Thank you for your feedback !

Hi! As of march 2023, nothing changed on the interview phone call. Still 17/13 also.

Berlin 28th March
 

Good morning,

just got the invitation to attend the interview and sim in Berlin on the 28th of March… Anyone else? And could someone give us some info about the sim and the interviews…thank you very much !!!

1. Technical test.
2.Panel interview
3.Sim on CRJ.

Good luck.

Thanks!! 👍

Hi all

Any improvement for T&C in VJ ?

thks

Hi peeps!!

Anyone doing their face 2 face interview tech and sim could give me some insight please?
Thanks a lot buddies

This makes an interesting read:
https://www.linkedin.com/feed/update/urn:li:activity:7059565165863669760/
https://www.linkedin.com/pulse/already-too-late-major-loss-operators-change-course-john-matthews%3FtrackingId=k5vOGnERjeCepPh8dLjoag%253D%253D/?trackingId=k5vOGnERjeCepPh8dLjoag%3D%3D

The article from the URL above:



Vista Global Financial Update (Uncorroborated)
I am a passionate believer in corroborating my numbers and published statements. For this article I haven't received secondary confirmation, so I am inviting Vista Global to contact me and provide verifiable evidence that contradicts the numbers I recently received about their full-year 2022 financial performance.

My source suggested that 2022 losses increased by 175% (YOY) to $139 million. In addition, the Vista Global group has current liabilities that exceeded their current assets by more than $1.4 billion, at the end of Q4 2022. Debt increased, dramatically, during 2022, leaving Vista Global with a debt to equity ratio that exceeded 23, a dramatic increase from less than eight, at the end of 2021.

Assuming these numbers are correct, from a hitherto reliable source, they point to Vista Global quickly transitioning from being a market leading branded charter and aircraft management company to becoming worryingly illiquid (euphemism), IMO. According to banking contacts, who are vastly more knowledgable than me about such matters, Vista Global may be at risk of breaching banking covenants that are tied to billions of dollars in asset-backed debt.

I’ve already written about the possibility that up to three large fleet operators face the threat of insolvency. Obviously, the used aircraft market would struggle (gross understatement) to absorb as many as 59 wholly-owned Challenger 300/350’s, 34 Global 5000/6000’s and 16 nearly new Global 7500’s.

Without appropriate pre-planning, any unexpected disruption of flight operations (another euphemism) could have a devastating impact on used aircraft values, industry-wide, aside from placing hundreds of unrelated asset-backed loans at risk.

My hopes are, firstly, that these numbers are wrong and that Vista Global have the necessary resources to remain solvent until their business becomes profitable, or secures additional resources, particularly given the tens of thousands of flights their customers have already contracted and paid for! Secondly, I hope that Bombardier, and the banks that have been financing Vista Global, are paying close attention and have back-stop plans prepared, in case of any unfortunate developments (yet another euphemism).

A collapse of Vista Global would be calamitous…for the entire industry, IMHO. I watched as Avantair unravelled, leaving their 55 Piaggio Avanti's parked-up across the US, many of which were impounded by local suppliers, who hadn't been paid. Avantair's share owners were left with almost nothing, by the end of bankruptcy proceedings.

I have been tracking vulnerable operators because of my unfortunate experiences (my final euphemism) with too many Avantair share owners! Hopefully, I'll receive comforting, and independently verifiable, statements from Vista Global that will allow me to publish a full retraction!

Not from what I have heard of the people I know there. Slight improvement of the salaries but the rest is the same (and will probably never change).

Is Thomas Flohr leveraging too much? Is VJ too big to fail? Afaik Bombardier isn't in a good financial shape either.

Sounds like a typical growth company which doesn't becomes profitable. At one point every company has to start making money. The future will tell.

and there it is..front page of the Financial Times
Private jet disrupter: the debt-fuelled ascent of Thomas Flohr’s VistaJet https://www.ft.com/content/57e19c7c-...b-efc6c361873e
https://www.forbes.com/sites/brianfo...h=5f15cd5e31f0

To summarize the well-written and researched FT article, VistaJet lost $436 million over the last four years, and doubled its debt load last year to $4.4 billion. Their auditors Ernst & Young (EY) question the company’s very ability to continue as a going concern.

VistaJet CEO defends company’s financials as auditor raises liquidity, debt concerns
 

https://www.cnbc.com/2023/05/19/vist...-concerns.html

So EBITDA is a sufficient measure of profitability?

While EBITA presupposes that there are enough investors who also finance the ongoing losses
(if you calculate full costs) and do not get cold feet at some point in time.

Companies that have not yet been profitable have been quickly gone in the past when demand falls,
which will begin politically in the medium term, or rather has already begun, while executive ops
is largely superfluous.

