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Wheels Up Takes a $155 Million Nosedive
Good morning! At 106 years 327 days old, Alfred “Al” Blaschke made history last week by becoming the oldest person to tandem skydive (again). He first broke the record in 2020, aged 103, when he jumped out of a plane at 14,000 feet to celebrate his twin grandsons’ college graduations.
However that record was soon broken in 2022 by a slightly older 103-year-old Swedish woman, so Al decided to get after it one more time and take back the title. Not too shabby considering his first ever skydive was on his 100th birthday… ✈
In today’s email:
Wheels Up Is Going Anywhere but Up
Beechcraft Denali Will Soon Take on the PC-12 and TBM
Upcoming Airshows
Support Local Aviation: “Flightseeing” tours in Alaska
Around the Skies: Arkansas airport is now home to the state’s second electric plane charger, ICON Aviation bankruptcy moves forward, Mid-air collision at the Fort Lauderdale Airshow, Sheltair expands to Sarasota, FAA awards type certificate to Tecnam P-Mentor.
PilotTube: Beautiful, cinematic and complete with bush planes flying around Alaska. What else could you ask for?
Aircraft For Sale: New to market
THE BUSINESS OF AVIATION
Wheels Up Takes a $155 Million Nosedive
The latest earnings report from private jet charter company Wheels Up paints a challenging picture, with first-quarter revenues plummeting by $155 million year over year, accompanied by a quarterly loss of $97 million. That’s down 44% from a year ago and is directly linked to it’s decision to suspend its aircraft management and aircraft sales divisions.
Despite these setbacks, CEO George Mattson remains optimistic, praising their "exceptional service" while conveniently sidestepping the fact that their cash reserves plummeted by $80 million and they lost a quarter of their active members. The company still has their strategic partnership with Delta Air Lines and is expecting a future opening of a flagship maintenance facility at Palm Beach International Airport, both of which should help with profitable growth amidst market challenges.
But don’t worry, Wheels Up still has north of $180 million cash on hand and is in the midst of restructuring it’s executive leadership team to help navigate the company through these tough times.
Textron Seeks FAA Certification for Beechcraft Denali
Textron Aviation has commenced FAA certification flight testing for its Beechcraft Denali single-engine turboprop, aiming for a 2025 entry into service. The delay in certification of the GE Aviation’s Catalyst engine and the inclusion of Garmin Autoland as standard equipment have influenced the timeline, with the Denali poised to challenge existing turboprop singles like the Pilatus PC-12 and Daher TBM.
With three prototypes accumulating nearly 2,000 flight hours thus far, Textron remains optimistic about the Denali’s performance, boasting a range of 1,600 nm, a maximum cruise speed of 285 knots and a versatile configuration for passenger and cargo missions.
Also if you or someone you know works at Textron, I would happily make a YouTube video on this beauty when it’s ready to hit the market (just let me know 🤓).
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UPCOMING AIRSHOWS
May
May 17-18: TBM Avenger Reunion & Salute to Veterans - Peru, IL
May 18-19: Central Texas AirFest - Temple, TX
May 18-19: Duluth Air & Aviation Expo - Duluth, MN
May 18-19: Oregon International Air Show - Hillsboro, OR
May 18-19: First State Airshow - Dover AFB, DE
May 22-24: U.S. Naval Academy Graduation - Annapolis, MD
May 24-25: Arklahoma STOL - Patriot Airpark, Pocola, OK
May 25-26: Bethpage Air Show - Jones Beach State Park, Wantagh, NY
May 25-26: Hyundai Air & Sea Show - Miami Beach, FL
May 25-26: Breckenridge Air Show - Breckenridge, TX
May 25-26: Let Freedom Fly International Air Show - Pierre, SD
May 25-26: Augusta Air Show - Augusta, GA
May 25-26: South Texas Airshow - Edinburg, TX
May 26: Indianapolis 500 Flyover - Motor Speedway, Indianapolis, IN
May 30: U.S. Air Force Academy Graduation - Colorado Springs, CO
June
