Hopefully the used ACmarket will soon pick up so a major revenue source of Netjets might stabilize...
Here the details:
* NetJets co-founder Santulli steps down
* Had been considered candidate to run Berkshire Hathaway
NetJets has not been immune from the recession, though. In the first quarter, NetJets had a $96 million pretax loss, hurt by $55 million of aircraft writedowns, an 80 percent decline in aircraft sales, and fewer flight revenue hours.
UPDATE 2-NetJets CEO leaves, may affect Buffett succession | Industries | Financial Services & Real Estate | Reuters
NetJets “has got to be the worst business in the Berkshire portfolio right now, or close to it,” said
Jeff Matthews, author of “Pilgrimage to Warren Buffett’s Omaha” and founder of hedge fund Ram Partners LP. “It’s not necessarily Santulli’s fault. NetJets must be sucking wind right now.”
Buffett Has Sokol Run NetJets, Fueling Succession Speculation - Bloomberg.com