I keep my fingers crossed that it will turn out well, for the sake of our colleagues at Vista.

bad balance & liquidity
 

Even if there is still a lot of leverage in the aggressive depreciation left, why was this not choosen in the first place?
Now the depreciation period must be massively increased in order to turn the balance somehow a positive direction.

If liquidity is low, the hours paid must still be flown off for the customers, at least the variable costs should be available,
or are required as liquidity?

And the interest on the fixed-cost bond has to be earned in addition to the already very high prices,
while liquidity can then only be increased with the sale of (well depreciated) aircraft? in Shalah!

VJ has always had a very aggressive depreciation so not sure what you mean? At least that's what the owner said in earlier interviews many years ago so no news there really. Interesting to note that they went into the pandemic with the same leverage as they have now... makes me think that this accounting picture from Dec 31st is not the entire picture otherwise they should have been out of business already.

Correct, and the change now to a "less aggressive depreciation" was announced by the CEO 20-25 years iso 13
to turn the negative balance of $1.4 billion somehow a positive direction, and calm the situation, as despite a record year no profit
but losses increased by 175% (YOY) to $139 million, while the EBITA argument requires investors continue to finance these ongoing losses.
Meanwhile further investments were made like: https://www.dufour.aero/ , VTOL- and eVTOL-Technologie).

To sum up:
+ relative Iow liquidity vs the requirement to fly the hours (paid off by the customers), at least the variable costs need to be available, no?
+ high interest on the fixed-cost $500 Mil. bond and 9,5% Yield, which will be the growing challenge, with an already quite costly (not profitable) product.
= some changes will be required, (and this is probably not the complete picture). to be continued, lets hope for the best in the interest of the souls involved!

VistaJet - Air Hamburg clash
 

Another article, this time on Wirtschaftswoche.. seems the previous AH owners aren't happy at all.
https://www.wiwo.de/my/finanzen/geld.../29191572.html
This can escalate quickly..

That article is behind a paywall. Would you mind quoting it here?

No paywall here:

https://www.wiwo.de/finanzen/geldanl.../29210350.html

Vista Global Founder Thomas Flohr Embroiled In UK Lawsuit
 

From LinkedIn:

The attached article adds to an expanding narrative concerning Vista Global and their founder, Thomas Flohr.

Yesterday’s article, published by WirtschaftsWoche (a German publication) considers a lawsuit that has been filed by Frontier Capital, who are alleging that Vista Global’s founder, Thomas Flohr, is guilty of breach of contract. The complaint demands payment of €58 million (approximately $63.5 million at today’s exchange rate).

The article (English translation attached) suggests that some of the income enjoyed by Mr. Flohr is owed to the plaintiff, Frontiers Capital, under the terms of a contract that was agreed between Frontier Capital’s then Managing Director, Timothy Horlick, and Thomas Flohr. More disturbingly, the complaint alleges that Mr. Flohr went to considerable lengths to divert proceeds from business dealings into entities that were created using similar names to companies that were legitimately involved with business dealings involving the plaintiff and the defendant.

If these accusations are proven to be correct, they point to a seemingly sophisticated plan to deceive business partners. Of course, there is always a presumption of innocence, in London’s High Court. Further, Mr. Flohr, through his lawyers, has insisted that the claims are “inaccurate and the claims made are obviously unfounded”.

Taking a step back, we are seeing a steady accretion of published articles, in the Financial Times and two articles in WirtschaftsWoche, concerning Vista Global and Thomas Flohr. Indeed, several of my own LinkedIn posts have highlighted longstanding concerns about the viability of VistaJet’s business model. It’s difficult not to surmise that smoke frequently foreshadows fire!

We could be witnessing the beginnings of a media feeding frenzy, involving Vista Global and their founder. Journalists appear to be focusing on two subjects, for now. Firstly, Thomas Flohr and his involvement with past and current businesses (Comdisco, Comprendium, Vista Global). Secondly, the financial fortunes of Vista Global, a company that appears to be weighed-down by high levels of debt, rising interest expenses, mounting liabilities associated with unsecured service pre-payments and a charter market in which flight hours and hourly revenues are facing downward pressure.

In addition to monitoring the progress of this lawsuit, I will continue to monitor the media for additional stories concerning Vista Global, their founder and the subsidiaries they own.

from linkedIn: Vista Global, Thomas Flohr, A Nigerian Businessman & A Los Angeles Mansion (Wirtschafts Woche)

The attached article offers additional “insights” into Vista Global’s founder, Thomas Flohr (TF).

This article highlights a business relationship between TF and a Nigerian businessman, Kolawole Akanni Aluko (KA). It would seem that a verbal agreement between TF and KA resulted in the Nigerian businessman flying on the VistaJet fleet, apparently in return for a luxurious property, in Los Angeles. To be clear, counter-trade isn’t uncommon. However, in this case, there were intermediary companies involved, in addition to KA, whose reputation has been called into question. Further, this transaction attracted the attention of the FBI, who expressed “concerns” about an “international conspiracy” and “illegal activity” surrounding this property.

