Avocet ProJet
Encyclopedia
The Avocet ProJet was a Very Light Jet
(VLJ) introduced by Avocet Aircraft, a Westport, CT., based company founded by Carey Robinson Wolchok and Andrew Chao, two aviation industry private equity investors and entrepreneurs, and Israel Aircraft Industries
(IAI). The Avocet ProJet was officially launched in 2003 but early work on the program began in the late 1990s when Wolchok approached Al Schwimmer, the legendary founder of Israel Aircraft Industries with the idea of collaborating on a VLJ with IAI.
The ProJet was planned as a six-seat, twin-engine turbofan jet. Capable of takeoffs and landings in as little as 3,000 feet, it was intended to fly at an airspeed of 365 knots (420 mph) up to an altitude of 41,000 feet and a maximum cruising range of 1,200 nautical (1,375 statute) miles.
The ProJet had a long list of well-known supporters and investors, including football legend Joe Montana
, who was a member of Avocet's board of directors and one of the first customers of the ProJet.. Other Avocet board members included Jacob Frenkel, the former Bank of Israel Governor, Gil Amelio
, the Former Chairman and CEO of Apple Computer, General Amnon Shahak, the former Chief of Staff of the Israel Defense Forces and Israel's Minister of Transportation, and Joe Edwards, a former NASA Astronaut and the Chairman of the National Science Center. Avocet was headed by David Tait
, OBE, the former head of Virgin Atlantic Airways
, in the role of Chief Executive Officer, and Mark Biagetti, a senior executive from Pratt & Whitney and McDonnell Douglas, as Chief Operating Officer. Avocet's Israel operations were managed by Jordan Herzberg, a confidante of many Israel politicians with close connections to Israeli billionaire Lev Leviev and US casino magnate Sheldon Adelson, and Israel Corporation CEO Nir Gilad, who was also a member of Avocet's board.
The Company announced orders for more than 100 aircraft at the NBAA 2003 Annual Conference in Orlando, Florida, and expected first flight in 2005. Virgin Chairman Sir Richard Branson and Formula One Racing Entrepreneur Adrian Reynard provided early endorsements for the project, and Avocet executives even explored the concept of rebranding the aircraft the "VirginJet." with the Virgin Group.
While the concept of the jet started in the late 1990s when Wolchok began discussions with Al Schwimmer, the founder of Israel Aircraft Industries, and several IAI executives, by the time of its official launch in 2003, the ProJet was the third Very Light Jet announced in the aviation industry, after the Eclipse 500 and the Cessna Mustang. The ProJet's proposed price of approximately $2 million and direct operating costs projected to be less than $1.00 a mile, positioned the aircraft to be a direct competitor to the Eclipse 500
, which was priced at $1.75 million.
In 2005, the Avocet ProJet development project stalled after a poor corporate decision at Israel Aircraft Industries to seek additional partners for the program after underestimating the demand for the aircraft. Industry sources also cited concerns from IAI executives of potential product support problems which could arise that had plagued some of the earlier business jets manufactured by IAI. Rumors in the industry had Avocet and IAI collaborating with Raytheon Aircraft and Embraer
on the program, but by December 2005, the Avocet program was officially cancelled and the company returned deposits to position holders.
Shortly after the Avocet program was cancelled, Embraer
introduced its very light jet, the Phenom 100, an aircraft which had design and performance specifications almost identical to the Avocet ProJet, including an innovative oval cross section which had been pioneered at Israel Aircraft Industries on their early model business jets. The Emberaer Phenom 100 has become one of the most successful business jet launches in history, with an order book reported to be worth in excess of $3 billion.
While the program was a blow to IAI and Avocet, Avocet founder Carey Wolchok kept close ties with IAI, and went on to form the Perilune Group, a Manhattan based private investment partnership rumored to be one of the largest independent investors in mid-life commercial narrow and wide-body aircraft on lease to major airlines. In 2010, in honor of IAI founder Al Schwimmer, Wolchok collaborated with the world renowned sculptor Gregory Pototsky to create a sculpture of Al Schwimmer, in appreciation for the "inspiration, guidance, and friendship" of his mentor and his relationship with IAI. The sculpture is on permanent display at the IAI visitor center at the company's headquarters at Ben-Gurion International Airport.
Very Light Jet
A very light jet, entry-level jet or personal jet, previously known as a microjet, is a category of small jet aircraft approved for single-pilot operation, seating 4-8 people, with a maximum take-off weight of under...
(VLJ) introduced by Avocet Aircraft, a Westport, CT., based company founded by Carey Robinson Wolchok and Andrew Chao, two aviation industry private equity investors and entrepreneurs, and Israel Aircraft Industries
Israel Aircraft Industries
Israel Aerospace Industries or IAI is Israel's prime aerospace and aviation manufacturer, producing aerial systems for both military and civilian usage. It has 16,000 employees as of 2007...
(IAI). The Avocet ProJet was officially launched in 2003 but early work on the program began in the late 1990s when Wolchok approached Al Schwimmer, the legendary founder of Israel Aircraft Industries with the idea of collaborating on a VLJ with IAI.
