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My co-worker here in Mesa AZ also confirmed his flight today was cancelled and they are closed. Fortunately for him he is ready for his CFI checkride and already has it scheduled so it won't impact him too much.

Calls to corporate headquarters go directly to the answering machine.

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Good Riddance. They were driving up accident and insurance rates anyways.

 

What I'm interested in is where are their helicopters going and whats going to happen short term to the 22 and 44 market for purchase and lease???

 

Does anyone know what company/companies they lease their aircraft from??

 

200 training helicopters showing up on the market is going to have an impact...anyone feel like speculating?

 

I actually purchased my R44 II IFR Ship from them, nice maintenance logs, in general a very clean ship. I was actually at their office just last month. Glad I used an escrow to make the purchase :).

 

Mid last year they seem to have stopped owning ships in their name and spun them off to various LLC's, most of which were leased back from :

 

SHINING STAR HELICOPTERS LLC

LAS VEGAS, NV 89135 US

 

I doubt that Silver State themselves owned many ships, maybe planning ahead for this situation.

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I actually purchased my R44 II IFR Ship from them, nice maintenance logs, in general a very clean ship. I was actually at their office just last month. Glad I used an escrow to make the purchase :) .

 

Mid last year they seem to have stopped owning ships in their name and spun them off to various LLC's, most of which were leased back from :

 

SHINING STAR HELICOPTERS LLC

LAS VEGAS, NV 89135 US

 

I doubt that Silver State themselves owned many ships, maybe planning ahead for this situation.

 

I don't know for sure how current the FAA database is?? But, you get 222 N number hits when you search it today.

 

FAA N Number Query

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200 training helicopters showing up on the market is going to have an impact...anyone feel like speculating?

 

Its simple supply and demand... It will devastate the used R22 and R44 markets. Take a look at eurocopter and bell... New deliveries right now are 36 months out. This drove up the prices of used ship 100%. Just a couple of years ago you could get a good used ASTAR for $800k, now they sell before they hit the market for $1.5m and higher!

 

Usually there are only a handful of any particular model on the market. The market is stable, and your ship sells for X amount of dollars based on TT and remaning times. When there are hundreds to choose from it becomes a buyers market. Good luck if you are selling your private bird!

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I really wish I was in a position to help out the CFI's and students affected.

 

When I started my first flight training business in 1999, I did so to help those that could not afford the training all at once. I offered credit, flight time at cost, etc. Not a great business plan to make a profit, but I wasn't in it for that. I loved flying and wanted to share it with others.

 

If I had the revenue right now, I would love to aquire a few birds and instructors to help the students out that got totally screwed through no fault of their own. No profit would be necessary, just brake even to pay the fuel, hangar, maintenance, and cfi's.

 

This industry is run by great people. Maybe there will be light at the end of the tunnel for those affected and we can figure something out.

 

Any ideas?

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Its simple supply and demand... It will devastate the used R22 and R44 markets. Take a look at eurocopter and bell... New deliveries right now are 36 months out. This drove up the prices of used ship 100%. Just a couple of years ago you could get a good used ASTAR for $800k, now they sell before they hit the market for $1.5m and higher!

 

Usually there are only a handful of any particular model on the market. The market is stable, and your ship sells for X amount of dollars based on TT and remaning times. When there are hundreds to choose from it becomes a buyers market. Good luck if you are selling your private bird!

 

It won't just impact used sales. If a sudden glut of used r22/r44's hits the marketplace and there is a significant price drop on used ships it most certainly will affect new R22/R44 orders.

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Hello all, new to the forum (so please be kind). Anyway, I've been following the minute-to-minute SSH saga as I'm getting stuff together in my life so I can start training. Fortunately, this little disaster has made my choice of school that much easier. Anyway, not to gloat but to offer a shimmer of hope to those SSH employees/students who were just screwed I found a posting on the Myspace group "Silver State Helicopters". And yes, I know, there's nothing to validate its authenticity, but then again on the web nothing is validatable (is that a word?). Anyway, the link and the posting below. Side note, I noticed all the misspelled words in the posting. I have my doubts as to whether someone Jerry Airola would sit down with for 20 minutes (as alleged in the posting) would spell that badly.

