Colorado based general aviation manufacturer Adam Aircraft has been purchased for $10 million (only a few times the cost of individual airplane), by a shell corporation formed for the purpose with an anonymous D.C. law firm.
I suspect that this is a shell for either a group of existing owners of the aircraft, or for an aerospace company of some kind -- perhaps Boeing, perhaps a general aviation firm like Cessna, perhaps a defense contractor, or perhaps some foreign firm (e.g. an Israel company which has shown interest in the very light jet market). We may never know, or the identity may be revealed now that the sale is complete.
Seems like a loophole to me, for others to get out of debt and start over.
ReplyDeleteBankruptcy is a good loophole in the usual debtor-creditor rules. The normal rules work well if debtors are solvent but develop all sorts of irrationality when a debtor is insolvent.
ReplyDeleteMaximizing the value of business assets is good policy for creditors and society alike.
you idiots... that company was run into the ground by the same people that ran dornier into the ground 10 years ago. the russians purchased it and will move operations overseas within 3 years.
ReplyDelete