Richard Santulli, who resigned as CEO of NetJets in August 2009, has returned to the aviation industry with the launch of Milestone Aviation Group. Mr. Santulli secured initial funding of $500 million of equity capital and will serve as Chairman of Milestone. The company plans to focus exclusively on helicopter and private jet markets. Read this article for more information.
The Financial Times published a special report on corporate aviation in today’s newspaper which is also available as a PDF file download. The entire report is required reading for anyone following private aviation and particularly for those interested in trends in the European market. Read this article for more information regarding NetJets Europe.
I [Sokol at NetJets] n a recent interview with The Columbus Dispatch, NetJets Chairman and CEO David Sokol predicts that the company will be profitable this year and no further staffing reductions will be required “barring any major shifts in the global economy.” Read this article for more details.
The Financial Times has reported that a rival of Berkshire Hathaway’s NetJets subsidiary will expand its presence in the global private jet market. Switzerland based VistaJet has hired Robert Hersov, a former executive from NetJets Europe. The company also announced a partnership with Bombardier’s FlexJet subsidiary which will help to expand VistaJet’s presence in the United States market. Read this article for more details.
Berkshire Hathaway reported results for the second quarter following the close of trading today. Operating earnings per share declined 21.7% to $1,147 per A share, down from $1,465 in the second quarter of 2008. Operating earnings per share for the first six months of 2009 declined 17.1% to $2,248 per A share, down from $2,713 for the first six months of 2008. Read this article for an analysis of Berkshire’s Q2 2009 results.