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Eclipse Jet Announces Structure and Strategy

Written by thomas · Filed Under Aeronautics News 

March 20, 2009

thomas

Former Eclipse CEO Roel Pieper Joins the Team

CHESTERFIELD, Mo., March 20 /PRNewswire/ — Mike Press and Mason Holland announced today their formation of Eclipse Jet LLC (Eclipse Jet) with partners Roel Pieper, Raul Segredo and John Cracken to acquire and operate the assets of Eclipse Aviation Corporation (Eclipse) for the benefit of existing and future customers. Eclipse Jet will focus on building a healthy, viable platform for the Eclipse 500 business, including service, support, training and production for a global market.

“When Mason and I set out to form Eclipse Jet,” said Mr. Press, “we wanted to recruit as our partners a group of Eclipse owners and depositors who were both representative of and sensitive to the interests of all Eclipse owners and depositors and expert in either private-equity acquisitions or the operation of aircraft or aircraft-component OEMs. We set out to form an enduring company with sustainable competitive advantages, and wanted each of our partners to be positioned to help us capture the assets of Eclipse and then transition our company into a top-notch aircraft OEM maximizing the potential of the Eclipse 500.”

Mr. Pieper is the former CEO of Tandem Computer, a World leader in the design and manufacture of complex fault-tolerant computers before Mr. Pieper sold Tandem to Compaq Computers in 1997. Mr. Pieper is a former Board member with Compaq and Dutch electronics-giant, Philips Electronics.

Mr. Holland offered “Mike, Raul, and I have come to know Roel Pieper through our discussions with him during the course of the Eclipse bankruptcy. Roel reluctantly took over as CEO of Eclipse in July of 2008 and due to the worldwide economic crisis at the end of 2008, he was unable to fund his plan to turn around the company. When we set out to determine how to maximize the value of Eclipse’s assets and ensure our ability to deliver value to customers, Roel proved very helpful. For the last year, he’s been in the midst of Eclipse’s diligence in connection with reducing its production costs and expanding the market for the Eclipse 500 throughout Europe. He understands from actual experience all of the issues Mike, Raul and I have been modeling. Our go-forward plan is now better informed regarding how to deliver the Eclipse 500 to a worldwide audience and avoid the pitfalls Eclipse learned through its past experiences.”

Mr. Segredo is the co-founder, President and CEO of Avionica. Avionica was founded in 1992 to deliver innovative aviation products and services to the global aviation community. Avionica is noted for its ultra-reliable data recorders and global satellite-communications gear that drive improved aircraft safety. With thousands of installed aircraft operating worldwide, Mr. Segredo and Avionica aspire to make air travel safer. Boeing intends to equip its first 787 with Avionica’s satellite-communications gear.

“Raul Segredo is passionate about the potential of the Eclipse 500 and our ability to build a company that both serves Eclipse’s owners and depositors and delivers the value of the Eclipse 500 to a new audience,” stated Mr. Press. “He’s spent the last 15 years of his career operating and growing an aviation-component OEM dealing closely with both the FAA on regulatory issues and some of the leading and most demanding aircraft OEMs. Raul brings to us great perspective on how to manage an aviation start-up to ensure efficient operations and a continuous, reasonable gross margin. Further, his concept of ‘Customer First’ reaches the core of Eclipse Jet.”

Mr. Cracken is a Managing Director of Cracken, Harkey & Co. L.L.C., a Dallas-based private-equity firm focused upon the acquisition of middle-market companies. With partner John Harkey, Mr. Cracken has led the acquisition or seven public and private companies and co-founded technology company, RLX Technologies. RLX invented the blade server, which platform has been widely adopted by the incumbent computer (server) OEMs. HP acquired RLX in 2005. Mr. Harkey is a member of the Board and Chairman of the Audit Committee for numerous public companies, including satellite and communications OEM, Loral Space and Communications.

“John Cracken is a veteran private-equity professional, and we’re relying upon John to manage our corporate and bankruptcy legal team. We’ve asked John and our legal team to respond under considerable time pressure, and they’re committed to our timetable,” reported Mr. Holland. “We’re happy to have John, and his partner John Harkey, on our team. They bring immediate organization and capital to our capture campaign, and they’ve done a great job serving the depositor community throughout the Eclipse bankruptcy.”

“Our five -person team intends to capture Eclipse’s assets, lead a transition team to both restore fleet services and support and recruit a seasoned senor management team to lead Eclipse and resume production,” stated Mr. Holland.

Eclipse Jet intends to announce further details of its plan shortly.

About Eclipse Jet (New Eclipse)

Eclipse Jet, LLC is a partnership formed to acquire and manage the assets of the former Eclipse Aviation, now in bankruptcy. Eclipse designed and manufactured the Eclipse 500 Microjet – the first affordable twinjet that launched the new microjet category. Eclipse Jet is dedicated to supporting Eclipse 500 owners and depositors, and to returning the breakthrough aircraft to manufacture for customers around the world.




                 
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