Shortly after the ink dries, all depositors (other than the ConJet/E400 group, also see details below) will be formally told their contracts are worthless. The new cost price of the aircraft will rise, and no refunds will be paid. The price for the base aircraft will rise, probably to $2.5 million. Suppliers have been offered cents on the dollar and a small share in the company, if they agree to new vendor contracts. The City of Albuquerque will also want to discuss what Roel intends, as there are a number of reporters asking searching questions following the revelations in the bankruptcy court.
The E400 group have managed to get the judge to escrow $3.2 million of the cash due from the sale until the outcome of their claim hearing. At least this will give them time to dig up the audio/video records of Wedges speech at Oshkosh last year, when he stated the $100k deposits would be in escrow.
Al Mann continues to support the company and will at the very least raise the moral tone in the boardroom. He's well known in business for his ethical approach, especially towards staff. It was Al who made sure the payroll 'hiccup' last November was corrected as quickly as possible. It's just a pity that in this turkey, he was surrounded by sharp operators and dodgy computer salesmen.
So, if you are one of those who's serial number is lower than 296, and you have paid your deposit/progress payments, but have NOT been represented by a lawyer, contact me promptly and I'll email you the appropriate details. But be QUICK. You have until 12 noon ET tomorrow to agree to the 'deal' and get included in this part of the Court documents. The usual address will get me
I'm sure this headline will be updated, by events if nothing else. Stay tuned to your favorite Very Cheap Jet, sorry that should read Very Costly Jet, blog.