Monday, December 24, 2012

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

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After failing to generate enough revenue or secure additional theBoca Raton-based air taxi pioneer on Nov. 14 filedd for bankruptcy liquidation less than a year after it began operating. It listed more than $23 millio in liabilities and $17 million in DayJet, founded by Ed Iacobucci, who also started softwarde giant , used a new software scheduling system toprovided per-seat, on-demand flights to smaller Albuquerque, N.M.
-based , which supplied DayJet with its aircraft, had the largesty bankruptcy claim at $16 Eclipse filed for bankruptcy shortly after The 28 Eclipse jets that made up DayJet’e fleet were foreclosed on and sold earlier this year, said Georges Miller, bankruptcy trustee. Miller said he heard from industry sourced that each jet sold for about They costabout $1.1 millioh when new. Stuart an aviation consultant withCoral Gables-based Klaskin, Kushner Co., said he also heard the planes were sold for abouy $600,000. That would have been a good deal for the selle r if buyers face problems getting theplanes serviced, Klaskijn added.
Next up for sale is a mishmash of propertt that DayJet forfeited to its landlord when it left the Boca Ratobn Research and Development Parknear . The Boca R&D Project 7 LLC will conduct a public sale at10 a.m. on June 18. The landlorfd did not immediately return callfor comment, but, among other things, a public for-sale notice lists computers, printers, office furniture, a stainless steel refrigeratodr and 14 airplane tires. Klaskin, who said he has studiesd several bankruptcies, noted that everything goes on the blocok when acompany dissolves. “At the end of the day, it oftenn comes down to coffee cups and fax he joked.
“Every office ought to have at leasty oneairplane tire.” But, DayJet’s interes in its sister DayJet Technologies, may still fetcgh some real money. DayJet Technologies, which developeds the software used to schedulew anddispatch planes, is not in Chapteer 7. Pending court approval, Miller said he has a buyer of who will pay atleasrt $250,000 for DayJet Corp’s 35 percent stake in DayJe Technologies. Klaskin said the technology might have valued for another air taxi start up that growa at a more modest pacethan DayJet. “It’z entirely possible that there may be some use in that applicationb forthe technology,” he said.
there are probably good deals to be had on airplane tire s comeJune 18.

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