 

http://bulletins.myspace.com/index.cfm?fus...79FF7C526060232

 

---------posting starts below-----------

New info from justhelicopters . com somone talked to Jerry

Body: Hank08

 

From: USA

Posts: 2

Since: 2/4/2008

I think everyone is upset due to lack of information. We all need to take a breathe and calm down. Just for a min. I just got off the phone with Jerry Airola and it's not the way it seems. First off the police are at the hangers for security reasons. 15 of the 40 hangers were robbed when word of closing down got out. Millions of dollars worth of equipment was stollen...and reaquired. The owning company is splitting from another owning company because of a different deal, having nothing to do with SSH, going bad. They are the ones trying for bankruptcy. Firing everyone was a threat for negotiation and when word got out, the owning company just did it. The letter from Jerry was so that his employees would hear it from him. But, the firing was also illegal. You can't just fire everyone without a warning or reason. That will come into play as well. Jerry can't buy back the company, the contracts and such provent it. However it may be possible to buy back the debt of SSH. Which buy the way is about 1/2 compared to the companys assets. You can't file bankruptcy with more assets than debt. And you can't run a company with the money you have in escrow, hence the shut down. He said that the next couple days will decide what happens to SSH. He is trying to reaquire control of the company. It's not over and worst case, if the everything goes to bankruptcy the assets will be more than enough to pay all the students back there money. This is the jist of what I got from him. He is very buisy right now but the man did sit down for about 20 min. with me in the most stressfull time of his life and that shows me something. He did say just give it a couple days and there are a bunch of deadlines that he's trying to make to have a chance at it. He will contact all students and employees as soon as he knows whats going to happen, not just guessing.

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Side note, I noticed all the misspelled words in the posting. I have my doubts as to whether someone Jerry Airola would sit down with for 20 minutes (as alleged in the posting) would spell that badly.

 

http://bulletins.myspace.com/index.cfm?fus...79FF7C526060232

 

---------posting starts below-----------

New info from justhelicopters . com somone talked to Jerry

Body: Hank08

 

From: USA

Posts: 2

Since: 2/4/2008

I think everyone is upset due to lack of information.

 

First of all, few of the ground instructors I had at SSH could spell worth beans. Many people can't. That alone won't invalidate this message.

 

Second, damn right everyone is upset due to lack of information. SSH is one of the most secretive companies I've ever been involved with. They keep as many people, especially students in the dark as much as possible. We've witnessed this mentality in the past 24 hours. Fool me once, shame on you...

 

And as much as I do NOT trust him, I would be glad to see him actually do something honorable with this fiasco. There's your challenge, Mr. Airola, PROVE ME WRONG! Show us all that you're NOT the greedy rat we've come to know.

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:angry: ya so this sucks really bad, If you've seen the movie "fun with dick and jane" you'll know what i mean. As a student of SSH walking in the school yesterday looked and reminded me of that movie. All my instructors grabbed their stuff and left, same with the mechanics, packing up their tools. i grabbed my first solo pic hanging on the wall and walked out.

 

Hope everything turns out okay for all you other students and instructors.

 

as for now...looking for a job.

 

I'm in a daze of what I should do now...

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:angry:

 

I'm in a daze of what I should do now...

Manray, 2700 other students are in the same boat, myself included. I'm also in shock, although I guess I should have done better research.

 

70K plus interest and no tickets, and one hell of a payment for what adds up to nothing.

 

I should have known better, damn!

 

FRY, you warned me and I should have listened.

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Hello all, new to the forum (so please be kind). Anyway, I've been following the minute-to-minute SSH saga as I'm getting stuff together in my life so I can start training. Fortunately, this little disaster has made my choice of school that much easier. Anyway, not to gloat but to offer a shimmer of hope to those SSH employees/students who were just screwed I found a posting on the Myspace group "Silver State Helicopters". And yes, I know, there's nothing to validate its authenticity, but then again on the web nothing is validatable (is that a word?). Anyway, the link and the posting below. Side note, I noticed all the misspelled words in the posting. I have my doubts as to whether someone Jerry Airola would sit down with for 20 minutes (as alleged in the posting) would spell that badly.

 

http://bulletins.myspace.com/index.cfm?fus...79FF7C526060232

 

---------posting starts below-----------

New info from justhelicopters . com somone talked to Jerry

Body: Hank08

 

From: USA

Posts: 2

Since: 2/4/2008

I just got off the phone with Jerry Airola and it's not the way it seems.

 

I have sat through a SSH dog and pony show. Based on what I heard there and some of the other figures I have heard, plus a careful study of the contract. If you really talked with Jerry, he was lying to you. Why do I know this, His mouth was moving.

