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.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].
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.
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.