As far as I can determine, KA was provided with unfettered access to a Global 6000 that was reportedly controlled by a TF-owned company, Ness Trading & Invest. Curiously, according to the WirtschaftsWoche report, this company doesn’t appear to own or manage any aircraft. Nevertheless, KA was allowed to fly millions of dollars worth of hours onboard VistaJet aircraft.

As flight hours, and the associated costs, accumulated, TF and KA agreed that a property would be transferred to a TF-owned company, as payment for the flights. Again, nothing appears to be improper.

The story takes several unexpected turns. Firstly, the Nigerian businessman has become embroiled in accusations of wrongdoing, involving Nigerian oil. The FBI also suspected that something was amiss, and attempted to repossess the Los Angeles property, alleging that the purchase transaction fell short of being entirely legal.

Eventually, TF agreed to a settlement, paying the US government $16 million in return for the FBI dropping their lawsuit. Unanswered questions remain. Did TF's company, Ness Trading & Invest, actually own or manage a Global 6000? If not, were VistaJet compensated for the tens of millions of dollars in flight services they provided, to KA. If not, I could see several parties, including the IRS, taking an interest in this arrangement, though I am by no means an expert on such matters.

I recently published a post reporting a UK lawsuit that was filed against Thomas Flohr. Here’s my overarching concern. Vista Global depend upon their reputation when dealing with corporations and the high net-worth community. When suggestions of impropriety emerge, they call into question the reputation of Vista Global’s founder and high-profile CEO. In a market where customers are making six and seven figure unsecured pre-payments, reputation is a potent commodity.

My hope is that we won’t be seeing further reports that cast aspersions at TF and his business practices…and that the existing rumors, mentioned in both these reports, prove to be unfounded.

My former marketing professor once offered a marketing axiom:

“Those who live by PR often die by PR!”.

It is an old story that one….

It may be an old story - but it´s an interesting one, and so is it going to be, observing the next "steps".

Check this post and few posts below. Cheers!
Click here: https://www.pprune.org/biz-jets-ag-f...l#post11179405

Thomas Flohr: Schlappe vor Gericht für den Privatjet-König (wiwo.de)

A defeat in court for the private jet king
by Volker ter Haseborg
November 13, 2023
Private jet king Thomas Flohr Source: Bloomberg
Private jet king Thomas Flohr

Picture: Bloomberg
Thomas Flohr wanted to have a fraud claim dismissed - but the London judge refused for the time being. Now the trial continues. A former business associate is demanding 58 million euros from the Vistajet boss.

VistaJet owner Thomas Flohr loses a bid to strike out historic legal claim

Guernsey investment partnership alleges fraud two decades ago before entrepreneur launched luxury airline

Thomas Flohr, owner of luxury airline VistaJet, must continue to fight an attempt to claim that he defrauded a Guernsey investment partnership two decades ago after London’s High Court refused to dismiss the current breach of contract case against him. Flohr, who denies the allegations, had tried to have the case thrown out on technical grounds related to the circumstances of the case, in which a previously dissolved partnership was resurrected in 2021 in order to file the suit. Frontiers Capital initially sued for breach of contract in 2021 but filed an amended claim in December last year, alleging deceit, claiming that a source of the Swiss entrepreneur’s fortune involved “fraudulent misrepresentation” in which he “set up, controlled, and kept hidden from [the investment partnership] a parallel structure” of companies. The court has not yet ruled on whether the claim can be amended in this way, or the substance of the case. Flohr has opposed the amendment. A further hearing is scheduled for March 6 to 8 next year. In advance of this, further summary judgment and strike out arguments will be heard on whether Frontiers Capital has the authority to bring the claim, which may lead to the case being thrown out. The legal setback comes as Flohr faces questions over his debt-laden airline and about hundreds of millions of dollars of payments made by Vista to a separate Flohr-owned entity as it built one of the world’s largest fleets of private jets. The civil suit is spearheaded by the investor Timothy Horlick who oversaw the Guernsey partnership, Frontiers Capital, which in 2002 invested £7.5mn in a UK document management business chaired by Flohr called Comprendium. According to the judgment, which was published on Monday, Frontiers Capital alleges that “in breach of duty, Mr Flohr caused a series of other companies containing the name Comprendium to be incorporated”. Frontiers is seeking damages and costs. Frontiers’ amended claim alleges that Flohr secretly used these parallel companies in Switzerland and Germany to buy assets from his bankrupt former employer, the US IT equipment leasing group Comdisco, in breach of his duties to Comprendium UK and “in one instance for a profit of €93mn”. Frontiers Capital also claims that Flohr reneged on an assurance to Horlick that if he bought certain Comdisco assets “he would secure revenue for Comprendium UK of between €10mn and €20mn per annum”. Comprendium UK eventually failed and Frontiers Capital was dissolved in 2010, losing its investment and a further £5mn lent to the company. While such civil claims must usually be filed within six years, the claimant alleges that critical elements were “deliberately concealed” by Flohr, meaning the clock did not start until the partnership was resurrected. Monday’s judgment, by Master James Brightwell, said “it would be an understatement to say that the defendant strenuously denies the allegation”, and that the decision to proceed was concerned with technical aspects of law regarding the way the partnership was dissolved. The judgment said that at a “fractious hearing” in July, the High Court also considered questions of confidentiality “in respect of allegations said to be both scandalous and irrelevant” by the defence. After Comprendium failed, Flohr went on to build an airline with the world’s fastest business jets and a super-rich clientele. VistaJet also has more than $4bn of debt, and auditor EY warned in its opinion on the 2022 accounts that “a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern”. Flohr responded to that opinion by saying the business was highly profitable on the basis of earnings before interest, tax, depreciation and amortisation; that net losses were a consequence of conservative accounting of non-cash items such as depreciation; and pointed to the group’s ability to raise a new $500mn bond from investors as a sign of their confidence. This article has been revised to clarify details regarding the court’s judgment.

