Being witness to such nonsense should shake up any potential customers. I keep hoping that reason will prevail and the public will realize that our no responsibility society must come to an end.

It’s not okay that padding of select pockets with money STOLEN from customers or suppliers.

What happened to morality? It appears that has been replaced by the code of whatever you can get away with… A legal license to steal. No consequences.

Question-where was the aviation press when this story was evolving? With the exception of ahighly critical article in Aviation Week last year, and the recent Teal Report, I cannot recall reading anything other than encouraging and in some cases glowing coverge of Eclipse and how it was going to “revolutionize” aviation. It didn’t seem to bother many of the reporters that the company would not offer demonstration flights in the aircraft to the press, did not do a good job of explaining the numerous program delays (I was at AOPA in Palm Springs in, I think, 2004, just after the first “flight” of the 500 with its original engines, when it was already obvious to the company that the engines were inadequate, but of course the sales force was touting the “ongoing flight test program” and specifically denying any problems with the engines. Yeah, it’s marketing, but its also lying), and inexplicibly spent time and $$$ developing the 400 before even getting the 500 certified. Makes one wonder about the independence of the press…..and brings back painful memories of other debacles, like the BD-5…..

It is unfortunate that the most irresponsible officers of this corporation are going to leave with full pockets while the customers, suppliers and employees (if any are stupid enough to hang around) will end up having to purchase their own KY lube.

While I generally do not wish good karma upon attorneys, I do hope that some lawyer can figure out a way to successfully make the corporate officers “feel the pain,” with the best outcome being some personal RESPONSIBILITY.

Tis a shame the way that the U.S. culture (as evolved by our nanny federal government) encourages, “not my fault” irresponsibility.

[Gee, maybe Eclipse should just self-identify as a bank and get bail-out money. It worked for AmEx!]

Unfortunately, I think that Eclipse’s actions will have fatal consequences for the entire VLJ concept.

In countries such as the UK, Directors can be held personally responsible for debts incurred if they continue to trade once it had become clear that the company cannot meet its obligations “as and when they fall due” (in other words insolvent). The US code encourages companies to trade in ways that many consider irresponsible including allowing insolvent companies to choose when they file and even allows the continued ordering and receiving of products that the company knows will not be paid for.

A number of people will make a significant amount of money from this bankruptcy and a much larger number will be thrown into financial distress. Do not expect any sympathy or assistance from the Chapter 11 process. The first thing the company will do is appoint their pre-agreed attorneys and other advisors, bring in friendly financial backers and ask the judge to allow them to continue to manage the business (“Debtor in possession”). The amounts paid to each of these “in possession” stakeholders will generally make your eyes water.