Mark Huber is an aviation industry veteran who has worked in the flight training, aircraft sales, aircraft component, and airport development businesses. He has flight time in more than 50 different and diverse aircraft, including helicopters, aerobatic aircraft, vintage warbirds, jet fighters, business jets and turboprops, and transport-category aircraft. He has jumped out of several of these—on purpose—with a parachute. His defense and aviation journalism has been published in a variety of national and international periodicals.

Contributor

Mark Huber

Things went from bad to worse at Wheels Up, even as interim CEO Todd Smith <a href="https://www.ainonline.com/aviation-news/business-aviation/2023-05-09/wheels-stock-dives-financial-program-news">was assuring investors and the media</a> that the company was positioned for a rebound.&nbsp;After the stock shed an additional 21 percent on the day and markets closed, financial network CNBC reported that the company is consulting with bankruptcy advisers and that Warren Buffett, whose Berkshire Hathaway conglomerate owns NetJets, said he thought “there’s a good chance” that Wheels Up customers who prepaid for block hours “are going to be disappointed later on.”
Even as Wheels Up announced a first-quarter loss of $101 million, Wall Street eyebrows were further raised by the exit package crafted for outgoing CEO and founder Kenny Dichter. According to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) by the company on Tuesday, Dichter will&nbsp;receive his $80,000 monthly base salary for the next two years plus an immediate lump-sum payment of $3 million. He will also receive&nbsp;any additional bonus for 2023 on a pro-rata basis and 100 jet flight hours in Wheels Up aircraft&nbsp;and will remain in the company’s health plan. Stock options held by Dichter that would have otherwise become vested over the next 18 months will become vested and exercisable immediately.&nbsp;
On Monday, several law firms announced the launch of a class-action securities fraud suit on behalf of shareholders against Wheels Up based on its restatement of 2022 financial results earlier this year due to material weaknesses in its internal control over financial reporting.&nbsp;According to the firms, the “defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times,” generating shareholder losses.&nbsp;Wheels Up lost $555 million in 2022. Since its stock went public in July 2021, shares have lost more than 95 percent of their value.

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

Fresh Turbulence at Wheels Up 

Ex-CEO Kenny Dichter's generous exit package raises eyebrows.

2024 Corporate Aviation Leadership Summit

Charles Alcock

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

Europe-based group is adding a pair of Bombardier Global 8000 jets, plus a 6500

Middle East and Africa Fuel Comlux’s Charter Growth

Matt Thurber

News and issues about aviation maintenance, repair and overhaul (MRO), covering all segments of the aviation industry; and modifications for aircraft and engines. Subjects include product support of aircraft, engines and avionics, MRO company mergers, acquisitions, announcements and personnel, Airworthiness Directives, Supplemental Type Certificate approvals and other topics.

Lack of rental engines is a focus of the complaint

ATI Jet Lawsuit Alleges Hourly Service Plan Setbacks

The Hong Kong-based operator now has almost 50 business aircraft

China’s Sino Jet Expands Charter Fleet with Second G700

Jessica Reed

Program launches with HondaJet HA-420 and Bombardier Challenger 3500

Honda Aircraft Unit Backs Thrive Fractional Jet Program

Amy Wilder

Elite Jets, MaxAir keep names, add Priester co-brand

Priester Aviation Unifies Companies under One Brand

Program lets non-members compare pricing before booking

BlueSky Extends Pricing Access to Non-members

Hourly rates range from turboprops to VIP airliners

Paramount Business Jets Guide Details 2026 Charter Rates

Kerry Lynch

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

More In Charter & Fractional