SilverJet (Merged 30/05)
Join Date: Feb 2008
Location: South Coast
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I feel a cash injection will only delay the inevitable !
Rising oil cost falling passenger numbers etc etc.... need i say more.
I do hope it works out for SLR no one wants to see a company you used to work for fail.
Rising oil cost falling passenger numbers etc etc.... need i say more.
I do hope it works out for SLR no one wants to see a company you used to work for fail.
Join Date: Nov 2000
Location: Dre's mum's house
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Some all-premium-class carriers that called it quits: Here are some now-defunct all-business or all-first-class U.S. airlines. Some might have halted, then resumed flying, multiple times within the dates listed. The list is long and distinguished:
Air Atlanta February 1984 April 1987 Extra-wide seats, meals on china plates, lounges with free drinks, newspapers and telephone service.
Air One April 1983 October 1984 Oversize seats, meals on china plates, fine wine, one flight attendant per 20 passengers.
Eos October 2005 April 2008 21-square-foot suites with flat-bed seats, individual DVD players, champagne and fine wines, gourmet food, airport helicopter service.
Legend April 2000 December 2000 No carry-on bag limits, leather seats with extra legroom, live satellite TV, valet parking.
Maxjet November 2005 December 2007 Deep-reclining, padded leather seats with a 60-inch pitch, portable entertainment systems, gourmet meals.
McClain October 1986 February 1987 Plush carpets, wide leather seats, seven-course dinners, a telephone at every seat, free drinks and newspapers.
MGM Grand September 1987 December 1994 Tuxedoed flight attendants, leather and velvet chairs around cocktail tables, a long bar, prime rib and shrimp scampi, marble bathrooms with leather-covered toilets.
Regent October 1983 February 1986 Art Deco cabin, swivel chairs, private sleeping compartments, lobster and caviar, limo service.
UltraAir January 1993 July 1993 Leather seats, 16-ounce steaks and other gourmet meals on china plates.
Source: USA TODAY research
Air Atlanta February 1984 April 1987 Extra-wide seats, meals on china plates, lounges with free drinks, newspapers and telephone service.
Air One April 1983 October 1984 Oversize seats, meals on china plates, fine wine, one flight attendant per 20 passengers.
Eos October 2005 April 2008 21-square-foot suites with flat-bed seats, individual DVD players, champagne and fine wines, gourmet food, airport helicopter service.
Legend April 2000 December 2000 No carry-on bag limits, leather seats with extra legroom, live satellite TV, valet parking.
Maxjet November 2005 December 2007 Deep-reclining, padded leather seats with a 60-inch pitch, portable entertainment systems, gourmet meals.
McClain October 1986 February 1987 Plush carpets, wide leather seats, seven-course dinners, a telephone at every seat, free drinks and newspapers.
MGM Grand September 1987 December 1994 Tuxedoed flight attendants, leather and velvet chairs around cocktail tables, a long bar, prime rib and shrimp scampi, marble bathrooms with leather-covered toilets.
Regent October 1983 February 1986 Art Deco cabin, swivel chairs, private sleeping compartments, lobster and caviar, limo service.
UltraAir January 1993 July 1993 Leather seats, 16-ounce steaks and other gourmet meals on china plates.
Source: USA TODAY research
Join Date: Aug 2004
Location: Hemel Hempstead
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From silverjet website:
On 6 May 2008 the Directors of Silverjet convened an extraordinary general
meeting (the "EGM") of the Company to take place at 10.00am on 30 May 2008 to
authorise the allotment of shares to Viceroy Holdings LLC ("Viceroy") in
accordance with the Subscription Agreement entered into on 2 May 2008.
Silverjet announced on 23 May 2008 that it had not received the full drawdown
requested from Viceroy under the £8.4 million loan facility agreement entered
into with Silverjet Aviation Limited on 2 May 2008.
In view of this fundamental breach of the loan facility agreement, which is
continuing, the Directors of Silverjet have decided to change their
recommendation to vote in favour of the resolutions to authorise the allotment
of shares to Viceroy and therefore urge any shareholders attending the EGM on 30
May 2008 to vote against the resolutions proposed in the notice of EGM dated 6
May 2008.
In the event the resolutions are passed at the EGM, the Directors of Silverjet
do not intend to use their authority to allot the shares to Viceroy granted
pursuant to the resolutions. In any event, Silverjet requires the consent of the
CAA and TFB (Mortgages) Ltd for the Subscription Agreement to become
unconditional and permit the allotment of the shares to Viceroy. Silverjet has
received no such consent from either CAA or TFB (Mortgages) Ltd to date and in
the light of the fundamental breach of the loan facility agreement do not
believe any such consent would be forthcoming.
Discussions are continuing with a potential investor to provide the necessary
finance to enable Silverjet to continue operating. In the meantime, trading in
the ordinary shares of Silverjet will continue to be suspended.
Silverjet's services continue to operate as scheduled.
On 6 May 2008 the Directors of Silverjet convened an extraordinary general
meeting (the "EGM") of the Company to take place at 10.00am on 30 May 2008 to
authorise the allotment of shares to Viceroy Holdings LLC ("Viceroy") in
accordance with the Subscription Agreement entered into on 2 May 2008.
Silverjet announced on 23 May 2008 that it had not received the full drawdown
requested from Viceroy under the £8.4 million loan facility agreement entered
into with Silverjet Aviation Limited on 2 May 2008.
In view of this fundamental breach of the loan facility agreement, which is
continuing, the Directors of Silverjet have decided to change their
recommendation to vote in favour of the resolutions to authorise the allotment
of shares to Viceroy and therefore urge any shareholders attending the EGM on 30
May 2008 to vote against the resolutions proposed in the notice of EGM dated 6
May 2008.
