BURflyer

The rich are getting richer during these times, the only ones suffering are low to middle class. The only explanation why fracs are suffering is because people are buying whole airplanes. Gas is cheap too.

⌐ AV8OR WANNABE

Which fractional is XOjet? Is it Netjets, Flight Options, or someone else?

swedespeed

XOJet is XOJet. XOJET - Global Business Aviation, check it out.

topgun

Corporate aviation right now has a very serious image problem.
I am not counting them out at all. I hope they succeed. The problem is an upstart (or in the case of XOJET an operator that seeks to grow substantially) appears once a year who will promise the world. When they fail they make us all look bad.
"2.6 Billion in capital, we will be at 100 planes by the end of 2009".
Those in this business long enough have seen it all too often.
XOJet was a play on new airplanes and there inflated value. The financing was never for the operation, it was for the planes as they came off the line. Those planes unfortunately in today's economy, are no longer worth their sale price.
The employees are the ones I feel for. They and their families are my concern. I know the pilots have received good training on new aircraft (Citation X and Challenger 300) and I hope they find quick employment.

UCLAbruins

I don't think that's the case at all my friend

There was an article on the USAtoday about the biz jet aviation industry, what I gathered from the article.... for many wealthy people, its all about appearance, right now with the economy in disarrey, it is NOT politically correct to fly in a private jet. For others, obviously fly less to save a few bucks.

I read this on the USAtoday last week, and I agree............. here's one example
http://www.irishtimes.com/newspaper/...864662600.html

johnson48

So what is the truth? Furloughs, firings (for whatever reason), not true? What? On another board it was posted as 23 pilots? I don't think many care to get involved in the p#@#ing contest about whose frac is better, whose business model is better, etc right now. People just want to know what is happening in the industry and status of the job market. You guys can do that after it is even confirmed if this is true. If it happens to be true, 23 lay offs, I know many out there sympathize with those affected.

FlyinFoSheezy

Anyone from XOJet want to give their thoughts here? Especially those who are still with the company.

forgot to bid

I've got to disagree with this one. Its a nice election talking point but the election is over and it doesn't hold weight.

I deal with a lot of rich people, they are not getting richer during these times at all. One let his two pilots go and sold his B350 and was estatic that he was nearly able to pay the note off with the sale, the other has a $25 million dollar plane on a $1.9M a year note that he cannot afford to run. And because he is having such great losses in his business the tax benefit is gone too. He uses his black amex for everything and uses the miles to buy airline tickets and thats what he uses. Not his jet. He didn't pay taxes in 07 and 08 because he was funding his businesses out of his net worth.

I know thats a sob story many would love to hear, but remember, thats 4 pilots axed.

You can even see it in the G550s and Challenger 300s for sale, both were scarce a year ago with maybe 1-3 airplanes max available on the open market the remainder requiring you to approach owners with an unsolicited offer that was a sizeable premium over the price of a new one. Now both have more than two dozen airplanes available. If the rich were getting richer they'd be buying. They're not and corporate aviation is suffocating and thats not good for anyone right now from pilots, mechanics, FBOs, manufacturers, insurance companies, engine manufacturers, parts manufacturers, city's who love those property taxes, etc.

I feel bad for these XOJET pilots. Good luck & God bless.

⌐ AV8OR WANNABE

I see, thanks had no idea.

from another swedespeed

B727DRVR

Sorry to hear about the XOJET furloughs...

I have a few friends who are senior and "safe" there, but when even one pilot is out of work, anywhere, it allows management to say.. "Hey, we have people who would PAY to do your job"... Fellow pilots that are furloughed, whether you know them or not, could be the guy or girl that you are standing next to in the unemployment line next week.... So be nice and say a prayer for them, whether you know them or not.

I'm really sorry to hear about you guys getting furloughed. How many did it affect... and does anyone know how many and if and when they expect a recall?

These are 5h1tty times in a 5h1tty business.

Good luck to all of you XOJET and FLOPS pilots out there!

In Unity,

B727DRVR