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FOR IMMEDIATE RELEASE –
Contact:
Col. Mike Press
(636) 536-1902
OR
Mason Holland
mason.holland@benefitfocus.com
NEW BIDDERS ANNOUNCED FOR ECLIPSE ASSETS—TEAM OF ALL FORMER ECLIPSE CUSTOMERS
CHESTERFIELD,
MISSOURI (MARCH 13,
2009) –Two leaders of the Ad Hoc Customer Committee and Steering Committee
announced today they have formed a team of all Eclipse customers (owners and
deposit holders) to acquire the assets of Eclipse Aviation Corporation (Eclipse)
for the benefit of Eclipse owners and depositors.
Eclipse Owner Mike Press, and 60 percent deposit holder of Eclipse Mason Holland have been working for the last month to organize a team of owners and depositors with expertise in aviation operations and private equity to bid to acquire the assets of Eclipse, thereafter providing E500 service, support and production to benefit Eclipse owners and depositors globally.
The team consists of Retired Air Force Colonel Mike Press, an owner (S/N 4), Ad Hoc Customer Committee Steering Committee member, 25-year veteran of the U.S.A.F. with 20-years of aircraft manufacturing experience working for Northrop Grumman and Boeing and Mason Holland, a 60 percent depositor (S/N 473), Ad Hoc Customer Committee Steering Committee member, 24-year veteran of private equity acquisition and founder and Chairman of one of the leading insurance-benefit software companies in the U.S. Both have a passion for Eclipse and a commitment to its owners and depositors to help restore their vision and dream for outstanding service and support and aircraft ownership.
“Many of the owners are my personal friends, whom I’ve introduced to Eclipse and sold them their aircraft,” said Col. Press. “I am responsible for them, and Mason and I have organized an exceptional team to lead a bid to fulfill my responsibility to current Eclipse owners and depositors. Mason and I have been very careful to hand pick a team that brings to bear industry experience and expertise in the formation and capitalization of enduring ventures. We believe that our work will benefit Eclipse owners and depositors in the near and the long term.”
Mason Holland went on to state, “I have been a depositor with Eclipse and an active member in the E5C for five years. I see the opportunity today to both restore the vision of Eclipse and honor the company’s commitments to owners and depositors. Further, based upon my experience in starting and operating technology companies, I see the opportunity to reorganize Eclipse as a sustainable company in the aviation industry.”
-more-
Today, Col. Press, Mr. Holland and their team formed Eclipse Jet, L.L.C. (Eclipse Jet), which was organized to achieve core objectives:
“The owners need service and support and many of the depositors still have the dream of flying a jet aircraft. We are going to fulfill both objectives,” states Col. Press. “And, the best way forward for them is to create a customer-focused company with a long-term plan which includes value for the customer and a return for the investor.”
Fleet operators and private owners alike will find great value in the Eclipse Jet’s plan as most existing service and support will be outsourced geographically by preferred agreements offered to established “best of breed” aviation-service centers.
Eclipse Jet should not be confused with the recently-announced “Co-op” plan. They are different plans. The “Co-op” plan envisions that owners will manage fleet service and support much as the Ad Hoc Customer Committee has managed Eclipse’s customer interests in bankruptcy. Further, the “Co-op” plan contemplates no new production, so the fleet will not expand. By contrast, Eclipse Jet intends to create an aircraft service, support and production company managed by veteran aviation professionals, and capitalized and controlled by Eclipse owners and depositors enabling Eclipse Jet to grow the Eclipse 500 brand. Eclipse Jet is led by a management and development board that is controlled by Eclipse owners and depositors.
“While we do not want to compete with the “Co-op” plan, we know the only true way to reduce Eclipse 500 operating costs is to form a professionally-managed aviation company that builds long-term, growth relationships with vendors and suppliers, expanding the Eclipse 500 fleet to generate key economics of scale,” said Col. Press. “We agree with David Green’s (leader of the “Co-op” plan) estimate regarding the value of the assets at $10-20 million, but we intend to capitalize Eclipse Jet with considerably more capital to better serve owners and depositors and offer them options the “Co-op” plan cannot afford.”
Others have privately or publicly announced competing plans, which appear to exploit the predicament faced today by Eclipse owners. “We reject those plans,” said Mr. Holland. “Col. Press and I have been committed from the outset to formulating a win-win strategy – a win for owners and depositors and a win for the new company – and we agreed to stand down, if we were unable to do so. However, through long days and nights and the commitment of our team members, we believe that we can restore and fulfill the Eclipse vision. We, and everyone with whom we’ve met, are excited about Eclipse Jet.”
Eclipse Jet intends to announce the details of its plan shortly.
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