VistaJet owner Thomas Flohr loses a bid to strike out historic legal claim (ft.com)

This time on the Wall Street Journal, article posted today
https://www.wsj.com/finance/vista-gl...​​

• How One Debt-Laden Company Could Create a Storm for Private Jets
• VistaJet’s big pandemic expansion now looks overstretched, posing a risk for Canadian plane maker Bombardier
• Investors are getting increasingly worried: A VistaJet bond issued last May, which was very oversubscribed, is now selling off. On Friday, its yield closed at 17.23%, the highest on record. This means a price of 77 cents on the dollar and a spread over Treasury yields of 13.18 percentage points. Ratings companies haven’t downgraded the bonds, which have a B-minus sub-investment grade. But only 9% of securities in that category trade at spreads above 10 percentage points, the typical threshold for distress, S&P Global Market Intelligence data shows.
• Its net debt increased to an eye-watering 23.5 times equity, up from 7.8 times a year earlier.
• VistaJet’s rapid growth was facilitated by state-backed guarantees. EDC’s transactions with VistaJet amounted to at least 1.7 billion Canadian dollars, equivalent to around $1.3 billion, between 2020 and 2022 alone, official data shows.
• Operating cash flow in 2022 amounted to just 16% of the company’s debts at the end of that year. Meanwhile, soaring bond yields will likely push up the cost of refinancing. A $150 million bond matures this June.
• Were VistaJet to sell some of its Bombardier jets to reduce debt, it would put pressure on used prices. If, in the worst case, the company suddenly collapsed, the impact on the market could be nearly unprecedented.
• Bombardier makes high margins on these premium planes and could struggle to sell new ones if used prices tumble

​​​​​​​That link didn’t work for me - so here is the one that worked: https://www.wsj.com/finance/vista-gl...arket-ad1e4727

WSJ article seems to paint a picture that it’s only a matter of time.

Oof, those numbers are horrible!

Status is reachable
Michael Riegel DipM BSc MSc MBAView Michael Riegel DipM BSc MSc MBA’s profile

Business Aviation Publisher, Market Analyst, Business Jet Designer & Consumer AdvocateVista Global Q3 2023 Earnings In Review

Vista Global (VG) financial statements aren’t widely published. However, I understand that Q3 2023 numbers are readily available. I wanted to share some insights and personal opinions.

During Q3 2023 VG revenues fell by 2.5% YoY. The company operates a dedicated fleet of 268 aircraft, down one aircraft YoY. VG’s managed fleet dropped from 93 to 75 aircraft, or 19%. I suspect this shrinkage results from charter customers moving into the VistaJet program, with flight hours migrating from managed to dedicated aircraft. VG’s reported growth in program hours may well reflect internal revenue transfer, rather than any surge in new business. Having reviewed VistaJet agreements, for my clients, users sign a three-year agreement that requires annual pre-payments. However, contracts can be terminated by paying a modest exit penalty, at the end of each year. VistaJet contracts lack the long-term capital and revenue guarantees enjoyed with NetJets shares. Further, NetJets assume very little debt or residual value risk, compared to VG.

Dedicated aircraft utilization rose from 813 to 834 annualized hours, far below the 1,250 target utilization quoted in VG’s 2023 $500 million bond prospectus. Deadhead increased from 30% to 31.7%, YoY, indicating declining fleet efficiency. VG aircraft appear to be averaging less than 570 revenue hours per annum, which isn’t nearly enough to allow their dedicated fleet of super midsize, large and ultra long-range jets to generate a profit, IMHO.

