Talk:Planet Airways

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←—How do you get a hold of these people. This airline is the worst airline that has ever been. It should of been called Planet Goundways. I am pretty sure that this company went flop when it left all of its customers Stranded!

The FAA, DOT and the DOD finally came to their senses and pulled the plug on the Airline.

Quoting revision 2006-03-19

Planet Airways was acquired by PHC Holdings in early 2005, however, the business agreement was terminated in June 2005 when the airline was shut down by the FAA. PHC, Planet Holdings Corp was founded by the officers and directors of Planet Airways. The creation of PHC was a device to transfer assets from a failing entity into a new corporation without any credit history, while leaving the debt intact with Planet Airways.
Untrue and impossible: see below.
+ In May 2005, do to poor management, and questionable operational practices effecting the safety of flight, as well as numerous consumer complaints, the FAA, revoked the airline's operating certificate, the DOT revoked Planet's economic authority to operate, and the Department of Defence revoked their athority to fly for the DOD.

This should be in the article, but is in need of references. Help me out please. --SooperJoo 14:48, 14.March 2007 (UTC)

FYI, it is not possible to transfer assets from an insolvent corporation into a new entitiy, thereby "leaving the debt intact" with the old company. If this was possible every insolvent company would do so. In addition, the company's aircraft likely were carrying debt from bank loans, which would also preclude any such action from being possible. Finally, PHC was founded by three individuals not related to Planet Airways other than their friendship/affiliation with Lou Pearlman, one residing in California and two in New York.

Another question: what was the company's relation to Caribbean Sun ? --SooperJoo 17:55, 14 March 2007 (UTC)[reply]

PHC is a publicly traded shell run by friends of Lou Pearlman. Pearlman agreed for PHC to acquire Planet Airways' stock allegedly for cash flow purposes. The principal operator of PHC was Kevin James Quinn. Upon an investigation of Quinn by Planet's attorneys they discovered Quinn had been disbarred as an attorney in California and was also banned by the SEC from participating in public offerings exactly like what Pearlman was trying to do. Upon this discovery the operating parters of the airline overruled Pearlman and killed the transaction. The SEC's legal action against Kevin Quinn can be viewed at the following address: "http://www.sec.gov/litigation/litreleases/lr19103.htm". Planet Airways was never acquired by PHC, and the letter of intent from PHC was cancelled six months prior to the suspension of the airline's operating certificate. According to the FAA, this suspension was a result of the airline's poor financial condition at that time. The airline had no outstanding flight safety issues at the time of revocation. 22:25, 16 March 2007 (UTC)

I moved from the article to have it discussed here. References, please.

The latter version is disputed, because: Although business law precludes the transfer of only assets from a corporation while leaving debt behind^{[citation needed]} , bank loans using Planet Airways' aircraft and equipment as collateral would, in any event, remain intact and these assets would therefore remain encumbered regardless of where they were transferred. ^{[citation needed]} In addition, any such alleged transfer of assets would require the lender's approval per the loan agreements. ^{[citation needed]}

Common sense: this is like saying a bank has a mortgage on your house, and you decide to move the house to your wife or husband's name while leaving the mortgage in your name. This way the new owner of the house owns it free and clear, while the debt remains behind. Ridiculous. Planet could never have transferred its assets to a new entity while leaving its debt behind, especially with the debt it was carrying on its assets. Several PHC press releases reference they were acquiring Planet's stock as a means to capitalize the company for acquiring new aircraft and for cash flow purposes. If they were going to set up some new "device to transfer assets" they would not have structured the deal to acquire Planet's stock, thereby acquiring the company and all of its assets and liabilities.

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