Another Chance for Eclipse?

Business Jet Traveler » October 2009
Thursday, October 1, 2009 - 5:00am

A federal bankruptcy judge in Albuquerque, N.M., has approved a $40 million offer from Eclipse Aerospace to buy the assets of the former builder of Eclipse 500 very light jets. The new company said its first order of business is to get parts flowing to owners, followed by performing modifications and upgrades to in-service airplanes. Some of the existing 259 Eclipse 500s originally built by now-defunct Eclipse Aviation are grounded for lack of parts. All of them need upgrades, which the owners will have to pay for. The company's new owner also hopes to bring the Eclipse 500 back into production in the next six to 18 months.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack