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Founder Of Copter Flight Academy Named To Economic Advisory Board

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By TED JACKOVICS, The Tampa Tribune

Published: February 6, 2008

TAMPA - Jerry Airola, founder and chief executive of the Las Vegas-based helicopter flight school that closed four academies in Florida and 29 others nationwide on Sunday, was appointed to a Nevada economic advisory group days before his company filed Monday for Chapter 7 bankruptcy protection.

The Nevada Economic Development Advisory Board, a council of business people and elected officials, announced Airola's appointment Jan. 25. That was the day after Silver State Helicopters held a seminar at its Lakeland academy, which promised an opportunity for attendees to learn about a career as a helicopter pilot.

The sudden, no-notice closure of the flight academies was a surprise from the fast-growing company and its founder, who is prominent in Nevada political circles. The closing raised questions among students concerned over their unfulfilled tuition investments of about $70,000 each. "When did Airola know this was happening?" Kevin Ramsey, a Simi Valley, Calif., resident and student at Silver State's Camarillo, Calif., academy, asked Tuesday. He read an online report from The Tampa Tribune on the company's closing.

Chapter 7 in U.S. bankruptcy court leads to the dissolution of a corporation and sale of its assets.

According to the company's bankruptcy filing:

•Silver State Helicopters cited liabilities of between $10,000,001 to $50 million, and between 5,001 to 10,000 creditors. It cited assets of less than $50,000 or less.

•The Florida Department of Revenue was listed as one of the 20 largest creditors. But the bankruptcy filing did not disclose how much the state is owed, and a department spokeswoman said Tuesday that the law precludes her from revealing the figure if it's not listed.

The Las Vegas firm representing Silver State in its bankruptcy filing, Schwartzer & McPherson, referred inquiries to a Las Vegas media relations company, which had not responded by late Tuesday.

Reporter Ted Jackovics can be reached at tjackovics@tampatrib.com or (813) 259-7817.

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