In the event the resolutions are passed at the EGM, the Directors of Silverjet
do not intend to use their authority to allot the shares to Viceroy granted
pursuant to the resolutions. In any event, Silverjet requires the consent of the
CAA and TFB (Mortgages) Ltd for the Subscription Agreement to become
unconditional and permit the allotment of the shares to Viceroy. Silverjet has
received no such consent from either CAA or TFB (Mortgages) Ltd to date and in
the light of the fundamental breach of the loan facility agreement do not
believe any such consent would be forthcoming.
Discussions are continuing with a potential investor to provide the necessary
finance to enable Silverjet to continue operating. In the meantime, trading in
the ordinary shares of Silverjet will continue to be suspended.
Silverjet's services continue to operate as scheduled.
Join Date: Jun 2005
Location: World
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Looks like the relationship between Viceroy and SJ has taken a turn.
SJ Board is allegedly urging shareholders to vote against the Viceroy Holdings offer which is the opposite advice the Board previously gave their shareholders.
EGM allegedly planned for 30th May for shareholders to vote.
Management allegedly claiming that they will soon have an alternative source of investmant.
Watch this space on 30th May - I am sure that the UK CAA Economic Regulation Group will be.
SJ Board is allegedly urging shareholders to vote against the Viceroy Holdings offer which is the opposite advice the Board previously gave their shareholders.
EGM allegedly planned for 30th May for shareholders to vote.
Management allegedly claiming that they will soon have an alternative source of investmant.
Watch this space on 30th May - I am sure that the UK CAA Economic Regulation Group will be.
Join Date: Aug 2007
Location: Derby
Age: 41
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Join Date: Jan 2006
Location: In a far better place
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Very sorry to hear about Silverjet.
As with EOS... investors committed to funding, but never ponied up the funds.
All the best to those who put their hearts and souls into the operatoin.
As with EOS... investors committed to funding, but never ponied up the funds.
All the best to those who put their hearts and souls into the operatoin.
Join Date: May 2008
Location: London, England
Age: 60
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Too true...I flew 10 sectors with them (most recently in April). Thought they had some great staff, good in-flight service, fairly comfy seats (though EOS were better), and loved going from LTN - it was so simple. Really sad to hear today's news 
Join Date: Jul 2007
Location: bawtry
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Statement on website
To our dear customers,
When our inaugural flight took off in January 2007, we pledged to change the face of air travel. Your appreciation of our unique values and your belief in our product has allowed us to achieve this.
Your belief in us was shared by our investors - but regrettably, due to unforeseen circumstances, they were unable to unlock the finance that we needed. As a result, we are very sad to announce that from 30 May 2008, we will cease operations and we are no longer able to honour flight reservations.
We extend our sincerest apologies to those of you who have travel plans with Silverjet in the future and at present. You are advised to seek alternative travel arrangements with other carriers, and contact your credit card company or travel agent directly for information on obtaining refunds.
We are working actively with new investors who are prepared to inject new funds so we can recommence operations. If we are able to achieve this, we will make an announcement as soon as possible and we hope to be able to bring you our very 'sivilised' flying experience again.
Thank you for your support - it has meant everything.
Yours sincerely,
Lawrence Hunt, CEO
When our inaugural flight took off in January 2007, we pledged to change the face of air travel. Your appreciation of our unique values and your belief in our product has allowed us to achieve this.
Your belief in us was shared by our investors - but regrettably, due to unforeseen circumstances, they were unable to unlock the finance that we needed. As a result, we are very sad to announce that from 30 May 2008, we will cease operations and we are no longer able to honour flight reservations.
We extend our sincerest apologies to those of you who have travel plans with Silverjet in the future and at present. You are advised to seek alternative travel arrangements with other carriers, and contact your credit card company or travel agent directly for information on obtaining refunds.
We are working actively with new investors who are prepared to inject new funds so we can recommence operations. If we are able to achieve this, we will make an announcement as soon as possible and we hope to be able to bring you our very 'sivilised' flying experience again.
Thank you for your support - it has meant everything.
Yours sincerely,
Lawrence Hunt, CEO
Join Date: Sep 2007
Location: Bishops Stortford
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Mike Stoddart, the investment analyst at Daniel Stewart that set a target price of 0 pence for the shares back in January was not wrong, in spite of all the shouting and general bombast by the CEO. Dispassionate analysis showed what would happen months ago.
The Cooler King
Join Date: Feb 2004
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Sorry to hear about this especially having seen first hand the efforts that went into this airline.
The business model is flawed however and that is evident by the demise of the previous comers.
Trying to sell an all business class airline and provide seats at a lower cost than the competition is burning the candle at both ends and if you are using other people's money to do it, then there will come a time when the paper brochure does not reflect the promised profits.
Silverjet appeared to be the best of the bunch with amazing staff who really went the extra mile to make the experience great. However, like all businesses involving investors, if there is no sign of money coming out after the stuff going in, then the investors shut off the valves and move on.
In my opinion, the "business class only" airline would be twenty or thirty years old at this point should the legacy airlines have thought it was a viable model - clearly it isn't.
Back to the drawing board.
The business model is flawed however and that is evident by the demise of the previous comers.
Trying to sell an all business class airline and provide seats at a lower cost than the competition is burning the candle at both ends and if you are using other people's money to do it, then there will come a time when the paper brochure does not reflect the promised profits.
Silverjet appeared to be the best of the bunch with amazing staff who really went the extra mile to make the experience great. However, like all businesses involving investors, if there is no sign of money coming out after the stuff going in, then the investors shut off the valves and move on.
In my opinion, the "business class only" airline would be twenty or thirty years old at this point should the legacy airlines have thought it was a viable model - clearly it isn't.
Back to the drawing board.
Join Date: Jul 2006
Location: UK
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