Okie
Topic Author
Posts: 3685
Joined: Wed Jul 16, 2003 11:30 am

Jetsgo Bankrupts Pilots With "Loyalty Bond"

Tue Mar 22, 2005 2:35 am

From the following article Cockpit to Hardware Aisle

http://www.avweb.com/

Jetsgo demanded $30,000 "loyalty bond" for pilot training to be repaid after two years of service to keep pilots from jumping airlines.
Pilots with less than two years service are basically "up an unsanitary tributary with out minor mean of motivation" (that's up $hit creek without a paddle).

Okie
 
ltbewr
Posts: 12729
Joined: Thu Jan 29, 2004 1:24 pm

RE: Jetsgo Bankrupts Pilots With "Loyalty Bond"

Tue Mar 22, 2005 3:32 am

That SUCKS. Imange if you had to put up $30K Can (like USD$23,000) for a job and lost it as the employer went out of business, you probably wouldn't like it either. I would note that when I drove by EWR on Saturday, there are still references to JetsGo on a billboard and on the list of airlines at each terminal building on the entry roads.
 
A332
Posts: 1421
Joined: Wed Feb 02, 2005 3:58 am

RE: Jetsgo Bankrupts Pilots With "Loyalty Bond"

Tue Mar 22, 2005 4:07 am

Quoting LTBEWR (Reply 1):
I would note that when I drove by EWR on Saturday, there are still references to JetsGo on a billboard and on the list of airlines at each terminal building on the entry roads.

I noticed a similar Jetsgo billboard driving on Barlow Trail past YYC yesterday...
Bad spellers of the world... UNTIE!
 
User avatar
yyz717
Posts: 15706
Joined: Mon Sep 10, 2001 12:26 pm

RE: Jetsgo Bankrupts Pilots With "Loyalty Bond"

Tue Mar 22, 2005 9:56 am

These pilots willingly paid the $30k bond in order to land a job. They VOLUNTARILY entered into this employment contract and really have no one to blame but themselves. The ability of Jetsgo to demand and get such bonds is simply testiment to the over-supply of pilots on the market.

The wobbly finances of Jetsgo (while not publicly released) were WIDELY speculated by many airline analysts. Anyone who hands over $30k to a company suspected of being financially weak has only themselves to blame.

As with all things in life, it's buyer beware. I really can't muster up any sympathy for unsecured creditors. The pain is self-inflicted.
I dumped at the gybe mark in strong winds when I looked up at a Porter Q400 on finals. Can't stop spotting.
 
EnviroTO
Posts: 723
Joined: Sat Aug 07, 2004 12:11 pm

RE: Jetsgo Bankrupts Pilots With "Loyalty Bond"

Tue Mar 22, 2005 7:31 pm

Quote:

Jetsgo demanded $30,000 "loyalty bond" for pilot training to be repaid after two years of service to keep pilots from jumping airlines.

Normally these types of agreements have the company pay for the training monthly over a period of a couple of years. Paying up front out of the employee's pocket and holding that expense for two years doesn't seem that smart. I was stuck with unpaid expense reports when a company I worked for went bankrupt.... its a fact of life unfortunately. Fortunately for me my expense reports were paid every 2 weeks so I was only out $5000US.

Popular Searches On Airliners.net

Top Photos of Last:   24 Hours  •  48 Hours  •  7 Days  •  30 Days  •  180 Days  •  365 Days  •  All Time

Military Aircraft Every type from fighters to helicopters from air forces around the globe

Classic Airliners Props and jets from the good old days

Flight Decks Views from inside the cockpit

Aircraft Cabins Passenger cabin shots showing seat arrangements as well as cargo aircraft interior

Cargo Aircraft Pictures of great freighter aircraft

Government Aircraft Aircraft flying government officials

Helicopters Our large helicopter section. Both military and civil versions

Blimps / Airships Everything from the Goodyear blimp to the Zeppelin

Night Photos Beautiful shots taken while the sun is below the horizon

Accidents Accident, incident and crash related photos

Air to Air Photos taken by airborne photographers of airborne aircraft

Special Paint Schemes Aircraft painted in beautiful and original liveries

Airport Overviews Airport overviews from the air or ground

Tails and Winglets Tail and Winglet closeups with beautiful airline logos