June 1: Wings & Wheels Airshow - Chickasha, OK
June 1-2: Terre Haute Air Show - Terre Haute, IN
June 2: Legacy of Liberty Airshow - Holloman AFB, Alamogordo, NM
June 7-9: WWII Weekend - Reading, PA
June 8: Rockin' on the Runway - Sunset, LA
June 8-9: Spirit of St. Louis Air Show & STEM Expo - Chesterfield, MO
June 8-9: Selfridge Air National Guard Base Air Show - Harrison Township, MI
June 12-18: Maryland Fleet Week & Fly Over - Baltimore, MD
June 14-16: Greenwood Lake Air Show - West Milford, NJ
June 15: The Flying Proms Symphonic Airshow - Virginia Beach, VA
June 15-16: Moses Lake Airshow - Moses Lake, WA
June 15-16: Deke Slayton Airfest - La Crosse, WI
June 15-16: Columbus Airshow - Rickenbacker ANGB, Columbus, OH
June 15-16: Olympic Air Show - Olympia, WA
June 21-22: Wings Over Wausau - Wausau, WI
June 22: Trukee Tahoe Air Show & Family Festival - Truckee, CA
June 22-23: Centerpoint Energy Dayton Air Show - Dayton, OH
June 22-23: Quad City Airshow - Davenport, IA
June 22-23: Fairchild Skyfest - Fairchild AFB, Spokane, WA
June 25: Evening of Aviation Air Show - Toughkenamon, PA
June 29-30: National Cherry Festival Air Show - Traverse City, MI
June 29-30: Warriors Over the Wasatch Air & Space Show - Ogden, UT
July
July 1: Canada Day Flyovers - Ottawa, ON
July 3: Dubuque Riverfront Airshow - Dubuque, IA
July 3: Anderson Regional Airshow - Anderson, IN
July 3-7: Field of Flight Air Show & Balloon Festival - Battle Creek, MI
July 4: Fair St Louis - St. Louis, MO
July 6: Thunder Over Cedar Creek Lake Air Show - Mabank, TX
July 6-7: Greater Binghamton Air Show - Johnson City, NY
July 6-7: CWHM RCAF 100th Celebration - Hamilton, ON
July 6-7: Los Angeles Airshow - Los Angeles, CA
July 13: America's Freedom Fest - Goshen, IN
July 13: Pensacola Beach Air Show - Pensacola Beach, FL
July 13: Boundary Bay Airshow - Delta, British Columbia
July 13-14: Wings Over Whiteman - Whiteman AFB, MO
July 13-14: National Warplane Museum Airshow - Geneseo, NY
July 13-14: California Capitol Airshow - Sacramento, CA
July 13-14: Yellowknife Airshow - Yellowknife, Northwest Territories
July 14: Iosco County Fly-In Breakfast - East Tawas, MI
July 19: Rock The Ramp Airshow & Fly-in - Middleton, WI
July 19-20: Nebraska State Fly-In and Airshow - O'Niell, NE
July 20: Gandy Dancer Fly-in & Airshow - Siren, WI
July 20-21: Cold Lake Air Show - Canadian Forces Base, Cold Lake, Alberta
July 20-21: Arctic Thunder Air Show - Anchorage, AK
July 20-21: Thunder Over Michigan - Ypsilanti, MI
July 20-21: Pistons and Props - Janesville, WI
July 22-28: EAA AirVenture - Oshkosh, WI
July 22: Family, Fun, and Flight - Medicine Hat, Alberta
July 24: Wings Over Warren - Warren AFB, Cheyenne, WY
July 26-28: Grande Prairie Regional Air Show - Grande Prairie, Alberta
July 26-28: Tri-City Water Follies - Kennewick, WA
July 27-28: Fargo Airshow - Fargo, ND
July 27-28: Milwaukee Air & Water Show - Milwaukee, WI
July 27-28: Springbank Air Show - Springbank, Alberta
July 31: Snowbirds Over Duluth - Duluth, MN
SUPPORT LOCAL AVIATION
Send me an email to feature your favorite local business
Want to experience bush flying in Alaska? Look no further than Blue River Aviation (hint - it’s the same company featured in the video linked below). Here’s the link to their Instagram Page.
AROUND THE SKIES
BETA Technologies is charging ahead, literally. Arkansas now boasts its second electric plane charger, located at the Walnut Ridge Airport. They’ve got you covered with not just one, but two electric vehicle chargers for your fully electric or hybrid airplane.
ICON Aircraft is moving forward with its Chapter 11 bankruptcy proceedings by selecting a stalking horse bidder to establish the baseline price for its assets. What’s a “stalking horse bidder” you ask? I had to look that one up as well — it’s essentially the first bidder on a bankrupt company's assets, which sets the minimum price that the assets can be purchased for. But despite the financial turbulence, the company remains committed to its operations, continuing to manufacture, sell and service its amphibious aircraft while pursuing FAA certification for the A5.