Let’s address free cash flow. Q3 2023 financial statements detail “diluted yield” of $10,500 per hour. I take this to mean VG's average net charter income per hour. VG also detail $4,200 in “variable DOCs per hour”. These numbers convert into hourly direct costs of 40% of hourly revenues. If my interpretation is correct, VG’s $949.4 million in deferred revenue, which represents pre-paid but un-flown hours, should cost roughly $380 million to fly. I see $276 million in available cash! Further, my go-to financial analyst estimates that VG consumed more than $80 million per month, between Q1 and the end of Q3 2023. I see frequent mentions of EBITDA, among quotes from VG leadership, a number that excludes major cash outflows that render this metric misleading, IMHO. I prefer simpler measures of financial performance, like free cash flow. Despite receiving $949.4 million in pre-paid revenues, $500 million from a 2023 bond issue, a $60 million draw-down against a $200 million revolving line of credit and $57.5 million from refinancing dedicated aircraft, VG seem to be consuming cash faster than it can be replaced. Once Q4 2023 results emerge, I'll post an update. Based upon these Q3 2023 numbers, I am struggling to find much that's positive in these results.

As always, I invite feedback from Vista Global, if I have made any significant errors in my interpretation of their financial statements. I will happily correct or retract any inaccuracies.

Wow. This sounds seriously worrying financially!

any tips on what to expect on the assesment? doea anybody know the 20 Atpl questions?
 

Hi!
by any chance could you give any info regarding the technical interview and the atpl exam? Thank you a lot

Tell me guys, what motivate you to join airline like Vista Jet? If you can see what is going on there...

Maybe it's attractive Bombardier typ ratings and worldwide flying experience which increases your market value? Plenty of former VJ pilots flying for TAG, JA etc which usually require a type rating and time on type. Others may just be contend and stick around.

Witschafts Woche The private jet king´s problem numbers, Feb.12. 2024
 

Vista Global - An Interesting Investigative Report by Melanie Bergemann, Philipp Frphnn and Volker ter Hasborg (c) reposted from LinkedIn

Attached is an article just published by German publication, Wirtschafts Woche, which is owned by Handelsblatt Media Group, about Vista Global (Vista). I was intrigued by several comments in this article.

Bond Performance & Interest Rates

Among the subjects covered are rising interest rates and less than stellar performance for the $500 million bond that Vista issued in May 2023. Apparently, the bond has been trading at 83%, while the yield has risen to 15%. My financial sources suggest that these numbers, along with a B- Standard & Poor’s rating, may well be cause for concern among bond traders and investors. This bond is costing Vista 9.5% per annum, significantly above the rates (coupon) being paid by less risky issuers, according to the authors.

Interest rates, which remained at record lows while Vista were taking delivery of new Bombardier jets, have risen, sharply. Vista now face the reality that the cost of servicing their debt is on the rise, while charter demand and hourly revenue are under downward pressure, industry-wide. Indeed, Vista have shifted capital investment away from new aircraft and into refurbishing older jets.

Rumors & Investigations

There is mention of a UK lawsuit, alleging fraud by Thomas Flohr, a statement from EY expressing “significant doubts about the group’s ability to continue as a going concern”, the past failure of Jetsmarter and a now-shuttered SEC investigation. In an industry that relies upon consumer and lender confidence, I imagine it’s becoming difficult to argue that these problems, especially the UK lawsuit, are helping Vista.

Vista strenuously deny that their financial fortunes are anything but extremely positive. Further, they insist that recent articles, lawsuits and investigations are without merit, or are considered irrelevant by Vista stakeholders.

When I advise my clients, I focus on financial performance and data I can analyze and assess, objectively, free from the influence of media articles or corporate spin. My concerns about Vista cash consumption, low aircraft productivity and balance sheet liabilities remain unchanged, but are based upon cold, hard numbers, not media outlets, lawsuits or past investigations.

In a recent AIN article, Thomas Flour stated that, “2023 was another year of successful performance in our business. Despite having to react to deep economic shifts and complex geopolitical uncertainty, we produced double digit growth across all markets—achieved whilst refurbishing and upgrading our fleet ahead of schedule, further improving our service standards and significantly increasing aircraft availability”. While Mr. Flohr offered few operational metrics or financial specifics, his assessment seems positive.

To be blunt, I have struggled to reconcile Mr. Flohr’s bullish statement with Vista’s Q3 2023 financial statements. Hopefully, I will reconsider my assessment when full-year numbers become available, next month.

