Tuesday, February 05, 2008

Adam Aircraft Ain't Sayin 'Nuttin" About Rescue Refinancing

One of the key tenants at the Ogden Airport still won't disclose whether they're broke or not

Adam Aircraft is once again front page news in the Standard-Examiner business section this afternoon,(strangely enough) with a fine Scott Schwebke story, neatly summarizing the current situation with the financially-plagued Ogden Airport airplane manufacturer. Even more strangely however, the major news of the day is that there is no news on the results of Adam's eleventh hour efforts to obtain $30.5 milllion in new operating capital by the end of January. The Std-Ex headline says all: "Adam Aircraft mum on quest for cash." Here's today's story lead:

OGDEN — Adam Aircraft Industries plans to disclose later this week its progress in raising $30.5 million to keep the company operational.

Shelly Simi, a spokeswoman for Adam, declined Monday to say whether the company had met its self-imposed deadline for obtaining the funding by the end of January.
Our take on this? Adam officials would be crowing now, if they'd successfully obtained the new financing. The plain fact that they're NOT doing that doesn't bode well [sigh].

We'll also remind our readers that Ace Reporter Schwebke doesn't tell us whether he obtained this information by actually interviewing Ms. Simi, or whether he googled (at long last) and got his info from one of the several articles on the net like this. Gawd knows the Std-Ex is loathe to admit that it ever lifted an element of story from lowly WCF.

Interestingly, our favorite Std-Ex Ace Reporter finally tangentially mentions that the founder and heretofore CEO of Adam Aircraft mysteriously left Adam in August, just as we reported earlier here.

As an added bonus for today we link this article from USA Today, published a little less than a year ago, touting the founder an then CEO Rick Adam. Here is that article's information on the company founder (article loads slowly). Hard to believe a smart guy with such a track record of building succesful companies might have been forced out by the Adam Board of Directors for a lack of business acumen, as some on WCF have suggested.

We're still wondering how it could be that the company founder, who led the company from its founding in 1998, could have fled his company in August 2007.

As to Ace Reporter Schwebke's latest article we'll also say this: Last week, gentle reader Curmudgeon suggested thusly (paraphrasing): "The Adam Aircraft story belongs on the "business page."

And lo and behold; there it is today! Kudos the the Std-Ex for finally taking WCF advice; and congratulations to Ace Reporter Schwebke for morphing into a Std-Ex business page contributor.

We're always here to help.


obama gets my vote said...

Mrs. Michelle Obama met with two apostles of The Church of Jesus Christ of Latter-day Saints today shortly after a campaign stop in Salt Lake City on behalf of her husband, Senator Barack Obama.

Mrs. Obama met with Elder M. Russell Ballard and Elder Quentin L. Cook, of the Twelve Apostles.

Although the Church is neutral in party politics, it is common for political and government leaders to pay brief calls on Church leadership. The half-hour meeting focused mostly on family values.

Bonnie Lee said...

Did they "Gladys Knight" her?

Otto said...

"Although the Church is neutral in party politics..."

Sorry, ogmv...

Hate to break it to ya, but Michelle met yesterday with the American Taliban.

Former CAD Designer said...

Of Course, AAI wouldn't be saying anything because they haven't gotten the full amount that they are looking for.

I used to work at the Englewood location, and they had spend on way too much stuff that they aren't quite ready for yet. It had led me to wonder if all this excessive spending is a good thing. But then our "trusted", upper management screwed a lot of people who had put heart and soul in making a great prodcut.

You know the saying, "Don't get the cart first, before getting the horse." They sure spend a lot of money on carts, but no horses to run them.


otto: or COWARD

May the Lord Jesus Christ have mercy on your soul..

You ought to be ashamed of yourself.

DEMOCRAT said...

WASHINGTON - A former REPUBLICAN U.S. congressman and delegate to the United Nations was indicted Wednesday, accused of being part of a terrorist fundraising ring that allegedly sent more than $130,000 to an al-Qaida and Taliban supporter who has threatened U.S. and international troops in Afghanistan.

The former Republican congressman from Michigan, Mark Deli Siljander [R], was charged with money laundering, conspiracy and obstructing justice for allegedly lying about lobbying senators on behalf of an Islamic charity that authorities said was secretly sending funds to terrorists.

mitt romney denies his faith said...

Republican U.S. presidential hopeful and former Massachusetts Governor Mitt Romney speaks as he is interviewed during a taping of 'Meet the Press' at the NBC studios December 16, 2007 in Washington, DC. Romney spoke on his campaign for the 2008 presidential elections. (Alex Wong, Getty Images for Meet the Press)
SALT LAKE CITY (ABC 4 News) - A comment by presidential hopeful Mitt Romney is raising some eyebrows here in Utah.

Romney was asked about God and,in essence, whether God speaks to him or to LDS Church leaders.

This interview between Romney and a Boston TV station aired in early December.

His comments about the LDS Church didn't cause too much of a ripple back east.

But here in Utah, they seem to raise questions about his view of how the LDS Church was founded.

In a lengthy interview with one of Boston's most prominent journalists, Mitt Romney was asked the following:

"Should God speak to you and ask you to do something that might be in conflict with your duties as president or should he speak to your Prophet who would speak to you - how would you make that decision, how would you handle that?”

To which Romney responded: “I don't recall God speaking to me. I don't know that he has spoken to anyone since Moses and the bush or perhaps some others."

But this answer appears to contradict one of the foundations of the LDS church.

In the Church's "First Vision," a young Joseph Smith is visited by God the Father and Jesus Christ.

Smith hears one of them say, “This is My Beloved Son. Hear Him!”

And if, as Romney suggests, that God hasn't spoken to anyone for thousands of years, then what happens to the LDS Church's belief in direct revelation from God to the Church's prophets?

Revelations such as the one in 1978 that blacks could hold the priesthood.

Contacted by ABC 4 News, Romney's campaign issued the following statement:

"Governor Romney is very proud of his faith and he endeavors to live by it.”

lower taxes said...

The Republican party has turned into a bunch of lying, cheating hypocrites.

Lionel said...


Here here now, quit being so blunt with the truth, we are in Utah after all. The truth in politics is not necessarily in style around these parts.

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