Two Ghost Squadron planes collided mid-air during the Fort Lauderdale Air Show over the weekend, but fortunately there were no injuries or fatalities. I have flown my fair share of formation flights in the Navy and (from what I can gather from watching the video) I think all four pilots did an excellent job of immediately breaking up the division and landing shortly thereafter. Crisis averted — Bravo Zulu!
Sheltair is expanding its FBO network to KSRQ in Sarasota, FL, breaking ground on the new private aviation complex and planning to commence operations by the end of 2025. This marks their 17th FBO and will include a terminal, apron space, hangars and future plans for an MRO facility. The estimated total comes out to a cool $40 million.
The Tecnam P-Mentor was just granted it’s FAA type certification. In case you’re unfamiliar with this Italian design, it’s a two-seat aircraft tailored for flight training and equipped with advanced features like the Garmin G3X touch screen and a variable pitch propeller. Tecnam is now on track to begin deliveries to flight schools across the U.S., starting with HCH Aviation (in partnership with Stephen F. Austin State University) in Austin, TX, followed by Kilo Charlie Aviation in New Century, KS and EpicSky Flight Academy in Des Moines, IA.
PilotTube
Considering this creator mostly makes videos about super yachts, he did an amazing job capturing the essence of aviation on this one — definitely worth the watch!
I’M LOOKING FOR A NEWSLETTER WRITER
Are you interested in writing for flybuyer? This newsletter is growing quickly and I’m looking for an aviation enthusiast to help improve the best darn newsletter in aviation (patent pending). If you or someone you know might be a good fit, please send me an email at [email protected].
AIRCRAFT FOR SALE - NEW TO MARKET
This 1974 Cessna 182P Skylane has a fresh annual and only 38 hours since it’s last overhaul. It’s worth nothing that the carpets are a bit faded, but the interior and exterior are in good condition overall. Looking for a set of wings to get your foot in general aviation without braking the bank? This high-wing classic could be the answer.
Asking Price: $129,000
Location: Spring Brand, TX
This 1992 Beechcraft A36 Bonanza is a favorite among die hard GA enthusiasts. It’s equipped with a 350 hp Continental engine with 581 hours SMOH (time since major overhaul) and the carpet, interior panels and seat belts were all replaced in 2022. Only reason for selling is the owner is moving up to a Baron.
Asking Price: $519,000
Location: Clayton, GA
This 2008 Piper Malibu Matrix has a been hangar-kept and includes recent engine, turbos, magneto and prop overhauls and a fresh annual. Like new paint and new interior with an executive configuration for 5 passengers + 1 pilot. The brokerage also mentions that it “can be delivered worldwide,” which make sense being that it has wings and such. Only downside is that delivery would be at the buyers expense :-/
Asking Price: $549,000
Location: Opa-Locka, FL
This 2007 Hawker Beechcraft 350 King Air B300 has been government-owned, operated and maintained alongside other federal aircraft in a heated hangar it’s entire life. It has also been meticulously cared for by government aviation and FAA-certified maintenance staff. You will not find a nicer, better-maintained turboprop, but it does have some serious hours with 5,764 TT and over 6,000 logged landings. Seating is for 8 + 2 up front and she has a range of 1,550 nautical miles with a max speed of 320 kts TAS.
Asking Price: $4,500,000
Location: Washougal, WA
Looking for a bargain jet? This 1998 Gulfstream GIVSP could be the answer. Reasons to buy (according to the broker): recent maintenance - 96 Month completed in 2023, excellent engines - fresh ML in 2023, OH due in 2033 and a fresh paint job in 2018 by West Star. Includes ATG-5000 WiFi with an aft galley and can comfortably seat 13 passengers. Maintained under the MSG-3 maintenance program, but it has A LOT of hours: 13,910 TT with over 6,200 landings. However, the 5,000 cycle inspection was completed at 4,996 landings and the 10 Year mid-life inspections were completed in September 2023.
Asking Price: $4,795,000
Location: Los Angeles, CA
I’m a sucker for beautiful vintage aircraft and this 1946 Beechcraft D18S does not disappoint! It’s in excellent condition with original parts and has been meticulously maintained — this aircraft has been hangared it’s entire life and comes with a fresh annual (April 2024). All log books are up to date and two additional wings will be included for the new owner. This beauty has participated in numerous air shows and, according to the listing, “this Beechcraft is not just an aircraft; it's a piece of aviation history waiting to continue its journey with a discerning pilot or collector.” Oooo, ahhhh 😲
Asking Price: $289,000
Location: Phoenix, AZ
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