The ProJet was planned as a six-seat, twin-engine turbofan jet. Capable of takeoffs and landings in as little as 3,000 feet, it was intended to fly at an airspeed of 365 knots (420 mph) up to an altitude of 41,000 feet and a maximum cruising range of 1,200 nautical (1,375 statute) miles.
The ProJet had a long list of well-known supporters and investors, including football legend Joe Montana
Joe Montana
Joseph Clifford "Joe" Montana, Jr. , nicknamed Joe Cool, Golden Joe, The Golden Great and Comeback Joe, is a retired American football player. Montana started his NFL career in 1979 with the San Francisco 49ers, where he played quarterback for the next 14 seasons...
, who was a member of Avocet's board of directors and one of the first customers of the ProJet.. Other Avocet board members included Jacob Frenkel, the former Bank of Israel Governor, Gil Amelio
Gil Amelio
Gilbert Frank Amelio is an American technology executive. He grew up in Miami, Florida and received a bachelor's degree, master's degree, and Ph.D. in physics from the Georgia Institute of Technology...
, the Former Chairman and CEO of Apple Computer, General Amnon Shahak, the former Chief of Staff of the Israel Defense Forces and Israel's Minister of Transportation, and Joe Edwards, a former NASA Astronaut and the Chairman of the National Science Center. Avocet was headed by David Tait
David M. Tait
David Martin Tait OBE is a Scottish-born commercial airline executive, brand/marketing consultant and syndicated travel columnist best known for his work as the architect of the Virgin Atlantic Airways business plan and the company’s first employee in North America...
, OBE, the former head of Virgin Atlantic Airways
Virgin Atlantic Airways
Virgin Atlantic Airways Limited is a British airline owned by Sir Richard Branson's Virgin Group and Singapore Airlines...
, in the role of Chief Executive Officer, and Mark Biagetti, a senior executive from Pratt & Whitney and McDonnell Douglas, as Chief Operating Officer. Avocet's Israel operations were managed by Jordan Herzberg, a confidante of many Israel politicians with close connections to Israeli billionaire Lev Leviev and US casino magnate Sheldon Adelson, and Israel Corporation CEO Nir Gilad, who was also a member of Avocet's board.
The Company announced orders for more than 100 aircraft at the NBAA 2003 Annual Conference in Orlando, Florida, and expected first flight in 2005. Virgin Chairman Sir Richard Branson and Formula One Racing Entrepreneur Adrian Reynard provided early endorsements for the project, and Avocet executives even explored the concept of rebranding the aircraft the "VirginJet." with the Virgin Group.
While the concept of the jet started in the late 1990s when Wolchok began discussions with Al Schwimmer, the founder of Israel Aircraft Industries, and several IAI executives, by the time of its official launch in 2003, the ProJet was the third Very Light Jet announced in the aviation industry, after the Eclipse 500 and the Cessna Mustang. The ProJet's proposed price of approximately $2 million and direct operating costs projected to be less than $1.00 a mile, positioned the aircraft to be a direct competitor to the Eclipse 500
Eclipse 500
The Eclipse 500 is a small six-seat business jet aircraft manufactured by Eclipse Aviation.Eclipse 500 became the first of a new class of Very Light Jet when it was delivered in late 2006...
, which was priced at $1.75 million.
In 2005, the Avocet ProJet development project stalled after a poor corporate decision at Israel Aircraft Industries to seek additional partners for the program after underestimating the demand for the aircraft. Industry sources also cited concerns from IAI executives of potential product support problems which could arise that had plagued some of the earlier business jets manufactured by IAI. Rumors in the industry had Avocet and IAI collaborating with Raytheon Aircraft and Embraer
Embraer
Embraer S.A. is a Brazilian aerospace conglomerate that produces commercial, military, and executive aircraft and provides aeronautical services....
on the program, but by December 2005, the Avocet program was officially cancelled and the company returned deposits to position holders.
Shortly after the Avocet program was cancelled, Embraer
Embraer
Embraer S.A. is a Brazilian aerospace conglomerate that produces commercial, military, and executive aircraft and provides aeronautical services....
introduced its very light jet, the Phenom 100, an aircraft which had design and performance specifications almost identical to the Avocet ProJet, including an innovative oval cross section which had been pioneered at Israel Aircraft Industries on their early model business jets. The Emberaer Phenom 100 has become one of the most successful business jet launches in history, with an order book reported to be worth in excess of $3 billion.
While the program was a blow to IAI and Avocet, Avocet founder Carey Wolchok kept close ties with IAI, and went on to form the Perilune Group, a Manhattan based private investment partnership rumored to be one of the largest independent investors in mid-life commercial narrow and wide-body aircraft on lease to major airlines. In 2010, in honor of IAI founder Al Schwimmer, Wolchok collaborated with the world renowned sculptor Gregory Pototsky to create a sculpture of Al Schwimmer, in appreciation for the "inspiration, guidance, and friendship" of his mentor and his relationship with IAI. The sculpture is on permanent display at the IAI visitor center at the company's headquarters at Ben-Gurion International Airport.