The International Brotherhood of Teamsters (IBT) and the Local 1108 Executive Board received a letter yesterday from the National Mediation Board (NMB) authorizing a union vote for CitationAir pilots. Voting instructions will be mailed to CitationAir pilots soon, with voting to take place from June 14 to July 6. A simple majority (50 percent plus one vote) is needed for the union to be voted in.
Charter and Fractional » Fractional
News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.
If the business aviation industry is experiencing a recovery, it is by most indications a stumbling affair, with new markets leading the way.
In early May, JPMorgan described business aviation’s progress toward a recovery as “uneven.” In its May Business Jet Monthly report, the firm took note of a “post-recession low” in the inventory of used jets for sale, but also an overall drop in used aircraft prices.
Business aircraft flight activity last month dipped by 0.4 percent from a year ago, due primarily to a steep drop in Part 135 turboprop and light jet flying, according to TraqPak data released yesterday by aviation services company Argus. The fractional and Part 91 markets each saw flight activity increase, by 6.5 percent and 2.5 percent year-over-year, respectively.
CitationAir said yesterday that it has asked all of its remaining 32 pilots on furlough to return to work. The Greenwich, Conn.-based fractional provider placed 85 pilots on furlough in 2009 to right-size the business and be in line with customer demand during the economic recession, thereby cutting the company’s pilot force to 307 people.
On March 28, David Sokol resigned from his job as chairman of several Berkshire Hathaway-owned companies, including fractional-share provider NetJets. NetJets president Jordan Hansell took over as chairman and CEO.
Business aircraft owners struggling to cover their costs now have an alternative to traditional aircraft management through the new Non-Equity Sharers (NES) program offered by UK-based Jet Connections. The Oxford-based company is offering to find up to three people or companies to share use of an aircraft with the owner by dividing the fixed operating costs and making each owner responsible for his individual flight-hour costs.
Avantair now offers leasing of fractional shares of Piaggio Avanti turboprops. The new Axis lease program allows buyers to lease a share of a fractional Avanti; this is a true lease, not a block-charter program.
Berkshire Hathaway shareholder Mason Kirby filed a lawsuit on Monday against Berkshire Hathaway, company executives Warren Buffett and Charles Munger and other officers and directors, including director Bill Gates, as well as former NetJets chairman and CEO David Sokol.
Cleveland-based Flight Options said it saw renewed interest in fractional share and jet card (JetPass) sales during the first quarter, noting that net share sales doubled from a year ago while JetPass sales climbed by 46 percent.