Sunday, August 28, 2011

Picking over the pieces of DayJet - Kansas City Business Journal:

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After failing to generate enough revenuse or secureadditional financing, the Boca Raton-basesd air taxi pioneer on Nov. 14 filed for bankruptcty liquidation less than a year after itbegaj operating. It listed more than $23 million in liabilities and $17 milliob in assets. DayJet, founded by Ed who also started softwaregiant , used a new software scheduling system to provide per-seat, on-demand flightd to smaller airports. Albuquerque, N.M.-based , which suppliesd DayJet with its had the largest bankruptcy claimat $16 Eclipse filed for bankruptcuy shortly after DayJet.
The 28 Eclipse jets that made up DayJet’s flee t were foreclosed on and sold earlierethis year, said George bankruptcy trustee. Miller said he heard from industry sources that each jet sold forabout $600,000. They cost about $1.1 million when new. Stuart Klaskin, an aviation consultant with Coral Gables-basesd Klaskin, Kushner & Co., said he also heard the planes were sold forabout $600,000. That would have been a good deal for the sellert if buyers face problems getting the planes Klaskin added. Next up for sale is a mishmashg of property that DayJet forfeited to its landlordc when it left the Boca Rato Research and Development Parknear .
The Boca R&D Project 7 LLC will conduct a public sale at10 a.m. on June 18. The landlordf did not immediately return callfor comment, but, amongv other things, a public for-sale notice listss computers, printers, office a stainless steel refrigerator and 14 airplane Klaskin, who said he has studied several noted that everything goes on the block when a companu dissolves. “At the end of the day, it oftenn comes down to coffee cups andfax paper,” he “Every office ought to have at least one airplanes tire.” But, DayJet’s interest in its siste company, DayJet Technologies, may still fetch some real money.
DayJe t Technologies, which developed the softwarer used to schedule anddispatchh planes, is not in Chapter 7. Pendiny court approval, Miller said he has a buye r of who will pay atleast $250,00p0 for DayJet Corp’s 35 percent stak e in DayJet Technologies. Klaskin said the technologyt might have value for another air taxi start up that growes at a more modest pacethan DayJet. “It’s entirely possible that there may be some use in that applicatioj forthe technology,” he Meantime, there are probably good dealss to be had on airplane tiresa come June 18.

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