10Q around the corner, contracts being bid on, cleaned up capital structure, M&A possibilities, larger private Tempus entity sitting in the wing that Scott Terry owns (controlling interest) with partner John Gulbin, non-compete gone, Johan Eliasch in the mix, new and very capable CFO, and it's trading around $0.40.
I still believe a merger with Tempus Intermediate Holdings (private entity) is on the table. All their financing has required that both the private and public entity be on the hook because they basically operate as one company, and the public entity relies on the strength of the private entities balance sheet in order to obtain financing. Why not just merge the two and create an entity that has a cleaner capital structure and a stronger balance sheet. Scott Terry and John Gulbin were already in the process of doing this.
Terry and the BST Trust own 50.96% of the membership interests in TIH.
John G. Gulbin (“Gulbin”) and the JGG 2011 Irrevocable Trust (the “JGG Trust)” collectively own 48.37% of the membership interests in TIH.
Case 4:17-cv-00008-HCM-DEM Document 1 Filed 02/02/17 Page 4 of 10
19. On Wednesday, February 1, 2017, Terry’s counsel, Roy M. Terry, informed counsel for Firefly, and Johan Eliasch, the beneficial owner of Firefly, that Terry and Gulbin are in the process of separating their business interests and intend to distribute certain assets of TIH
amongst themselves. Specifically, Roy M. Terry has explained that Tempus Aircraft Sales & Service, LLC (“TASS”), will be distributed to Gulbin, and the remaining assets of TIH with some exceptions, will be distributed to Terry.
