A New Skymaster
in Our Future?
I know I'm not the only one on this bus that really wanted Adam Aircraft to succeed. Maybe it was my long-time admiration for the "push me-pull you" concept of the Cessna 337, a great idea with what many feel was a flawed design.
So when Adam Aircraft came along touting their A500, I believed the curse of the 337 had been lifted forever. Then, I watch in horror as they rushed the A700 jet through development, even before their piston model was on store shelves, so to speak. In their haste, I pondered out loud whether Adam Aircraft was biting off more then they could chew...or in this case, finance.
Well, we all know where this story ended...in Chapter 7 bankruptcy court. But if you were one of the few that have been keeping fingers crossed that Adam will somehow scrape theirselves off the court floor and come back to life, then the following is sure going to pop that balloon:
General Capital Partners, LLC (GCP) has been retained as the marketing agent for the trustee for Adam Aircraft Industries, Inc. in its Chapter 7 bankruptcy liquidation. As a result of the bankruptcy filing, all assets of the Company will be sold at auction on April 4th 2008 at 1:30 PM in Denver, CO. Qualified bidders are required to submit an "asset purchase agreement" with a minimum bid of $10 million, along with a $250,000 deposit of earnest-money into an escrow account.I couldn't find any information anywhere that tells us if the liquidators are looking to sell the entire lot as one large chunk, or piece-meal the sale to several high bidders. If one Sugar Daddy comes forward and snatches this deal up, from the sound of the GCP "deal summary" below, we might conceivably see the A500 and A700 resurrected.
A look on the GCP site reveals just what assets (pdf) are on sale:
"Customer and vendor contracts, Leases, Intellectual property licenses, patents and agreements, A500 Type Certifications, A700 certification information and flight test progress, Manufacturing equipment including curing ovens, 2 motion masters, laser guidance systems, bonding jigs and self contained carbon-fiber tooling capabilities, a "Significant" order backlog, Four operational A500 aircraft; two additional production A500 aircraft significantly complete, Three operational A700 aircraft (one prototype, two conforming); one additional A700 jet (conforming) significantly complete, Four full-size mock-ups for customer center and trade show display, Five U.S. patents, two for “hybrid composite-metal energy absorbing seats,” two for the twin-boom design of the A500/A700 and one for a “modular spar tunnel”That sure sounds like lock, stock and barrel to me. So I guess the obvious question has to be this: Since Cessna just picked up Columbia at such "fire sale" prices, they surely must have an extra $10 MIL under the cushions of their sofa, and can now pick up Adam as well?
Then, with the A500 certified and ready for the production line, Cessna could change the name to the A500 Skymaster and finally get that bird right once and for all.
Great idea, or nutzo speculation? You decide...