yes as of today

Adios fellas

 

Local television stations are reporting that all of the 737-200's have been re-called to Winston-Salem and the 737-300 is still undergoing a "C" Check. According to company officials, operations with the B-757 will continue at least through the week-end.

Given the fact that Pace did not meet payroll for the hourly employees again today (Sept. 11th), the North Carolina Dept. of Labor, in conjunction with federal officials in Washington, is conducting an investigation into all aspects of Pace's operations. One could logically conclude that legal action could be forth coming early next week. Allegedly, a lien has been placed on Pace's operating account by the State of South Carolina due to "a tax issue" and there is no money in the general operating account. Literally.

Check television station WXII and/or the Fox affiliate in Greensboro. I'm just the piano player.

G'Luck to all Pace Employees

 

Fred B. left the company last month on his own accord.

 

Some food for thought. I've gathered a few scraps of info from here and there, some rumor, some info gathered from a Google search...

1. Rumors of a man named Nelson Ramiz walking around in corporate asking questions. Possibly an investor or buyer.
2. Someone on jobvent.com posts a link from climbto350.com about Falcon Air looking to hire FAR 121 mechanics in Winston.
3. Nelson Ramiz was a former share holder for Aeropostal, the national airline of Venezuela after the government sold it off to raise cash.
4. Several years back, Falcon Air Express, based out of Miami, operated flights for Aeropostal.
5. Aeropostal pretty much goes out of existence in Venezuela.
6. Falcon Air Express files for bankrupcy in 2006.
7. In 2007, Nelson Ramiz buys Falcon Air for $3mil.
8. Falcon Air now flies routes for Direct Air, who coincidentally, Pace has filed a lawsuit against (Direct Air) for 1.45 mil.

So, rumors of Ramiz walking around Pace corporate offices, and now Falcon Air looking to hire 121 mechanics in Winston...

I'm just reading the so called tea leaves here.

 

I know a bit of the Direct Air folks, but haven't discussed PACE with them.

Did Pace ever FLY for Direct Air, is that where the 1.45 million comes from - if that's the case, what boneheads would actually allow a bill to get THAT HIGH????

 

While the money is owed it can go into the "accounts receivable" column which makes the balance sheet look better, which as we all know, is the most important thing in the world to the pinheads that worship such things.

 

Unfortunately, those tea leaves are a little old. It is true that Nelson Ramirez was in Winston-Salem but he is not the "new investor" that Mr. William Rogers talks about. My opinion is that even the current management team could see through Falcon Air and Mr. Ramirez's "interest" in Pace Airlines.

Travelnate: Yes, Pace did hire pilots and a number of flight attendants for the Myrtle Beach Direct Air operation (Punta Gorda, FL based) but it was short lived at best. That's where the law suit originates.

It appears that the only hope that Pace has is that one of several possible investor groups can convince Mr. Rogers his "plan" is hopeless and he divests himself of his stake and that of his 50% partner and simply leaves town. It would be a bargain basement sale and possibly a real buy for the right individuals.

Just my two cents.....devalued to $ .000987143 on Fridays market close.

G"Luck folks

 

Whatever happeneed to Herman Gillis? Was John Farmer ever there?

 

I just use personal contacts and read a lot of business trades, investment periodicals along with the tea leaves.

Company information available through the Internet list a Captain Herman Gillis as the Sr. V.P. Flight Operations. Is that who you are referring to ? I can't find a reference to John Farmer.

'Nuf reading...time to go plow the North 40.

G'Day Mates

 

John F got out of flying a few years back.

The 1.45 mil is the amount being alleged that is owed by Direct air for Breach of contract. the services weren't performed , so no way it is on the balance sheet. they flew 570k of the contract and Pace was Paid. when WCR's team came in they looked at the language, consulted their attorney and I reckon they thought they have a case. Direct says no way. if the contract said 300s or 500s, then no way Pace wins this.