Jet's Go Shuts Down

[zzap]

Good thing they are out of business... before one of there planes ended up crashing killing everyone.

"Investigators are also probing two separate engine problems suffered by Jetsgo planes over the last week, Vignola said.

Last Friday an engine failed as a Jetsgo aircraft was taking off from Toronto on a flight to Vancouver. A day later one of the carrier's planes was forced to land in South Carolina after an engine sprang an oil leak"

Poor maintenance is what brought down Alaska Airlines Flight 261 in the year 2000. The cause on that crash was all because someone didn't simply oil a part (The jackscrew) Alaska Airlines at that time was also under investigation by the FAA for the same thing of "inaccuracies" in their maintenance logs.
http://archives.cnn.com/2000/US/02/18/alaska.airlines.01/index.html

 

[xarir]

One would think it will be difficult to impossible for Leblanc to find financial backers if he were to try to form his fifth discount airline. Then again I see that Fidelity Investments bought 10% of JetsGo and presumably still has that holding. I think there will be some rather serious questions to the fund managers at Fidelity who made the decision to not only go ahead with that investment but to hang on to it.

Leblanc may eventually try to form an airline somewhere other than Canada. That way the public in whatever country can be duped the way many Canadians were. This is essentially what happened with Bre-X; the principals involved in that company had pulled a similar but smaller scale scam in Australia a few years before. Because it was in far away Oz though, most Canadians (including myself) didn't know / didn't care and ... well, you know the rest.

 

[xarir]

Is it common practise for fund managers to partner their funds with companies which are not traded publicly, such as Jetsgo?

Not really. The Fidelity thing might have been a special situation for one of their institutional portfolios but it was more likely a Canadian investment that was distributed in their regular lineup of funds. Now, 10% of any company distributed throughout several multi-billion dollar portfolios doesn't have much impact but the question of due diligence is still valid.

I don't know when Fidelity made the 10% purchase, but it's clear now that JetsGo's financial fortunes have been on the decline for at least a few months. Typically this should be more than ample time for a fund manager, particularly one with as many resources as Fidelity, to pour over the numbers and decide whether to hold or sell. In Fidelity's defense though, it is entirely possible that Leblanc made sure there were "accounting irregularities" so they may not have known how bad the situation was. I suppose we'll get the real answer in time.

 

[rama putri]

What? Where are all the Air Canada bashers? Hope you all bought tickets on JetsGo. Want cheap tickets? You got them.

 

[Esco!]

Here's the real reason JetsGo went belly-up

http://www.kontraband.com/show/show.asp?ID=790

 

[kinks_r_us]

Jetsgo refunds

Contact your credit card company....they will instruct you on how you get a refund from them (the cc company).
The credit card co.s get THEIR refund from the bank(s)...then the banks go after their money from the bankruptcy people (usually at a loss...)
If you paid for any trips using your credit card and file the proper paper work, you'll get reinbursed 4-5 weeks after your flight would have been....