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Royal QLD Aero Club in VA

Old 28th Oct 2016, 13:41
  #141 (permalink)  
 
Join Date: Apr 2008
Location: Australia
Age: 48
Posts: 931
I think you miss the point that the administrators work for the SECURED creditors.

You can bet your bottom dollar...............

The whole lot has been valued, and a fire sale value has also been established with the secured creditors.
AAA has made an offer above the fire sale value, so the secured creditors have counted thier beans and accepted the offer (read lower loss).

The unsecured creditors are free to bounce up and down.

Happens all the time mate.
jas24zzk is offline  
Old 28th Oct 2016, 21:45
  #142 (permalink)  
 
Join Date: Nov 2008
Location: australia
Posts: 75
jas24zzk, I am sure we are all clear on what the Administrators are supposed to do. However the tarmac rumors at YBAF indicate that subsequent to the DOCA being executed back some months ago, the Administrators have progressed other undertakings with the purchaser that may well reduce the range of the amount available in the dollar to the secured creditors that they were expecting.
But confidentiality stops disclosure of any of these rumoured arrangements. Meanwhile Pilot Partners are still being paid to amble along.
chance is offline  
Old 21st Feb 2017, 10:23
  #143 (permalink)  
 
Join Date: May 2005
Location: nocte volant
Posts: 1,103
Any more info on this? Have things progressed?
Trojan1981 is offline  
Old 21st Feb 2017, 12:40
  #144 (permalink)  
 
Join Date: Sep 2009
Location: space
Posts: 391
Nope, looks like the new buyers have scarpered and failed to fulfil their end of the contract. May go to liquidation. Almost a full year now, disgusting mismanagement by the administrators of the DOCA (Pilot Partners).

And before anyone goes on about libel issues let me say that I don't care! The bastards owe me a lot of money and I will say my piece without fear.
zanthrus is offline  
Old 21st Feb 2017, 23:07
  #145 (permalink)  
 
Join Date: May 2005
Location: nocte volant
Posts: 1,103
That's a real shame.
Trojan1981 is offline  
Old 22nd Feb 2017, 01:06
  #146 (permalink)  
 
Join Date: Sep 2011
Location: Queensland, Australia
Age: 35
Posts: 23
I say the creditors should wind it up at the next meeting so the CEO doesn't get the opportunity to have his way a second time
bobthebowler is offline  
Old 22nd Feb 2017, 01:56
  #147 (permalink)  
 
Join Date: Nov 2008
Location: australia
Posts: 75
The powers that be are having posts of the facts taken down.
The facts were in a "notice to creditors" sent to members of RQAC and are therefore not "in confidence". Nor are they rumours.
The purchaser has failed to pay the funds by the extended deadline of 12 Jan 2017 and are not considered by Pilot Partners likely to complete the sales agreement which is now terminated.
Pilot Partners have no choice but to call a meeting of creditors to either vary the DOCA (if they have another purchaser up their sleeve) or liquidate the company.
The former CEO and his "holding team" have been paid out of monies lodged by the purchaser to date for quite a long time - all to no avail.
Any goodwill value of the Airline Academy of Australia which they hoped to continue I think has long evaporated.
Contracts they had with GU, USQ etc, have gone to other providers so there is nothing there. The fleet and Sims are owned by the banks, the buildings by AAC, so all that is left is a few goods and chattels which at a firesale auction won't amount to much.
The staff will get something out of the Federal Govt scheme if its liquidated, but unfortunately the other creditors won't be able to expect much. Like the banner of the Brisbane demolition guys of the past (Deen Brothers) - "we only leave you the memories"
chance is offline  
Old 24th Mar 2017, 01:51
  #148 (permalink)  
 
Join Date: Nov 2008
Location: australia
Posts: 75
The creditors meeting on 13 March approved a new sales and purchasing agreement. The Purchaser has paid in an additional $ 560K (non refundable) making a total so far of about $1.4M (non refundable) to keep the show ticking over and pay Pilot Partners.
The purchaser and their third party guarantor have until 31st March 2017 to pay the settlement fee of about $3.0M to finalise the deal.
Inching closer so hopefully some money soon coming the way of the creditors after nearly a year since the start of the VA
chance is offline  
Old 25th Mar 2017, 09:53
  #149 (permalink)  
 
