Finding a way to market the 28 Eclipse 500s formerly flown by now-bankrupt DayJet has proven a formidable task at which several would-be entrepreneurs already have failed. Not deterred by that history, Randall Sanada, chairman of California-based Jet-Alliance, a charter and management firm, has proposed a new way to market the jets, which are owned by UT Finance, a subsidiary of United Technologies.
Jet-Alliance wants to sell shares of the DayJet Eclipse’s to people who had placed 60% deposits on new ones. “As unsecured creditors,” Sanada said, “there’s really nothing for them except perhaps a small percentage they might recover through litigation. All is lost unless we can come up with an alternative.”
Under the Jet-Alliance plan, those depositors would pay part of their remaining 40% in exchange for a share of a (former) DayJet Eclipse. A depositor who had paid 60% of the original $2.15 million price, by paying Jet-Alliance 50% of the remaining $860,000, would get half a share in one of the used Eclipse 500s. Jet-Alliance would manage the airplanes and place them on its Part 135 certificates to generate revenue. Sanada was quick to point out that the figures above are examples and not actual Jet-Alliance pricing.