WhatsApps, Fake Names and an Alleged Conspiracy Against VistaJet

• Thomas Flohr accuses private jet rival of smear campaign
• Financier Timothy Horlick and AirX founder deny claims

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By Sabah Meddings and Siddharth Vikram Philip
13. März 2024 at 16:01 MEZ
The owner of VistaJet, one of the world’s biggest private jet firms, has alleged in legal filings that a smaller rival and a prominent British financier launched a smear campaign against him.In a London High Court battle that involves allegations of covert codes, secret WhatsApp groups and a fake email address, Swiss entrepreneur Thomas Flohr claims that the AirX founder John Matthews and financier Timothy Horlick arranged to release confidential information about him with the intention of ruining his reputation and damaging his company, according to legal filings.

VistaJet Group Holding Ltd. and AirX operate in similar markets, and Flohr alleges harmful information about him was sent to an audience selected to have the “maximum likelihood of damaging” his reputation and business interests, according to the skeleton argument submitted in court on March 6. Both Horlick and Matthews deny this.

Flohr claims that Matthews used a burner email address with a fabricated identity to send emails with information, that a court had ordered to be kept confidential, to business contacts of VistaJet. These allegedly included Bombardier Inc. and Export Development Canada, one of VistaJet’s aircraft finance institutions.

He further alleges that Matthews created a WhatsApp group in March last year, titled VistaComms, which was allegedly used to discuss with colleagues how to use burner emails to share confidential information about VistaJet with parties including lenders, business partners and journalists.

The aim, according to the WhatsApp messages submitted to the court — which Flohr’s lawyers said were released to him by a whistleblower — was to harm the interests of Flohr, and to benefit from VistaJet’s potential demise. Matthews would benefit from VistaJet’s failure by increasing AirX’s rates and scooping up planes if VistaJet collapsed, according to a series of WhatsApp messages between March 2023 and February 2024 filed in court.

VistaJet was founded by the 63-year-old Flohr two decades ago, and offers customers subscriptions to its planes, as an alternative to owning their own aircraft. AirX, which according to its website is majority-owned by British entrepreneur Matthews, is a much smaller Malta-based outfit that allows customers to charter planes.

The allegations are the latest twist in a London High Court battle between between Horlick and Flohr over allegations Flohr defrauded a Guernsey investment partnership two decades ago. In the case, Horlick has accused Flohr of hiding assets when the pair were in a Guernsey investment partnership in the early 2000s, meaning Flohr avoided triggering a further payout. Flohr has denied these allegations, and has sought to have the claim struck out.

‘No Digital History’

Through his lawyers The Khan Partnership, Horlick expressly denied passing on any materials subject to confidentiality orders. The Khan Partnership said the claims were a distraction from the ongoing court proceedings against Flohr.

Lawyers for Matthews said: “Air X and Mr. Matthews vigorously deny the allegations of conspiracy made against them.” They also pointed out that they weren’t a party to the proceedings and so weren’t in a position to comment further at this stage.
As part of the Guernsey case, a judge ruled that certain documents that Horlick wanted to introduce, that could be damaging to Flohr’s reputation, should remain confidential. The sharing of these documents is at the heart of the alleged smear campaign and Flohr’s lawyers alleged that Horlick had previously sought to make the information public to force the Swiss businessman to settle to protect his reputation, according to a court argument.

Flohr also alleged Matthews met Horlick over lunch, and spoke to him on the phone, shortly before Matthews allegedly circulated screen-shots from the embargoed witness statements.

“The conversations did not discuss, nor relate to anything concerning, Mr Matthews’ alleged later receipt of third-party witness statements,” Horlick’s lawyers said.

Horlick’s lawyers also questioned whether versions of the witness statements allegedly given to third parties were identical to the copies filed in the court — suggesting they may not be subject to the confidentiality order.

Matthews allegedly shared 10 screen-shots that were subject to court restrictions. “Make sure the attachments have no digital history,” WhatsApp messages in evidence appear to show Matthews saying to his employees.

In another message introduced in court, Matthews appears to say: “Today is an important day marking the release of the witness statements to all at Bombardier who hold an executive title.”

‘Covert Communication’

VistaJet has in recent years fueled its expansion with debt, using it to buy a fleet of brand new Bombardier Global 7500 planes, as well as smaller rivals Air Hamburg and Jet Edge, to more than double its fleet to 332 jets.

There are messages filed in court that allege Matthews was receiving information from within Air Hamburg, the private aviation firm VistaJet bought in February 2022.

In one, sent on April 25, 2023, Matthews appeared to explain a code used to communicate with former Air Hamburg CEO Floris Helmers when sharing information. “Whenever I ask about the weather, if it’s cloudy there is nothing to report, when he says it’s sunny it’s a one-time view only with a document that will help the investigation,” he wrote in the WhatsApp message submitted as court evidence.

In an email to Bloomberg News, Helmers said he absolutely denied having used a code for sharing evidence. Helmers added that he had known Matthews for more than 10 years, and conversations between them had focused on industry trends such as aircraft valuations.

“As an ongoing employee of Vista, the assertion that I have been engaged in ‘covert communication’ is a bit perplexing and of course without merit,” he said.