 

First off the police are at the hangers for security reasons.

 

First of all they were not police, they were hired private security. That is normal in these situations.

 

15 of the 40 hangers were robbed when word of closing down got out. Millions of dollars worth of equipment was stollen...and reaquired.

 

That's Jerry's version. It has been my experience in similar situations that very little is stolen. Many of the cases turn out to be over zealous security guards.

 

The owning company is splitting from another owning company because of a different deal, having nothing to do with SSH, going bad. They are the ones trying for bankruptcy. Firing everyone was a threat for negotiation and when word got out, the owning company just did it. The letter from Jerry was so that his employees would hear it from him. But, the firing was also illegal. You can't just fire everyone without a warning or reason.

 

Not true. Most of the states involved are right to work states. Employees are considered at will employees. And can be terminated at will.

 

You can't file bankruptcy with more assets than debt.

 

BS! Would you like to explain American Airlines and Delta Airlines.

 

And you can't run a company with the money you have in escrow, hence the shut down.

 

The contract I read said nothing about Escrow.

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I was in the Mesa location (KIWA) and I went to the Cafe to say my good byes to the owner and he told me that one of his staff was with SSH and she is getting involved in a lawsuit with other students. SO I am on that band wagon. I have also notified the major news channels in AZ and in the process of setting up an interview and I'm trying to get CFIs especially low hour CFIs and students to talk to them as well. So if you want in let me know.

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well i dont exactly know where to start. i used to be a student of silver state. but as of now. i am in the same boat as 2700 other people. i would like to first all start off by saying to all the people that, i did do research when joining silver state. i took my contract home, and reviewed it, and had others look over it as well. yes i saw some points of interest on it, but then again, i did not know or understand how they could be used aginst us in the future, nor did the people that helped me review my contract. i dont have to money for a lawyer so we did the best we could. second. i read the bad stories about silver state on the net. with that said. people dont normally go post on how great somthing was, they normally just post when they are upset about somthing. so i was expecting to see more of the negative responces than the positives. and the posts looked about like i expected. i also have neighbors that fly for major air lines. i asked some of them about it. they sid they would get back with me, and in a day or two they called me back and said that it seemed like a decent way to do it, and a lot of the things that they claimed they were doing made sence, and wished that their training had simular ideas at the time. i do not like to be thought of as a sheep, and i think that most of the people who know me will agree with that. so i chose to enroll at silver state. i used "good faith" when i signed the contract that the proper resources would be provided, and the business plan made sence. well, now 2 years later, i have some of my licenses, and i now know the right questions that i should have asked. but i did not know the proper questinos to ask when i first signed. i did the best i could, and tried to be well informed, unfornatuly, i/we were all wrong.

 

as to the most current events. i cant be mad at it. i cant change it. all i/we can do is figgure out what the next steps need to be in order to make the best of what we can. the situation could be worse. and it is for some. i know a guy who got the privilage of enrolling in the school and saturday was his first day. he goes in, get aquinted, sees the pretty building, then goes home, only to wake up sunday, and find out that he just paid 70K for a tour of a hanger. that just sucks is an understatement. now i only have a hand full of hours that i need to compleet in order to be finnished, so i am in a better spot that than other guy how joined saturday, but im still screwed as well. only differance is that i will have somthign to show for a few grand out of my own pocket. but that being said, i will then be just another no name, low time CFI fighting for a few job openings, with 600+ other CFI's. once again, not a good situation. but that is better than nothing at all.

 

now about some of the negative comments i have read reguarding the ssh students and CFI's. granted you are going to meet some ass holes. but i think that the majority of the people are upstanding individuals. yes there are some persionality conflicts from time to time, but over all the people were good people. as for some that are saying that the cfi's are bad because they did not open their mouth and tell new students that the place was a shamm. well, some times its just easier to put on the blinders and keep walking foward. others, are just trusting individuals who like to be able to place faith in things. and as for the people who saw the company for what it really was, and chose to say nothing,.............. yes i am dissappointed, but when they have a wife and kids to feed and thier CFI job is the source of income for their faimly. i really cant blame them either. because if i were in their shoes i might do the same thing. as much as it sucks, there are priorties in life. and i think that most everyone will agree that you do what you have to do in order to take care of your family, and feed the kids. so i have no problem with those instructors either.

