Planet Airways

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Planet Airways was an airline based in Orlando, Florida, USA. It allegedly operated charter services within the USA and to the Caribbean [1].

Contents

[edit] Code data

  • ICAO Code: PLZ
  • Callsign: Planet [2]

[edit] History

The company was a private venture jointly owned by Peter V. Garrambone and Lou Pearlman. Lou Pearlman was the chairman, the other key people were Peter V. Garrambone (President and CEO) and Tony DeCamillis (VP). Lou Pearlman also owned a separate aircraft leasing company called Trans Continental Airlines, which appears to have been the vehicle for a major fraud. [3]

The airline began its life in 1995 when it incorporated as "Planet Airways, Inc.," a startup airline attempting to obtain FAA Part 121 certification. [4]

It acquired its first plane in 1998, was granted FAA Part 121 approval to fly charter services and started operations in 2000 [5] [6]. Customers included the United States Department of Defense.[1][2] In the fiscal year 2004, Planet Airways said to have received nearly 10% of the total revenues awarded by the Department of Defense to all qualified US carriers for domestic charters.[citation needed]

According to information supplied by the company, Planet Airways had agreed to be acquired by business development firm Planet Holdings Corp (PHC), but the deal was terminated in June 2005 [7]. Allegedly Pearlman was overruled by his partners who had learned[citation needed] that the principal operator of PHC, Kevin James Quinn, had been disbarred as an attorney in California and was also banned by the SEC from participating in public offerings. [8]

There are conflicting versions of why PHC was created. One version alleges it was created as an alternative means to provide capital to modernize Planet's aging fleet[citation needed], beginning with the replacement of two recently retired aircraft [9]. Another version alleges it was created by friends of Pearlman as a device to transfer assets from a failing entity into a new corporation without any credit history, while leaving the debt intact with Planet Airways.[citation needed]

In May 2005, as a result of the airline's poor financial condition at that time, the FAA revoked the airline's operating certificate, the DOT revoked Planet's economic authority to operate, and the Department of Defense revoked their athority to fly for the DOD.[citation needed]

[edit] Fleet

As of January 2005 the Planet Airways fleet allegedly included [1] :

[edit] References

  1. ^ a b Flight International 12-18 April 2005
  2. ^ Airline Codes retrieved 21 December 2006
  3. ^ Press Release FLOFR 02/02/2007 INJUNCTION ISSUED AGAINST LOUIS J. PEARLMAN, TRANS CONTINENTAL AIRLINES, AND OTHERS. JUDGE ALSO APPOINTS RECEIVER OVER THREE COMPANIES
  4. ^ sunbiz.org Florida Profit PLANET AIRWAYS, INC.
  5. ^ flightglobal.com 13/05/98 SOURCE:Flight International Marketplace
  6. ^ flightglobal.com 25/01/00 SOURCE:Flight International Planet hunts for 727s
  7. ^ Yahoo Finance retrieved 21 December 2006
  8. ^ sec.gov February 28, 2005 Kevin James Quinn: Litigation Release No. 19103
  9. ^ PHC Press Release January 31, 2005 PHC Holdings Announces New Financing Facility to Expand Planet Airways' Fleet


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