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Jet Republic bust
Just got it from inside sources - they are not flying anymore - how sad is this. Would have loved to see those black Lears flying all over Europe.
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some rumors are spreading as well as an email from JB quoting that they do not have the funds.. I'm sure that someone will post it in there soon...
Hoax or not I do not know....
Hoax or not I do not know....
Join Date: Jun 2009
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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...
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...
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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?
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?
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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.
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.
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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?
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?
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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
regards
The Doc
Last edited by Lear_doctor; 20th Aug 2009 at 12:05.
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Jet Republic Bankrupt
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
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