Jan. 11, 2002
West Coast Airlines flew high with dreams of connecting several Northern California cities with Las Vegas, Reno and San Diego. But after raising more than $1 million, the Concord-based company crashed into bankruptcy court.
While the terrorist actions of Sept. 11 played a factor in West Coast's failure to gain altitude, said President and CEO Ray Sherwood, the company never secured an airport from which to fly and it never acquired or leased a plane. In fact, it claims in a court filing that its former chairman received $125,000 in improper commissions over the past two years.
West Coast filed for bankruptcy Dec. 7 with $175 in a checking account, $80 in savings and $10 cash on hand.
Showing posts with label Transportation. Show all posts
Showing posts with label Transportation. Show all posts
Friday, October 09, 2009
Unfriendly skies cast shadow on SFO
Aug. 23, 2002
Airline bankruptcies and cuts in service threaten to cost San Francisco International Airport millions of dollars in landing fees and rents.
Airport officials and bond agencies — which earlier this year cut the airport's credit rating — are watching the situation closely. They say SFO's fiscal safeguards, cost-cutting and status as an international travel gateway should mitigate financial turbulence in the short term.
Yet financial documents show the airport already has creatively shuffled some funds to meet its bond repayments — using a common airport fiscal technique that costs more over the long haul.
Airline bankruptcies and cuts in service threaten to cost San Francisco International Airport millions of dollars in landing fees and rents.
Airport officials and bond agencies — which earlier this year cut the airport's credit rating — are watching the situation closely. They say SFO's fiscal safeguards, cost-cutting and status as an international travel gateway should mitigate financial turbulence in the short term.
Yet financial documents show the airport already has creatively shuffled some funds to meet its bond repayments — using a common airport fiscal technique that costs more over the long haul.
Wednesday, April 26, 2006
Cabbies gripe: No fare!
June 22, 2001
Joe Fazeli cruises in his Yellow Cab through the streets of San Francisco, looking for fares in places he shied away from a year ago, taking passengers places he wouldn't have gone, and making less money in the process.
"In the late '80s, there were problems with the bad economy, but we had like 800 cabs. Now we have over 1,300. I cannot make a living," Fazeli says, camped inside his cab late one afternoon in front of the Bank of America building on California Street.
"I work eight to 10 hours a day for maybe $6 an hour."
It's a common complaint among cabbies as the dot-com-fueled economy sputters. The boom put the pedal to taxi demand, and the subsequent bust continues to siphon off ridership. And if plans for an additional 500 city taxis are approved -- a measure given a tentative green light late last year -- cabbies worry that supply will speed past demand and kill their livelihood.
Joe Fazeli cruises in his Yellow Cab through the streets of San Francisco, looking for fares in places he shied away from a year ago, taking passengers places he wouldn't have gone, and making less money in the process.
"In the late '80s, there were problems with the bad economy, but we had like 800 cabs. Now we have over 1,300. I cannot make a living," Fazeli says, camped inside his cab late one afternoon in front of the Bank of America building on California Street.
"I work eight to 10 hours a day for maybe $6 an hour."
It's a common complaint among cabbies as the dot-com-fueled economy sputters. The boom put the pedal to taxi demand, and the subsequent bust continues to siphon off ridership. And if plans for an additional 500 city taxis are approved -- a measure given a tentative green light late last year -- cabbies worry that supply will speed past demand and kill their livelihood.
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