Mooney Airplane Co is now Mooney Aviation Co

[Parker_Woodruff]

http://www.aopa.org/aircraft/articles/2010/101018mooney.html

http://www.mooney.com/index.php?option=com_content&task=view&Itemid=54&id=575&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MooneyNews+%28Mooney+News%29&utm_content=FeedBurner

"Friendly Foreclosure"

[DaV8or]

I have to figure out how to do a "friendly forclosure". Sounds like fun. Wash all your debt away quick and easy. Everybody's doing now. It's the new thing.

Anyhow, maybe some billionaire can now come in and revive Mooney with a whole new plane.

[Parker_Woodruff]

Quote: DaV8or

I have to figure out how to do a "friendly forclosure". Sounds like fun. Wash all your debt away quick and easy. Everybody's doing now. It's the new thing.

Anyhow, maybe some billionaire can now come in and revive Mooney with a whole new plane.

[GeorgePerry]

Dump the Debt, Change the Name, Restart and Rebuild...At least it's a start. One thing's for sure Aviation is one tough business.  All the best and hopes for sucsess to the new Mooney Aviation Co.

[74657]

......and why a re-man engine for my Missile from Continental is damn near 50K.....  And all this time I thought it was because of liability insurance!

[Immelman]

Foreclosed on itself eh? I have to admit thats the first I've heard of that maneuver. I wonder how they structured their debts where that worked out. Anyone have the number for their accountant & legal team for when I set up shop?

One thing I can never figure out is why anyone would invest in a startup airplane manufacturer or airline. Ever... but I suppose I am thankful that people are willing to take those kinds of idiotic moves risks.

[richardheitzman]

setting up for a overseas sale???

 

 

[Parker_Woodruff]

Quote: Immelman

Foreclosed on itself eh? I have to admit thats the first I've heard of that maneuver. I wonder how they structured their debts where that worked out. Anyone have the number for their accountant & legal team for when I set up shop?

One thing I can never figure out is why anyone would invest in a startup airplane manufacturer or airline. Ever... but I suppose I am thankful that people are willing to take those kinds of idiotic moves risks.

[74657]

Quote: richardheitzman

setting up for a overseas sale???

 

[fantom]

Whatever liability tail Mooney had is now gone, and whomever their investors were now have a complete loss to write-off. A good example of why I don't enjoy playing poker with Texans or lawyers.

Anyone who believes that ,in the short run, this is good for current Mooney owners, has better rose colored glasses than I do.

[Kwixdraw]

I would think that some of the parts those creditors supplied may get kinda scarce...

[DaV8or]

My limited understanding of this is, the creditors now own whatever is left. Since they are unwilling owners of an airplane company, it is likely that they will try to make the company look attractive for a sale. As long as they can show a profitable balance sheet, they can find a buyer. Going back into production is very unlikely. Parts and service probably can be made into a profitable business. The next owner might try production, so the I don't think the final chapter on Mooney has been writen yet...

 

Uber rich Mooney fan, where are you? Your airplane company needs you.

[MooneyMitch]

"If I were a rich man..................."

[carusoam]

Caution: Seed planting ahead.....

"500 people, who met on an Internet Bulletin Board, joined with 100+ employees, offered to purchase a non-profit airplane company"

600 new owners keeping Al's legacy in the air......

There is an example of something similar in airport ownership in NJ.  Sky Manor (N40).  100 users of the airport purchased the whole thing. (land, runway, buildings, businesses etc...)

"The current owner and operator of the airport is Sky Manor Airport Partners,LLC which acquired the property in November of 2008."  http://en.wikipedia.org/wiki/Sky_Manor_Airport_(New_Jersey)

The "deal" was put together by a core group of people that based there including a lawyer.  (it takes all types.....)

Seed planting complete: You are free to roam about the country, stop by Kerville on your way by......

-a-

[jezzie]

Quote: carusoam

Caution: Seed planting ahead.....

"500 people, who met on an Internet Bulletin Board, joined with 100+ employees, offered to purchase a non-profit airplane company"

600 new owners keeping Al's legacy in the air......

There is an example of something similar in airport ownership in NJ.  Sky Manor (N40).  100 users of the airport purchased the whole thing. (land, runway, buildings, businesses etc...)

"The current owner and operator of the airport is Sky Manor Airport Partners,LLC which acquired the property in November of 2008."  http://en.wikipedia.org/wiki/Sky_Manor_Airport_(New_Jersey)

The "deal" was put together by a core group of people that based there including a lawyer.  (it takes all types.....)

Seed planting complete: You are free to roam about the country, stop by Kerville on your way by......

-a-

[DaV8or]

Quote: carusoam

Caution: Seed planting ahead.....

"500 people, who met on an Internet Bulletin Board, joined with 100+ employees, offered to purchase a non-profit airplane company"

600 new owners keeping Al's legacy in the air......

[RJBrown]

I was at the MAPA meeting in Vegas 2 days before 911. Mooney was in bankrupcy then also. The Idea of an airplane owners group was discussed then also. Unless another set of deep pockets is found this may be the final fall back position for parts for our planes.