Jetsgo Pilots 30K

listenheregirl · Post by **listenheregirl** » Fri Mar 11, 2005 10:37 pm

Lets see if I got this right...couldn't Jetsgo pilots sue Lablanc in a civil suit for their 30K? That way it would come out of his personal stash even though JG is gone. Wouldn't that work? since you can sue anyone in a civil suit if you can show they are liable????

Inverted2 · Post by **Inverted2** » Fri Mar 11, 2005 10:45 pm

They could likely do it through court, but it would take a long time like anything in the courts, and could cost you an awful lot of money. You know how those evil lawyers are.

groundtoflightdeck · Post by **groundtoflightdeck** » Fri Mar 11, 2005 10:49 pm

When a company goes belly up there is an order that money must be distributed. I believe it goes emplyoees then debt holders (bond is a debt instrument). I imagine if they own anything, as its liquidated many of the pilots will get their bond money back... but of course that could change depending on what the lender/ borrower contract looks like.

listenheregirl · Post by **listenheregirl** » Fri Mar 11, 2005 10:52 pm

Inverted2 wrote:They could likely do it through court, but it would take a long time like anything in the courts, and could cost you an awful lot of money. You know how those evil lawyers are.

Pay them a percentage of the winnings. Plus- I am sure there are some newby's that would do it just for the pres. Anyone know what will happen with the Jetsgo part of the AC/WJ law suit?

CAWI · Post by **CAWI** » Sat Mar 12, 2005 1:36 am

listen to CBC....Their screwed......Not one person that would stand up for them......its truly a shame

chewsta · Post by **chewsta** » Sat Mar 12, 2005 5:11 am

The pilots should seize all the a/c and fly them to a compound, then hold them ransom....

grouchy · Post by **grouchy** » Sat Mar 12, 2005 6:06 am

Chewsta "The pilots should seize all the a/c and fly them to a compound, then hold them ransom.... "

or charge $30,000 for the positioning or ferry flights if they have to be moved. Cash up front. Did any of those planes get ferried yesterday or moved on the ramp and if they did who moved them and why would they?

hypoxic · Post by **hypoxic** » Sat Mar 12, 2005 6:57 am

Just wondering how many guys would have had insurance on their bond. I believe you can insure just about any loan?

Bede · Post by **Bede** » Sat Mar 12, 2005 7:14 am

Pilots can't sue LeBlanc. JetsGo is a Limited company which limits liability to the corporation, not any directors or shareholders. Usually, the bankruptcy trustee will give money to pensioners first, but in this case, the pilots will get no money.

CLguy · Post by **CLguy** » Sat Mar 12, 2005 7:34 am

CAWI wrote:

listen to CBC....Their screwed......Not one person that would stand up for them......its truly a shame

Why can't they stand up for themselves

Blackchang · Post by **Blackchang** » Sat Mar 12, 2005 7:36 am

The pilots are stuck with the debt unfortunately. Mr Leblanc is sharp enough to do it in a way that will protect his best interests, also he has a little experience in limiting his liability, remember that when he started Jetsgo he did'nt even have to pay lease payments on the A/C for the first year. I'll defend the CBC in thier view that no Federal money will come to their rescue, its thier contract not mine. That being said, I feel for these guys and gals and hope that they all find work soon and can put this behind them.

Driving Rain · Post by **Driving Rain** » Sat Mar 12, 2005 9:27 am

Wouldn't the whole $30,000 be a tax deduction like an eductation or tuition expense. Pilots got their endorcements so Revenue Canada will have to treat it has a ligit expense. That should soften the blow some.

Navajo-dude · Post by **Navajo-dude** » Sat Mar 12, 2005 9:44 am

If they're out the 30K, boo-freakin-hoo.

listenheregirl · Post by **listenheregirl** » Sat Mar 12, 2005 9:50 am

I know of guys making over 100k a year without a dollar in savings. Time to wise up old guys because none of you are planning for the end of the harvest. start living within your means and putting money away. No matter how good it has ever been, everyone should be prepared. I just can't get over all the sob stories that have to do with overextending oneself. The 30K....I feel terrible and I feel for those with families but I loose sympathy when they include that they have new mini-van payments etc. Who needs a NEW freakin car? especially as an F/O.

boeingboy · Post by **boeingboy** » Sat Mar 12, 2005 11:35 am

I agree with you listenheregirl. I also know pilots who have done it for 30 years and making close to 200K a year and still can't make payment to all their toys - even houses.

However The problem here is the pilots aren't making 100K a year. I don't know what the payscale is but it's stupid low - I think an FO made 40K a year. And when your a low time guy doing this to step up to the big leagues - That's where they get into trouble. From what I understand a lot of these guys had to borrow the money and pay it back as well as morgages and soforth. Not so easy when you really haven't made money to begin with.

pika · Post by **pika** » Sat Mar 12, 2005 12:04 pm

Wouldn't the whole $30,000 be a tax deduction like an eductation or tuition expense. Pilots got their endorcements so Revenue Canada will have to treat it has a ligit expense. That should soften the blow some.

Not unless Jetsgo was a certified educational institute that issued the appropriate tax receipts that said your bond was indeed tuition. In other words, no.

ice ice baby · Post by **ice ice baby** » Sat Mar 12, 2005 12:04 pm

Maybe a really "smart" lawyer could find a loophole and start a class action lawsuit. Now that would probably get some attention in the news.

Legacy · Post by **Legacy** » Sat Mar 12, 2005 12:17 pm

No hopefully they lose it. We told em

pika · Post by **pika** » Sat Mar 12, 2005 12:29 pm

Maybe a really "smart" lawyer could find a loophole and start a class action lawsuit. Now that would probably get some attention in the news.

Maybe. But at the end of the day how much are guys willing to risk to get a portion of 30K back? When C3 tanked I was paid 7 cents on the dollar for money owed to me.

Driving Rain · Post by **Driving Rain** » Sat Mar 12, 2005 12:48 pm

Not unless Jetsgo was a certified educational institute that issued the appropriate tax receipts that said your bond was indeed tuition. In other words, no.

The endorcement on your licence is a "certified document" issued by the federal gumitup. They have no choice but to allow it as a deduction including interest because it is an employment expense and/or education. Not all education must come from "certified" institutions. Apprenticeships are also covered in the tax act.