Rally,
"In making the announcement, Steve Woolstenhulme, President of Red River Turbines, said the construction of the new $1.6 million engine test cell facility will enable RRT to complete the entire engine overhaul process for its customers at one location."
Best Jets sold to PBLS because they were cash strapped and needed the test cell to gain contracts overhauling used jet engines.
We never did confirm any sales of the refurbished Lear jets and one was offered at auction but did not sell.
None of the 4.5 million went into the Best Jets coffers.
Steve Woolstenhulme received the cash payment for his 80% equity in Best Jets and the money went into his bank account. Nothing wrong with that. The problem is that Best Jets was not producing enough revenue to pay the bills and the new owner, PBLS, would not cough up the money to keep the company running. The completed test cell was necessary to take Best Jets to the next level and it has only now been completed under new ownership.
It appears that PBLS bought Best Jets without due diligence and found themselves in a financial hurt before Best Jets could become profitable. PBLS did put money into the test cell but not enough time or money to complete it.
I believe that PBLS thought they were getting a sweetheart deal and found themselves with more baggage than they could carry.
It might have worked out, if not for other problems, such as the loss of the pit putting a huge dent in the revenue stream.
PBLS is similar to someone who maxes out their plastic and equity building a house of cards that is sure to fall if one card fails.
The current financial crisis in todays stock market is a prime example.
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