PPRuNe Forums - View Single Post - JetDirect Aviation payroll and expense checks bounce
Old 12th Mar 2009, 23:48
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CorpJetJock
 
Join Date: Feb 2009
Location: Maryland
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extortion is the next step

in the latest turn of events, the management of Jet Direct and Brantley Partners have told the managed clients that they have until tomorrow to agree to sign their management contracts over to a new entity being created by Brantley. Those who choose to sign over are being told they will get SOME of the money they are owed by JDA (inlcuding the employees), and that SOME of the vendors who are owed will get a PORTION of what is owed to them. JDA will then file chapter 7, and since there are no assets to liquidate, all other creditors will get ZERO, ZIP, NADA. That includes Sovereign Bank for about $30 M, the former owners of TAG USA for about $29M, and various other vendors that have supplies fuel, aircraft parts, etc.

Sounds like extortion to me, almost like mod tactics.

There is no projected timetable of when the new company JDAAC will actually pay any of the claims mentioned in the agreements. Seems like a crap-shoot either way to me.

Aircraft that have left already, and are owed (inclucing the employees) can kiss goodbye any chance of ever seeing a penny of what is owed to them.

Can't those creditors prevent the transfer of 'assets' (the mgmt contracts) to the new company in the first place??
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