Someone pointed out the fact that the only jet company to enter the market successfully starting with a jet and nothing previous was LearJet back in the early 60s.

Piper suspends Altaire program, cutting Fla. jobs

(M. McMillin, The Wichita Eagle, 10/24) Piper Aircraft, which was recruiting employees in Wichita just three weeks ago, is suspending development on its $2.5 million Altaire business jet and cutting about 150 jobs at its Vero Beach, Fla., facility. The suspension comes after an evaluation of economic conditions and forecasts for the light jet market, company officials said. They said the program was on schedule, on budget and hitting aircraft performance targets. Planned development costs have risen above the point that would be recoverable with the current market forecasts, they said. The company held a job fair in Wichita on Oct. 7 to recruit employees primarily for the Altaire business jet program. Piper will cut 150 jobs as the program ramps down. That will bring employment from 850 people to about 700. It also will eliminate 55 positions held by contract personnel. "Clearly, the market for light jets is not recovering sufficiently and quickly enough to allow us to continue developing the program under the economic circumstances we face," Piper interim president and CEO Simon Caldecott said in a statement. Piper isn't saying how much it had budgeted for the Altaire's development or its expenses to date. It will refund the deposits of Altaire customers. In the meantime, the company plans to step up product improvements for its current line of turboprop and piston-powered airplanes, Caldecott said. Read more: Piper suspends Altaire program, cutting Fla. jobs | Wichita Eagle