It would be nice if a good investigative reporter were to sink his teeth in this interesting story.
All the details about who financed Morty is public record in the bankruptcy case. As is, who is providing the Dip financing to attempt to get the company back on its feet.
Even more interesting, will be who lost confidence in Morty and why they had him removed. On the surface it seems obvious why he was removed, but I’m imagine the rich details make quite a story.
An old saying; “shirtsleeves to shirtsleeves in three generations” holds true.
I can name several well known examples, if needed, but this Forbes article does a good job of explaining it and how to avoid it:
It’s still registered in BTC’s name but BTC has/had the court’s permission to sell it. The last time I looked, the price was reduced from $49M down to $39M.
I fast read through the 3 docs that you linked. Dang! When everyone tells me that I fudged up I usually listen, ask for advice & seek outside help when it is outside my scope. If Bourchard fourth generation paid a know-nothing MBA to run his business he would have probably came out better.
I listened to some of the “zoom” court hearings and (now I might be wrong) but I believe they are questioning where the money that they got last year went. Knowing what I know of this company there is not much that would surprise me and if that money just disappeared, someone is going to have more problems than being removed!
One of the court filings indicated there was a $25M note plus 250K accrued interest due March 10, 2021 on the airplane but the money had been used to cover crew back pay and other expenses. Market value for that G6 is around $40M so the $25M owed plus the $14.9M plus 250K interest would cover the value.
See Bouchard Transportation Co., Inc., et al. - Declaration of Matthew Ray of Portage Point Partners, LLC in support of Chapter 11 petitions and first day motions - Filed 10/12/2020, Document 79, pages 19 and 20:
You can charter a lot of flights for $68m and not have all of the costs to hangar and maintain or lose $24m in two years. I think McAllister can figure that out. Requires a lot of ego to justify.
Bouchard Air Hangar 41 Republic Airport E. Farmingdale on Long Island. Two full time pilots, stewardess maintenance crew and hangar manager. Really nice service and a great way to get to NOLA or Houston in a hurry.
let’s bring up a new question here. BTC has been sidelined from their market for some time now and the oil has moved just fine without them. Even if they get their DOC back and the USCG allows their vessels to work, why are their former clients even going to want to discuss coming back and hiring their vessels?
Yea but a lot of executive travel has moved to chartering executive jets. Less people own themselves unless there really is a need to use it all the time.
Not to mention many of the major transportation companies are starting to tie boats up. Question is, does BTC come in and underbid everyone for the remaining bit of oil that needs transport?