Airshares Elite, any experiences?

[jsstevens]

My boss is currently training for his PP-SEL. I've had mine for a few years (probably contributed to his starting). He & I took demo rides in a Cirrus. He's now interested in a Cirrus for us to use for business travel.

Buying one outright is not going to happen right now, but I started wondering about fractional ownership and turned up the Airshares Elite website. I have a vague memory that they sold off a bunch of airplanes and got sued by their members during the latest economic downturn. I can't seem to find any info on that, but they appear to be up and running. Anyone have any experience with them?

John

 

[weilke]

Make sure you actually hold title to the plane (or a share in the corp that owns it). There was one deal called 'Ourplane' where the corp basically just held your cash and purchased the aircraft highly leveraged in their own name. When they went tu, the bank took the planes and the people who had put cash (70k per person) into the deal ended up holding the bag. I believe airshare is an actual fractional scheme, you are still stuck with what I believe rather unreasonable management fees.

Now, if someone came around and offered you a share in an autobody repair shop together with 9 others as general partners. You know nothing about the autobody business and have never met the 9 others. Would you take it ?

 

[denverpilot]

I wouldn't touch one of these fractional companies that pair you up with people you don't know and haven't ever met, without a lawyer in tow to read their paperwork. And that from a guy who'll normally avoid using lawyers if at all possible. In this particular case, it's not possible. You very much could end up buying a liability and not an asset.

 

[dell30rb]

Your best bet is probably a flying club or just to buy an airplane. You can probably get into a very nice mooney for not much more than you would spend buying a fraction of a cirrus.

 

[AuntPeggy]

Looks like you missed out on your chance to participate.

http://www.avweb.com/avwebflash/news/AirShares-Elite-Folds223259-1.html

Fractional service AirShares Elite closed Dec. 1 and is now selling off its large fleet of Cirrus aircraft.<snip>
"I'm a fractional owner in AirShares so I can confirm it but I can't give you details [about] what happened since I don't know," said the owner. "They are selling 'my' plane and I will get my percentage of the sale. They said I will receive the money by Dec. 31."