggests in which direction the truth might lie. The rich can be caught up in the excitement and hype of such schemes but they do learn fast. You can sell someone a fraction of a plane once, but rest assured after 5 years they've sussed it out: they paid full market value and you bought it for a 20% discount from the manufacturer; that you charge 1/3rd of the normal yearly management fee for 1/8th of the plane, AND you want 7% of the value when you take it back at p*ss-poor residuals. No amount of real coffee can offset that.

No one should be surprised that they don't come back for another 5 year deal when they realise that they were right royally.....

So we have Santulli replaced, hundreds of NJA aircraft stored, a mass of pilots furloughed, and Sokol, the interim Mr Fixit, with a problem the size of Ohio to resolve. Flexjet are mothballing dozens of aircraft and laying off pilots. CitationShares rebranded to CitationAir, which sounds like they know that 'shares' aren't going to be popular with the punters for the next 5 years or so; Flight Options mothballing and furloughing too, and Jet Republic failing to draw in any punters or the first of 100 aircraft, despite $5 million of start up money, and a promise of ipods, blackberries $10,000 coffee machines and fresh sandwiches.

Perhaps the sensible operators are the ones without all the marketing hype: Avantair with the P188s and SATS with singles are probably now more viable than the big guys. The big boys tell the story so many times that they end up believing it themselves. And like all good Ponzi schemes everything's fine till the music stops, and as Buffett himself said "you only know whose been swimming naked when the tide goes out".

You can't fault WB there.

V12

Very sorry for all those who signed up, wether they were employees, crew, customers, or all the suppliers along the way. A lot of people did a lot of work to get it this far. It's just that no one is sure exactly how far they actually got, and whether it was realistic to launch the week Leiman Brothers went under. Just hope it is an orderly shutdown and everyone gets paid what's owed.

Makes some/all of their press statements look like cloud cuckoo-land in hindsight. A quick glance back through the PPRuNe archives would make you feel there were queues oustide their office every morning.

Did Bombardier ever think it would really happen, or were they so keen to sell the 60's, that even they believed it?

Flat Spin

Hindsight is a wonderful thing blah blah, but at least they tried to make it work. Its easy to criticize but they went down fighting.

With regard to all the prtess releases and marketing that's only what everyone would and should do, whether or not the writing is on the wall. You don't just give up when things look like there going pear shaped......

spikeg550

Lear_doctor

You can close this thread pretty soon as nobody is going to have any interest in JR. I hear it ceased to exist as a company late yesterday afternoon. Sadly this story is over.

regards

The Doc

Der_Fischmeister

Well Guys ....thats life isnt it ?

Anyways ..it goes on ....

so long black XR ...shame

bose-x

Yep, I just got an email from CTC saying that they had gone bust and my application was over!!

hawkerpilot

Just got this message on the mail:

Thank you for your interest in Jet Republic. Unfortunately, we have to inform you that Jet Republic was declared insolvent yesterday. The announcement was sudden and is disappointing for all; sadly it means that we are not able to continue with your application and will not be in a position to respond to any phone or email enquires with immediate effect.

I had been keeping them off because they still had no aircraft. Glad I did and did not give up the other job. Sorry for those who needed a job desperate.

HP

woodcoc2000

got same email.. shame. any idea if they had even got off the ground yet and if many people were working for them??

all the best to those now looking for work

low n' slow

I'm glad now that 2000 hrs wasn't enough...
/LnS

pilotbear

Well there's a surprise, what are they going to do with that big pile of CV's that they boasted to have accumulated? Wonder if CTC got paid for sorting through that big pile of CV's?

No RYR for me

80+ staff and appr one chartered flight per week day.....

JB did not even have the decency to go to LIS to tell people the company was winding down

doubleu-anker

low n' slow

"I'm glad now that 2000 hrs wasn't enough... "

Think a few that did apply, who were not ex military or ex airline are also breathing a sigh of relief.

Not one to say I told you so but to me this was no surprise.

Feel sorry for the employees, especially anyone who has given up a job to join them.

Start small, consolidate and keep small if possible, wiser heads than mine have told me.

pt-wind

EIGHTY ???!!!

Hell that's a big empire for just one flight a day.

When people write stuff like 'shame' and 'good to go down fighting', just remember that those laudable tactics are usually at someone else's expense, not just with JB's money. There are victims from that sort of delusional privilege of running a company so far from reality. Victims include any sharer who actually put money down, any card holder who got left out in the cold...and [assuming kindly that there are none in either category], then the investors, staff that gave up other jobs seduced across to join, pilots who went through interviews and checks at their own cost, and let's hope not a string of suppliers who might have offered them credit. I can even feel sorry for the manufacturer who I'm sure walked in eyes open but must have felt he needed the orders more than his rivals, to give such a tempting discount in the first place. Perhaps that's where the rot starts - the programme operator gets blinded by the earnings not the problems of selling planes clients don't actually want?

London Financial Times quote: Jet Republic said on Thursday: “Until very recently, we remained very confident of meeting our objectives.”

Recently? How recently!
Rermember these guys launched after the crash; they're not a victim of it.

I'd love to hear soon that the investors closed it up cleanly and no one's out of pocket, otherwise running a company of that size in that way for that long without clients, is grounds for a medical discharge.

New business ventures are the life and soul of a strong economy and an entrepreneurial business culture - just remember that they're not all of the same calibre.