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Icon Aircraft seeks bankruptcy protection

Aeromot

Aeromot

Superior Pilot
Joined
Sep 30, 2019
Messages
7,578
Location
Santa Paula Airport (KSZP), the west end
Incidentally, I saw one of those flying at KPLU earlier this year. It's a cute little toy airplane, looks like fun for what it is.
 
Another one bites the dust. Van's, now Icon.
What about the bag holders (aka: customers who put down deposits; vendors; employees; etc.)?
American General Aviation -- a great industry to be in. Not.
 
Even though the prices of used aircraft have doubled, they are still a much better deal than new planes.
 
www.avweb.com

ICON Aircraft Accepts Initial Bid Amid Bankruptcy Proceedings - AVweb

Following its Chapter 11 bankruptcy filing, ICON Aircraft, known for its Icon A5 amphibious Light Sport aircraft, announced it has accepted an initial bid for the sale of its assets. ICON announced the news in a May 3 press release revealing SG Investment America Inc., is the “stalking horse...
www.avweb.com www.avweb.com
 
The ownership contract restrictions ultimately made this a no-go. It was, for all practical finance purposes, an up-front, single-payment lease on a depreciating asset, with no re-sale value to a willing market, only the captive Icon.

Selling it's soul for up-front cash, while attempting to sell a $100,000 value aircraft for 4-times that amount, was the final nail in the coffin.

Us old-timers have seen this movie many times before, and will see it many times again.

Fly Safe!
 
StanBear said:
The ownership contract restrictions ultimately made this a no-go. It was, for all practical finance purposes, an up-front, single-payment lease on a depreciating asset, with no re-sale value to a willing market, only the captive Icon.

Selling it's soul for up-front cash, while attempting to sell a $100,000 value aircraft for 4-times that amount, was the final nail in the coffin.

Us old-timers have seen this movie many times before, and will see it many times again.

Fly Safe!
Click to expand...
I looked back through an old thread from 2016. They had pre-buys locked in at $139k purchase prices. They came up with the contract to force people to abandon their positions so they could increase purchase prices. I would’ve never signed one of their contracts to restrict my title. I know Ferrari does it, though, so they were copying the exotic car market.
 
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