March 16, 2011
By Alton K. Marsh
An investment team managed by consultant Brian Foley will begin strategy planning in late March after announcing plans to counter an offer for Cirrus Aircraft made by the Chinese. The company, China Aviation Industry General Aircraft (CAIGA), is purchasing Epic Air and Teledyne Continental Motors, and is the leading bidder for Emivest Aerospace, manufacturer of the SJ30 business jet. The Chinese company may have its eye on additional American aviation assets.
Foley said his group is linked to an investment banker, and additional investors have expressed interest in topping the reported $200 million or more agreement by CAIGA. Despite that agreement, Foley said he feels the company would listen to a better bid. Foley is a securities representative with John W. Loofbourrow Associates that could coordinate and represent investors.
Foley said he has heard from a “common denominator” of people who don’t want to see Cirrus “shipped overseas.” His first announcement was intended to attract investors willing to contribute to the effort to keep the company under American ownership. Foley is determining if the primary owners of Cirrus are willing to consider a serious counter-offer. There is time to assemble such an offer because the sale of Cirrus to China requires a lengthy approval process, Foley said.
The current owner is Bahrain-based Arcapita Bank, formerly known as Crescent Capital, a branch of the First Islamic Investment Bank of Bahrain, which purchased a majority stake in 2001 for a reported $100 million.
“The aviation community is telling us it’s time to restore and keep Cirrus here as an American treasure,” Foley said. “I’m in a good position to try, at least, to make that happen.”
AOPA Pilot Senior Editor Alton Marsh has been a pilot since 1970 and has an airline transport pilot certificate and instrument and multiengine flight instructor certificates, aerobatic training, and a commercial seaplane certificate.
As the cold weather chills AOPA’s Headquarters in Frederick, many of us are inside generating new resources for flying clubs.
In my house, every Friday night is “Movie Night.” While the movies are rarely educational (I don’t think I learned anything from the Lego Movie), we look forward to the weekly opportunity to spend time together. Why not use the same concept for your Flying Club (with the addition of education, of course)?
AOPA Flying Club Manager Kelby Ferwerda posted the following on the AOPA Flying Club Facebook Page: “Recently I’ve talked with quite a few Flying Clubs about maintaining social activity through the cold winter months. Some clubs host Holliday Parties, others have Potluck Movie Nights. What does your club do to keep members involved during the chilly months?”
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