Tue, Mar 18, 2008
IPO Is A No-Go For POGO
Blame it on the market. Given
Monday's announcement of a bargain-basement bailout of
investment firm Bear Stearns by JPMorgan Chase, and continued
unrest within the world's financial markets stemming from fiscal
crises in the United States... now's probably not the best time for
air taxi provider POGO Jet to try to seek public investment
"POGO Jet, Inc. announced today that it has postponed the
initial public offering of common shares of the company due to
current market conditions," said the company in a release to ANN
POGO is in the development stages towards launching service as a
private jet operator. The company hopes to launch air taxi and
charter service in the second quarter of 2009, utilizing a fleet of
Eclipse 500 VLJs.
Led by former AMR Corp. Chairman and CEO Robert Crandall, POGO
recently added two industry heavyweights to its board of directors:
former Federal Express president Theodore L. Weise, and Carol B.
Hallett, former head of the Air Transport Association.
"Ted and Carol are respected leaders and international
authorities on matters of air transport, logistics, trade and
security," Crandall said upon their appointments in February. "They
are ideal additions to our board, and their industry knowledge and
business insight will be invaluable as we accelerate toward the
launch of air service in 2009."
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