 

the blame does not belong to the students who were missinformed, or the instructors, who either did not see, or chose not to see, or chose to proved for their familes. the blame soly lies on silver state and their greed. the accounting department, and jerry. they knew exactly what they were doing, and instead of making it right, and instead of doing what needed to be done the fix the problem, they instead choose, to be greedy.

 

as for the next things that need to happen. unfornatuly i dont have an answer that i can give, because everyones situation is slightly differant even though we are all in the same boat togather. but instead of point fingers to place blame, what needs to happen is other flight schools need to step in and make an effort to help the students and cfi's affected by this. because this does not just affect former silver state suudents and cfi's. this will effect the the entire world of flight training.

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I was in the Mesa location (KIWA) and I went to the Cafe to say my good byes to the owner and he told me that one of his staff was with SSH and she is getting involved in a lawsuit with other students. SO I am on that band wagon. I have also notified the major news channels in AZ and in the process of setting up an interview and I'm trying to get CFIs especially low hour CFIs and students to talk to them as well. So if you want in let me know.

 

 

To all SSH peeps. Bummer, you have my sympathies.

 

The owner at my school has been telling SSH people calling that they should contact their Representative in D.C. imagine what would happen if all 2700 SSH people called on the same day to all the different Reps of various states??? Maybe that might get something going in your favor, maybe not, but worth a try.

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After reading all this, I find this document very very interesting.. note the Date.

 

http://www.silverstatehelicopters.com/Pres...Release9-10.pdf -

 

 

 

Even more interesting....I went to check it out - and it's GONE!

 

I am one of the students that was swindled today.

I am broken and disheartened. My dream career has been ripped out of my hands by a sociopath.

I know I can find another school, but can I find another 70 grand?????

To all of you out there that are saying this is a good thing for the market, I kindly ask that you keep those comments to yourself for a few days so that the cfi's and students wounds have a little bit of time to heal.

 

 

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My co-worker here in Mesa AZ also confirmed his flight today was cancelled and they are closed. Fortunately for him he is ready for his CFI checkride and already has it scheduled so it won't impact him too much.

 

I also have a CFI check ride scheduled, unfortunately I now have no helicopter to take it in and other schools I have called will not rent an R22 for a CFI check ride because of the full downs involved. Any one with advice please chime in or PM me. :(

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Our local news KCRA 3 - Sacramento had about 10 seconds of it on the air tonight. They reported the company (SSH) said they Filed Chapter 7 Banckruptcy today (which is true...its on their old web site already) due to poor student recruitment and the global lending markets.

 

Wish they would have had done a piece on the impact this "closeure" is causing, but maybe they don't have the entire picture yet for a full story.

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To all of you out there that are saying this is a good thing for the market, I kindly ask that you keep those comments to yourself for a few days so that the cfi's and students wounds have a little bit of time to heal.

 

 

 

First of all, I'm sorry for what happened to you. I agree you can find another school, but the additional money is extremely difficult if not impossible...

 

Second, no one on this site is elated or saying anything about how great this is for the market. It looks to me more like members are trying to help out if they can.

 

Since you are new to this forum, you will find that nearly all members here are considerate of others and are here to share information, give advice, and seek advice.

 

Third, welcome to the site. Nearly everyone gets welcomed here.

 

-john

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http://www.silverstatehelicopters.com/

 

Its official. Silver State Files Chapter 7. I've been reading all the info on here. I've read about 20 minute conversations with Jerry, giving me and the fellow students a glimmer of hope that this will turn around. If you to SSH website, they have posted their Chap 7 online. I had my Private Pilot check ride scheduled for next weekend. Now I can't get it done, because during the check ride I am PIC, but to rent a helicopter, you have to have a Private pilot rating for insurance.

 

Just to clarify about the loan. When we first received the loan, they took 24K upfront for books, ground school, etc. I was told they would take out the rest is increments. I logged on to my loan account, only to find that they did in fact take it ALL, but in increments of 24K. Hopefully the newly signed students escaped.

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They reported the company (SSH) said they Filed Chapter 7 Banckruptcy today (which is true...its on their old web site already)

 

Finally, official confirmation. Well, its hard to find a bright side to any of this, but I do notice a lot of new VR members in the last two days !

 

I asked my school if they would consider offering a discount to any SSH students that still have instruction needs...guess I'll wait for an answer. Other than just say too bad, is there anything else we can do to help the guys and gals left out in the cold ?

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