Join Date: Mar 2014
Location: Australia
Age: 43
Posts: 109
Seems like an obscene amount of money for a flying school.
red_dirt is offline  
Old 31st Mar 2017, 11:06
  #150 (permalink)  
 
Join Date: Feb 2013
Location: roundincircles
Posts: 111
All the flags have gone
holdingagain is offline  
Old 31st Mar 2017, 23:07
  #151 (permalink)  
 
Join Date: Sep 2011
Location: Queensland, Australia
Age: 35
Posts: 23
Maybe they took the advice of the one person who voted to wind it up.
bobthebowler is offline  
Old 8th Apr 2017, 01:33
  #152 (permalink)  
 
Join Date: Nov 2008
Location: australia
Posts: 75
The $3M payment was not made by 31 st March. A new payment date extension has apparently been set at 19 April 2017. The Purchasers are apparently OS (HK ?) trying to secure the funds.
Archerfield Airport Corp listed the former RQAC premises (Clubhouse, Hanger 1 and Aeroport) for lease in the Friday 7th April Australian and Courier Mail.
Will the purchasers kiss goodbye to the $1.4 M non-refundable they have paid to date or will they get over the line ?
Anyone's guess?
chance is offline  
Old 12th Apr 2017, 02:55
  #153 (permalink)  
 
Join Date: Nov 2007
Location: Australia
Posts: 2,177
Listing...

Training and Maintenance Facility, 221 Qantas Avenue, Archerfield, Qld 4108 - Industrial/Warehouse Property for Lease #502355166 - rca.jll.com.au






.
Flying Binghi is offline  
Old 20th Apr 2017, 09:20
  #154 (permalink)  
 
Join Date: Feb 2013
Location: roundincircles
Posts: 111
D Day was yesterday, has RQ sunk
holdingagain is offline  
Old 21st Apr 2017, 05:02
  #155 (permalink)  
 
Join Date: Nov 2008
Location: australia
Posts: 75
Creditors meeting held on the 20th April. The Chinese have walked away and did not settle the $3M, having plunged in circa $1.4M to date which was not refundable (probably all gone anyway).
However, there is another offer on the table, from the East Coast of the USA.
They have to pay around $300k in 7 days to keep in the game, if not at a further creditors meeting about mid-May it will be wound up. The Aussie representative of the new offer is none other than the CEO who was at the helm of the show when RQAC/AAA/ATAE when into VA in March 2016!
chance is offline  
Old 25th Apr 2017, 05:55
  #156 (permalink)  
 
Join Date: Oct 2016
Location: Brisbane
Posts: 35
Originally Posted by chance View Post
Creditors meeting held on the 20th April. The Chinese have walked away and did not settle the $3M, having plunged in circa $1.4M to date which was not refundable (probably all gone anyway).
However, there is another offer on the table, from the East Coast of the USA.
They have to pay around $300k in 7 days to keep in the game, if not at a further creditors meeting about mid-May it will be wound up. The Aussie representative of the new offer is none other than the CEO who was at the helm of the show when RQAC/AAA/ATAE when into VA in March 2016!
I'm just not sure what the upside is to a group bailing out RQAC? Lots of $$$ and I can't see any benefit.

I would imagine that everyone has probably moved on so wouldn't it be eaiser starting a new school if that was your intension. Any thoughts?
TurboProp2120 is offline  
Old 29th Apr 2017, 05:44
  #157 (permalink)  
 
Join Date: Feb 2002
Location: NSW
Posts: 70
...what is one buying here?
TBM-Legend is online now  
Old 30th Apr 2017, 05:32
  #158 (permalink)  
 
Join Date: Sep 2009
Location: space
Posts: 391
Step 1. Say to yourself, "Do not allow Craig Duncan anywhere near any business ever again."
Step 2. Repeat Step 1.
zanthrus is offline  
Old 16th May 2017, 23:55
  #159 (permalink)  
 
Join Date: Apr 2007
Location: Brisbane
Age: 61
Posts: 9
Personal records

This may have been mentioned previously so I apologise if that is the case but does anyone know how to get personal flying records held by RQAC?
wishful av8r is offline  
Old 17th May 2017, 06:41
  #160 (permalink)  
 
Join Date: Aug 2007
Location: Brisbane
Posts: 22
I would suggest you contact the Administrator at Pilot Partners and ask him.
C82R is offline  

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