Monday, October 22, 2007

Tell us how you really feel, Steven Syre

Any columnist that starts with a question like "Can a turkey fly?" has my attention. And Steve Syre of the Boston Globe keeps slinging the 'tude on Pogo Jet (potential DayJet near-competitor) and its IPO from there.

Pogo Jets exists in Chicopee but doesn't have any real operations to speak of so far. It is a developing business that should be seeking venture capital investors instead of public stockholders right now.

The comapny, which looks to fly in early 2009 or so using Eclipse 500's in a per aircraft rental with "finely appointed leather interiors" has an updated website at FlyPogo.com

{Scab (ed)} /Analyst Vaughn Cordle of the consulting firm AirlineForecasts has looked over Pogo plans and doesn't like what he saw. "It's a bust of a business idea," he says.

Cordle can tick off a list of problems with the Pogo plan: bad economics, aircraft reliability questions, and lack of an existing service center. He ranks Pogo atop several companies exploring similar strategies, but only because of Crandall's experience and reputation.


But back to Steve.....


The Eclipse 500 jet seats five, and Pogo plans to use two pilots on every flight, leaving room for three passengers. Scott McCartney tested three very light jets for the Wall Street Journal last fall and described the Eclipse 500 like a sports car, very nimble but cramped.

The jet's interior has 20 percent less space than a Honda Odyssey minivan's. If you end up in the third passenger seat, "it will remind you of sitting on a floor cushion at a Japanese restaurant," McCartney wrote. Oh, and this: There's no bathroom on the plane.

Pogo Jet is an idea still too far ahead of its time for commercial success. But it can offer investors the chance to throw their money out a window from an exceptionally great height.


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