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On April 5, the Lucentra Corporation’s CEO, Jack Cola, and Chairman, Chuck Waters, visited the Gulf Stream factory. They leased the Gulf Stream 650, the fastest civilian jet available. It is a $57 million jet, but the Lucentra Corporation will be leasing for 6 years at $13 million a year.
After the 6-year lease expires, the Gulf Stream finance corporation will allow Lucentra to purchase the jet at a discounted rate. The hours the jet has been in use will also determine how much the jet will cost at the end of those 6 years. However, Lucentra will likely purchase a new Gulf Stream jet to stay current with the changing times.
The Lucentra Corporation did not fund the jet; Waters purchased it. Cola and Waters will be taking a flight back to Philadelphia, where the jet will mainly be stationed. Lucentra has its own personal hanger at the Philadelphia International Airport in Pennsylvania. The jet was purchased so the CEO could gain a more profound knowledge of the corporation’s clients and activities.
Keeping this in mind, the jet will be available for other executives in the Lucentra Corporation, as well as outside of it. The jet is being inducted into the Lucentra aviation division, and executives from Go Daddy, Google, Chase Manhattan Bank, Wells Fargo and Bank of America will be able to use the jet at a discounted rate. By offering the jet to these other executives and keeping it in flight from 18 to 20 hours a day, Lucentra will be able to pay off the yearly fee, plus hanger costs.
Right now, the jet is only being offered to those five companies. Lucentra, as the primary lessee, has blocked out the dates the jet will be needed, but the other executives will be able to schedule accordingly. Other companies can apply to use the jet, but there is no rush to lease the jet to any other companies with the number of executives at those currently on the lease list. Nevertheless, a company can contact the Lucentra Corporation to find out the qualifications needed to take part in the Lucentra aviation division.
The Gulf Stream 650 will hold up to 12 people, including a crew of four. Michael Briggs and Dennis Mascarow from the Navy Top Gun organization will be piloting the jet for Lucentra. The company is unsure yet whether Briggs and Mascarow will be piloting for the other leasing executives. Further, Lucentra (lucentra.com) has increased the CEO’s pay cap to $1.25 million a month. A pay cap has been issued for all Lucentra executives.
Ms. Danielle Steffenhagen, Staff Writer Lucentra
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