Adam Aircraft, GONE

Lawreston

Lawreston

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Harley Reich
AVweb Breaking News Alert
February 11, 2008

Adam Aircraft to Close Doors back to top


ADAM AIRCRAFT SUSPENDS OPERATIONS

Adam Aircraft has suspended operations at its Colorado facilities. In a short news release, the company said the action was taken "due to the inability of the company to come to terms with their lender for funding necessary to maintain business operations."
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For more information, go to http://www.avweb.com
 
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Something is out of whack if a company has a billion dollars in orders and no one will back them. There's obviously more to the story.
 
JohnR said:
Something is out of whack if a company has a billion dollars in orders and no one will back them. There's obviously more to the story.
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Think about why Rick Adam was kicked out, and there I believe you will find your answer.
 
Although I don't follow this stuff very closely, I thought they had a reasonable shot at it. What's the word Ken?

(edit... I see I was a second or two late in hitting the post button)
 
Being the antithesis of an industry insider, I'll take my shot: if you have a $1.0+B backlog and cannot secure continuation financing, it means either (1) you cannot build the aircraft for the unit price at which they were sold plus any reasonable profit, or (2) there is some fundamental reason why the -700 cannot readily achieve certification.

Now that I read what I just wrote, I am thinking maybe it's both.
 
Damn! I don't know how many times I saw Adam 1 and Adam 2 flying over my house which was under the pattern at Centennial. They were cool to see and out of any of the start ups int eh VLJ and whatever they call the piston, I thought Adam would make it. Maybe Piper should by them? :no:
 
More importantly, Ken, it's not the first time the entrepreneurial founder of a company valued his ego and vision over the hard reality of working capital.

And I *hate* thinking like a lawyer; it's so... boring.
 
SCCutler said:
More importantly, Ken, it's not the first time the entrepreneurial founder of a company valued his ego and vision over the hard reality of working capital.
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Ah, as in "money talks, bull@#*& walks"?
SCutler said:
And I *hate* thinking like a lawyer; it's so... boring.
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Oh shucks. And here I am planning to go to law school ...
 
Anthony said:
Damn! I don't know how many times I saw Adam 1 and Adam 2 flying over my house which was under the pattern at Centennial. They were cool to see and out of any of the start ups int eh VLJ and whatever they call the piston, I thought Adam would make it. Maybe Piper should by them? :no:
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I saw the jet version in the runup area at APA only a few weeks ago. I still remember back around 2000 when someone I know who formerly worked for Adam showed me a picture of their mockup. Although I thought it was a cool idea, I was skeptical that something so different could make it in the market. Still, I wished them luck. Really, I think their timing was bad. People aren't in the market for new piston twins, or even old ones. That's two businesses in the local area which have recently closed their doors, Adam and ATG, which was making the Javelin, another interesting but impractical idea.
 
Everskyward said:
That's two businesses in the local area which have recently closed their doors, Adam and ATG, which was making the Javelin, another interesting but impractical idea.
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Oh great. I was wondering about ATG after they moved to Front Range. Should have known. Sigh.....

Thought the Javelin was going to get all those military trainer contracts. :rolleyes:
 
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