PILOT TRAINING COLLEGE(PTC) GOING OUT OF BUSINESS

Jumboman

GearUp wrote: »

I drove passed my local airport yesterday (an airport I would spend a lot of time) to find a Seminole parked on the apron of G-OPTC.

I thought i'd g-info it to see if it was from PTC and it was! Registered to Edgeworth under a different company name to which I believe he "leased" his own planes to his own school. I imagine this means a technicality is in the way of taking his (from I am lead to believe are 5 seminoles and 3 arrows) planes away from him. Aparently he's trying to move his fleet from waterford to Enniskillen to where he has even been heard talking about setting up an FTO!

I'm struggling to understand the mentality of a man that has the cheek to set up another FTO or even hangar his planes within driving distance of students to whom he owes 5.5million euros too.

I don't think the people at the airport are that stupid to let that kind of publicity come to their door step. It's definitely a talking point down there which is obviously causing everyone to worry. It's not exactly the best climate to be turning down any income.

Cant believe the nerve or this guy not to go into hiding if I was Edgeworth I would be looking over my shoulder all the time.

erazer

GearUp wrote: »

I drove passed my local airport yesterday (an airport I would spend a lot of time) to find a Seminole parked on the apron of G-OPTC.

I thought i'd g-info it to see if it was from PTC and it was! Registered to Edgeworth under a different company name to which I believe he "leased" his own planes to his own school. I imagine this means a technicality is in the way of taking his (from I am lead to believe are 5 seminoles and 3 arrows) planes away from him. Aparently he's trying to move his fleet from waterford to Enniskillen to where he has even been heard talking about setting up an FTO!

I'm struggling to understand the mentality of a man that has the cheek to set up another FTO or even hangar his planes within driving distance of students to whom he owes 5.5million euros too.

I don't think the people at the airport are that stupid to let that kind of publicity come to their door step. It's definitely a talking point down there which is obviously causing everyone to worry. It's not exactly the best climate to be turning down any income.

The Latest Edgeworth Scam!!

Shemburn Aircraft Leasing


www.shemburnaircraftleasing.com - MX Records & SPF Records
Created: Oct. 5, 2012
Updated: Oct. 5, 2012
Expires: Oct. 5, 2013
Reverse IP: 459 other sites
Whois History: 2 records
Location: IE, Waterford, Waterford

Mike Edgeworth is at it again!!!!

Su Campu

All of his aircraft have always been registered to a company called Shemburn Ltd., so nothing new there. Obviously this site is new and company may have changed name for whatever reason (dodgy or otherwise) but it has been there all along.

LeftBase

erazer wrote: »

The Latest Edgeworth Scam!!

Shemburn Aircraft Leasing


www.shemburnaircraftleasing.com - MX Records & SPF Records
Created: Oct. 5, 2012
Updated: Oct. 5, 2012
Expires: Oct. 5, 2013
Reverse IP: 459 other sites
Whois History: 2 records
Location: IE, Waterford, Waterford

Mike Edgeworth is at it again!!!!

Seems an appropriate name for an Edgeworth company!;)

bluecode

Actually it may not be as cynical or as sinister as it looks. Aviation like any business is open to litigation but also particularly exposed to the possibility of accidents and it's often good practice to keep the ownership of the aircraft and assets separate from the company that operates them.

So in the event of an incident or death and ensuing litigation against the operator the aircraft cannot be seized because of course the operator doesn't own them. It's actually a very sensible precaution and it quite common. A perfectly viable business can be closed down due to court action.

Of course it also works out well when the operator goes out of business. In effect the owner of the aircraft becomes a creditor too and will of course seize their assets back. Even if that owner is one and the same person.

It's just sensible business practice.

erazer

Guys:

The point here is not the business... its the question of why has the liquidator not perused shemburn for the assets? considering shemburn was part of the umbrella. So why dose edgeworth still have assets that he can potentially lease. Thats my question?

bluecode

I think you'll find it's all about company laws. You can be sure Shemburn are not under any umbrella. Plus as far as I know the man involved is not personally bankrupt.

It's not unusual for a bankrupt company to close and the same people set up a similar company.

king2

Sucks though doesnt it? no accountability

smurfjed

Does PTC exist in any form? Particularly in the role of providing pilot aptitude tests?

Bloe Joggs

smurfjed wrote: »

Does PTC exist in any form? Particularly in the role of providing pilot aptitude tests?

Not as far as I know. Flight training has always had a seedy side and has never been able to quite shake it off. Dredgeworth didn't do much to change that image and gave people a real insight into life on the other side of the glossy brochures, high vis jackets, epaulets and smooth sales talk. I'm sure he had a nice little Plan B all worked out for himself whatever he's up to and wherever he is. I wasn't involved with them personally but I really feel for the people he let down, allegedly hundreds when you count everyone involved not just the Irish ones.

Jumboman

Any update on this story ?

wellboytoo

Other than a sister company Shemburn ltd went into liquidation a short while ago and their main assets four planes are for sale at the moment out of WAT.

Jumboman

wellboytoo wrote: »

Other than a sister company Shemburn ltd went into liquidation a short while ago and their main assets four planes are for sale at the moment out of WAT.

So I take it nobody got their money back ?

wellboytoo

Jumboman wrote: »

So I take it nobody got their money back ?

The tooth fairy took it all

Xpro

Jumboman wrote: »

So I take it nobody got their money back ?

Don't think so. I know of a few cadets from that group that finished their training in weston, and none got money back.

KnotABother

Jumboman wrote: »

So I take it nobody got their money back ?

A lot of the banks and other large creditors were unable to recoup all their money so there was never much hope or idealistic kids

Hotblack Desiato

http://www.irishtimes.com/business/transport-and-tourism/restriction-orders-sought-against-four-pilot-college-directors-1.2965660

A liquidator is seeking restriction orders under the Companies Acts against four directors of a pilot training college which collapsed nearly four years ago owing some €5 million in fees paid by students.

Michael McAteer, liquidator of the Waterford-based Pilot Training College of Ireland (PTCI), wants orders against managing director Mike Edgeworth and three non-executive directors, George Michael Edgeworth – a son of Mike Edgeworth – Anthony Howard Kember and Judith Mary Kember.

PTCI was wound up in 2012 with debts of some €9 million, most of it owed to students. The Kazakhstani national carrier Air Astana was its largest corporate creditor.

The court heard the liquidator was particularly concerned about how a loan for €1.6 million from PTCI to a related company, Shemburn, was written off in 2008 and then another €1.6 million loan was made to the same company without any form of security on it.

Both Edgeworths are opposing the application to restrict them as directors, claiming they acted at all times in accordance with advice.

A lawyer for Mike Edgeworth said he invested some €2 million in the business which had been run successfully for nearly ten years and was highly regarded in the pilot training industry.