— With assistance from Tiffany Tsoi, Katharine Gemmell, and Erin Hudson

Mr Matthews attempting to smear a rival individual - really? The guy must have bigger balls than his own brain.

However, got to give it to him - he's managed to avoid his just deserts now for many years.

I'm never one to back Vista or Mr Flohr - but on this occasion.....lets hope the right side wins and the really ugly side of business aviation can be cast aside forever. Yuk!

Owners of Aviation businesses are by in large sociopathic manbabies who would happily kill puppies to get one over on the competition. This whole thing (on both sides) would appear to be entirely in character.

"Pre-empting Bias: My Open Letter to the Industry Before a Pro-Vista Piece Targets My
 

https://media.licdn.com/dms/image/C4...f450yApkLAfdBY

John Matthews

Chairman - Air X
20 articles Following
March 20, 2024
Open Immersive Reader

Good Afternoon, Industry.

Round 2

A Private Jet sector-specific "journalist" has threatened to incorporate some of my private messages concerning Vista to be released on Friday, which will no doubt try to benefit Thomas and Vista.
Intimidation - I will respond with a common theme: approaching the industry with the truth in hand as my sword.

A Recap

As previously stated, I have become aware of private messages from a WhatsApp group intended for discussions about Vistajet and its finances and the Fraud Hearings against Thomas Flohr. Arguing Fraud against Thomas is (barrister) KC - Sir Geoffrey Cox.

These messages, which featured not only professional insights but also personal moments such as daily experiences and family photos, somehow ended up in the hands of Thomas Flohr.
My legal team is reviewing the circumstances surrounding this fascinating incident. As I have stated, it is a fascinating experience, and I suggest these are efforts to divert attention away from the Fraud Hearings.
Anyway, now they appear to have found a Vistajet-friendly journalist inside our industry who appears "primed," if you will, for an article.

Ask yourself why...

So, I am publishing this. I am not scared and stand in the ring waiting.
The encroachment into my personal life has been disturbing, to say the least. But I say this to those few against me - who are attempting to damper my energy, scare me, and make me feel isolated:

"Never underestimate a person who is determined and armed with the truth. Such individuals possess an unwavering resolve and the clarity of purpose that can move mountains and bring about profound change."
Every time you hit me, I write out the truth.

Why am I writing this to you all?

I was alerted via email last night that an industry-specific journalist is set to shape the narrative to benefit Vista this Friday.
I'm concerned that it will be biased. Therefore, I wanted to address it in an open letter to the industry.
I appreciate your understanding and support as we move forward.

Previous "journalistic" coverage of Vista seems to overlook important concerns. As a result, I am writing ahead of time because I believe there is an attempt (ask yourself why?) to undermine my efforts to bring openness and integrity to the forefront.
What appears to have been "missed" in prior papers covering Vistajet:
DOJ fines Thomas for trading Global 6000 hours for a property in the United States

1. Royal Courts of Justice Fraud hearings
2. VistaJet's financial situation
3. EY's warning letter on the company's standing and debt-to-asset ratio instead that ratio was missed
4. Related Party Transactions in which one man becomes rich while one firm incurs ever-increasing debt and losses
5. The last quarter accounts issued (again, it has a public bond!) of Vistajet, which posted a -$59.2 million deficit (in the summer!)
6. The fact that Summer loss was worse than the previous Q3 losses of -$44m
7. The $949 million owing to clients as prepayments
8. Reference to the FT instead of numbers was referred to as the Financial Times seeking to "spook prospects" - really?

None of that seems to make any objective reference.

Instead, the attention has (yet again) moved to personal attacks and attempts to undermine my credibility, and it appears that the pro Vista keyboard will type against me again.
I am ready.
It's a typical case of targeting the messenger rather than addressing the issue.

So, I am leading an early charge rather than being placed into a counter-attack against the upcoming attack; here we go, onto the beaches!

Attack #1 - Responded to the Industry First "We have a message where you said you would raise rates if Vista didn't exist"

So, what?
The journalist appears to accuse me of hypocrisy because I cannot care about the roughly $1 billion in prepayments from clients and billions paid by bondholders while wanting to boost AirX charter rates.

That is ridiculous. Why can't they exist simultaneously?

Why would I not want to boost rates and increase pricing on certain routes when the sector is offering record lows in pricing?
Another reason: Here's why: I occasionally have to compete against a corporation that makes this statement.
"We do not look below the EBITDA line - Thomas Flohr CNBC 18th May 2023."
My response "Nuts".
Well, here is the truth: I do!

Because it is below the EBITDA, you will find cash.

Companies do not thrive or fail based on EBITDA; they fail due to cash flow.

The reasoning is easy to understand: My aircraft competes with an operation that views earnings solely in terms of "EBITDA" rather than net cash profits.

