From mail on Sunday - Sunday Feb 10th 2008
Silverjet woe for tycoons
The billionaire Rueben brothers, who are bankrolling the struggling Silverjet business class-only airline, have decided not to convert their £10 million loan to the company into shares.
Property tycoons David and Simon Reuben, who could have swapped the loan for shares tomorrow, have decided to keep it in place. A conversion would have given them 22% of Silverjet equity and two seats on the board of the airline, led by Lawrence Hunt.
The decision not to convert reflects the nosediving value of Silverjet shares, which closed week at 24p.
The airline operates two daily round-trip flights on the New York Newark route and a daily return service between Luton and Dubai.
Good luck to you if you go for it, wish I had more money than sense.