» Companies Clinging To Corporate Planes

Companies Clinging To Corporate Planes

By Sean Ballent

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While many companies like Citibank are returning their private jets in an effort to save face, not all troubled-company CEOs are following suit. Despite big layoffs, near-bankruptcy, and federal bailouts, companies like the New York Times, Rolling Stone, Forbes, and various investment banks continue to cling to their company jets.

Wenner Media, the corporation that owns Rolling Stone and Us Weekly, has had four rounds of layoffs in as many months. Owner Jann Wenner, who is notoriously tight-fisted, can’t seem to say goodbye to his Gulfstream G-IV, worth an estimated $15 million.

After throwing away their Autos and Traveler staff, Forbes refuses to throw away their Eurocopter EC-120B helicopter and their two hot air balloons.

After losses of $24 billion in the fourth quarter and around 600 layoffs, Time Warner has decided to put up for sale more than $100 million in aircraft. How sweet of them. Wrong! The company is putting the jets up for sale at such a high price that ensures nobody will buy. What a sneaky little trick Time Warner.

After $150 billion in federal bailouts and attempting to get more help from the government, AIG refuses to dispose of its massive Bombardier BD-700, valued at $45 million.

Is it possible for corporate jets to possess some sort of sentimental value?

Via Gawker

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