Private Jet Rankles Gainey Corp.’s Creditors - Truckers' Trucking Forum

Cybergal · **^ Top** #1 04.11.2009

Private Jet Rankles Gainey Corp.’s Creditors

Quote:

Several months after the heads of Detroit’s Big Three auto makers were blasted for taking private jets to Capitol Hill to beg for government money, creditors of Gainey Corp. are calling out the trucking firm’s executives for their “unnecessary” use of its private jet.
Gainey’s unsecured creditors fear that the company’s use of its leased Lear jet will deplete the cash they’re counting on for repayment. So they’re asking the bankruptcy court to prohibit future use of the jet. “The continued use of the aircraft drains significant funds from the estate, to the detriment of creditors,” they said in court papers this week.
In addition, the unsecured creditors are also accusing the company of improperly using the plane. While Gainey says the plane was the cheapest option for a Jan. 29 trip to Philadelphia for a morning meeting, the creditors aren’t so sure.
http://blogs.wsj.com/bankruptcy/2009...rps-creditors/

Roadmedic · **^ Top** #2 04.11.2009

Apparently management is now delusional in all respects.

These people tend to believe what they say. Automakers, financial people and now a trucking company.

It is cheaper to own a plane than to fly coach.

LandShark · **^ Top** #3 04.11.2009

they could have killed two birds with one stone...all they had to do was hook up to a load going to philly and they could have all rode in the truck then after delivering the load and finding a parking spot for the truck caught the buss to the meeting.

Passin Thru · **^ Top** #4 04.21.2009

A private jet will cost around $4000 from the middle ot the US to Phila. & back, holding 6 people it would be around $667 or SWA would be $93 ea. Hee's right, using the private jet is economical. But for whom!

harleynite · **^ Top** #5 04.25.2009

So amazed at all these bailouts ..these executives getting bonuses from running there companies to the ground asking the government for bailout,

harleynite · **^ Top** #6 04.26.2009

Sooo pissed off on these bailouts??????...its nothing about corporate greed..

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