As a result, it publishes so many quarters of losses that EY reports it has a $1.4 billion liquidity gap and poses a significant risk to continuing operations—who on earth would think I'd relish trying to match their price?

What was accused against me is that by hoping and dreaming of higher rates, I am a hypocrite. I quote, "It could easily appear like the pot calling the kettle black"—so I know how this article will be written!

Attack No. 2: "I see you agreed to a 25k fine to the DOT"

Yes, about 5 or 6 years ago (or even more). Here's why:

When I had an American business, I remember publishing an empty sector for an American registered citation X. The problem is that I performed it from the non-operator side, which is not permitted by Department of Transport standards—I was incorrect, and it was a true mistake.
The fine was $25,000, which was a little harsh for a social media empty-leg post, but there's little doubt that I was mistaken; it should have been posted by the operator rather than the ownership at the European level - lesson learned!

What on earth does this have to do with the Fraud Case against Thomas Flohr?

No coverage it seems that the Department of Justice fined Thomas Flohr circa $17 million for saying "you have hours, I will have the mansion house" to a now-wanted ex-Nigerian oil minister, and this journalist wants to cover my incorrectly posted empty leg fine from six years ago - ask yourself why?

The third attack is this: "you had issues with your Canadian lessor years ago"

So, what? In any event, we won one, two or three (I can't remember it was so long ago) injunctions to defend ourselves and have the best relationship ever with our Canadian lessor now, so what's the point?

What does this have to do with the Fraud Trail Hearing against Thomas Flohr, or the EY warning about their trading position or their debt? ask yourself why?

Anyway, in the spirit of the truth, I had a legal disagreement with a lessor years ago; we obtained injunctions in Canada and reached an amicable resolution. From there, some new top management was appointed in Canada, and we have done nothing but thrive with them - like a family.

I argue that a specific operator collaborated with an individual or group of individuals (who are not there now!) at the leasing firm to create an unusual "default" notice on me.
The entire thing was done incorrectly with three different amounts (which vary by tens of millions of dollars!), and I also suspect and allege that the operator had made deposits for my aircraft prior to the event.

Needless to say, the judge saw right through it, and we are here today with a fantastic relationship with our Canadian lessor; in fact, if everything goes well, we will make a big announcement one day about a number of airline conversions to private jets with them - lots to do, but it is going well!

I believe the goal of this attack (after establishing I am useless at posting empty legs in America) is to make it appear that I was financially unstable in the past (how ironic!).
To be completely honest with you, I haven't always gotten it right like I have the last two years. It's a complex business, and it's taking me some time to learn how to get it running smoothly in every cost line item and how to be a decent leader. But again, so what?

I don't think I excelled at leadership throughout my last decade of schooling, but I have become a much better one now. Mistakes - teach.
Lastly, and this I find most odd to write about - It is also true that I have autism, but I will not be cast down because of it.
I've learned the "art of listening" via numerous hours of therapy and coaching, and I believe I've become a better leader as a result, but there is still more work to do. I never stop learning!

What we've done is this, which is quite fantastic and unique - yet zero mention!

We have, however, taken the company and grown from a loss-making entity to a profitable one without an external funder, external investment, overdraft agreement, public funding, equity funding, or taking large prepayments from clients.
In fact, our total prepayments, I think (off the top of my head typing this out before an afternoon of meetings), represent less than 1% or 2% of our annual revenue.
We took a company and, without investment, grew sales from €8m annually to circa €165m - bootstrapped!

Before I finish - This is a classic example of what I believe is completely incorrect regarding the "journalism" in this sector:

Published on "what you need to know for Vista" to consumers and the industry "an oversubscribed bond offering in which Vista raised $500 million".
It is almost as if Vistajet had that as an additional long term balance - but they didn't.
The truth can be found (public bond info) and under "use of proceeds" its clear where the money is going:

1Pay principal amounts owed under certain of our credit programmes.

1. Pay for our revolving credit facility.
2. Pay our Bridge Loan.
3. Pay for some aircraft facilities.
4. Additionally, any accrued and unpaid interest in each instance
5. Pay applicable prepayment fees and offering charges.
6. The remaining proceeds will be used for general company purposes.

Point 7 is what the company would have left over, yet no mention of the calculated daily cash burn!

How can any company be in a strong position and get such favourable biased journalism if it needs to organise bridge loans until the bond is issued? How can the financials, time and time again, be brushed to one side to persecute anyone willing to speak the truth?
I no longer feel alone in my pursuit of truth and transparency.

Thank you for reading my post. To the entire industry; your support warms my heart and boosts my spirits and determination.

I stand with each of you who believes in the core values of our industry; together, we can defend these ideals and assure a future where ethical business practices are not only aspirational, but the standard, and stop this entire "record trading this and that" false message that is being poured into our sector.

In unity and gratitude.
John.