IS RAA filing Bankruptcy????

M3toocool

M3toocool

New Member
i heard a rumor that Raa is filing bankrupcy if this happens what will everyone do at the school. Will they still operate for a year to make up the loss or will they close the doors and leave the students in the rear? anyone know what could happen if this does happen and what i should do?
thanks....
 
Close the school and leave the students in the rear.

They are a for profit business further evidenced by having student pay ridiculous amounts of money for a type rating. You think that they care about the students. They got their money.
 
thanks but what about the money thats on an account do we get that back or is it in hold till trials? and what school is dca.
i just hope they dont close the doors cuase they do have a good thing going so far i think.
 
Depends on what type of bankruptcy is filed. If it's Ch.11 the school should continue to operate, but if it's Ch.13, the doors will close and it's a 50/50 chance ongetting your money back. ATA and TAB, both schools in FL, closed there doors and no one got there money back. Look for the thread archive and read the "get you money back from ATA" and "get your money back from TAB"
DCA is Delta Connection Academy
 
One of my best friends (and a few guys here on JC) were at ATA when they shut down. I don't even think they filed for bankruptcy when they closed. Just shut it down and disappeared. If it's CH 11, like was said, they CAN continue to operate. However, if they file, I'm betting on a CH13 filing. If that's the case, you'll be in line behind the rest of the creditors, just like the TAB and ATA guys were when their schools pulled this stunt.

IMO, no student should have to pay all the money up front for their training. It takes the financial control out of your hands and leaves you at the mercy of the school. A student should always have the option of pulling his money and taking his business elsewhere without having to jump through a three ring circus full of hoops to do so.
 
At the other forum, someone mentioned a couple weeks ago that it looked like RAA was done for. I mentioned that I was quite pleased.

I hope folks don't lose any money if they do shut down but outfits like RAA, and what they are pushing for with a RJ type at 300 hours, won't be missed by me.

If it's true, it's right up there with ATA and Tab Express going away. When are people going to wake up?
 
My Advice, withdraw and get your money out of there A.S.A.P!!!! Then go over to Falcon Flight Sanford at SFB or ATP in Daytona or JAX. Do Not wait until the last minute, unless your into Vaseline, probaly in this case, they wouldn't use it anyway.

If you go to Falcon, the owner over there is super cool. I think his name is Vic.
 
Will someone please tell me why people are stupid enough to pay everything up front? I need to open a flight school in FL, once I get enough deposits I can buy a beach house and file ch 13.
 
FatBastard said:
My Advice, withdraw and get your money out of there A.S.A.P!!!! Then go over to Falcon Flight Sanford at SFB or ATP in Daytona or JAX. Do Not wait until the last minute, unless your into Vaseline, probaly in this case, they wouldn't use it anyway.

If you go to Falcon, the owner over there is super cool. I think his name is Vic.
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I thought RAA was only here in Phoenix. Didn't know that they were ripping people off in two states!!!
 
ananoman said:
Will someone please tell me why people are stupid enough to pay everything up front? I need to open a flight school in FL, once I get enough deposits I can buy a beach house and file ch 13.
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I think it has a lot to do with pressure tactics and being under informed, I am reluctant to use the term naïve.

I visited several organizations in my search for the school or academy I would attend to finish my commercial and instruct. All of them were quick to explain the process in which I would deposit funds with them in my “account,” and all instructional expenses would be deducted from the said account.


I also explained to each of them that in the event I attended their institution I would fund my account as and when necessary, and that I not have anymore money in my account then required for projected cost of the training to be conducted in the coming two weeks at a time.


While I did get some looks of shock and disbelieve, I didn’t have anybody tell me that it would be a problem.


One school did (have the balls) to question why I would like to do it in such a way, explaining to me that they kept monies on account for my convenience. I thanked them for trying to make my life easier :rolleyes: but I explained that it would be necessary.

However, I can see how if I didn’t already have my mind made up about that issue how easy it would have been to feel pressured into depositing a large sum of money up front.
 
uh yeah...what they said!!

If you even think they're gonna file for bankrupcy or anything of the sort.. take your money and run far far away....

keep in mind that if they're saying it's your convience they have in mind when keeping all your money in their account.. but i betcha somehow/somewhere they're banking in some interest with it and you probably don't even get a piece of that pie!
 
X-Forces said:
I think it has a lot to do with pressure tactics and being under informed, I am reluctant to use the term naïve.

I visited several organizations in my search for the school or academy I would attend to finish my commercial and instruct. All of them were quick to explain the process in which I would deposit funds with them in my “account,” and all instructional expenses would be deducted from the said account.


I also explained to each of them that in the event I attended their institution I would fund my account as and when necessary, and that I not have anymore money in my account then required for projected cost of the training to be conducted in the coming two weeks at a time.


While I did get some looks of shock and disbelieve, I didn’t have anybody tell me that it would be a problem.


One school did (have the balls) to question why I would like to do it in such a way, explaining to me that they kept monies on account for my convenience. I thanked them for trying to make my life easier :rolleyes: but I explained that it would be necessary.

However, I can see how if I didn’t already have my mind made up about that issue how easy it would have been to feel pressured into depositing a large sum of money up front.
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That's why I'm not a real big fan of schools that use Sallie Mae. Sallie Mae doesn't send the check to you,but send the check to the school.

While Keybank which has been screwed over many of times with academies closing send the check to you and not the school.
 
Maximillian_Jenius said:
That's why I'm not a real big fan of schools that use Sallie Mae. Sallie Mae doesn't send the check to you,but send the check to the school.

While Keybank which has been screwed over many of times with academies closing send the check to you and not the school.
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And let's just say that my explanation of what happened at that one school was the "lite" version. The full version is a bit more jaw dropping, but just suffice to say that as good as the institution was, after hearing their song and dance I gave them no further consideration, just based on their administration.


They basically talked themselves out of a possible enrollee!
 
ananoman said:
Will someone please tell me why people are stupid enough to pay everything up front? I need to open a flight school in FL, once I get enough deposits I can buy a beach house and file ch 13.
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Because they are naive, glossy eyed kids, coming out of schools and drink the kool-aid faster than you can keep the cup full.

I hate to see people get burned, and certainly do not want to see anyone lose money in this . . . BUT. . . perhaps this will open some eyes and force people to realize that this is a very significant investment that must be monitored with a VERY fine tooth comb.

Max, where did you read that SLM gives the money of your loan directly to the school? Is this dependent on the individual school and how they are set up with SLM? Or are some different?
 
surreal1221 said:
Max, where did you read that SLM gives the money of your loan directly to the school? Is this dependent on the individual school and how they are set up with SLM? Or are some different?
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Every school that I have talked to who uses SLM has it set up that way. SLM sends them the money directly and then they can either give you the living expense money back at one time or on a month to month basis.

That last part depends on the indivdual school however.
 
surreal1221 said:
Because they are naive, glossy eyed kids, coming out of schools and drink the kool-aid faster than you can keep the cup full.

I hate to see people get burned, and certainly do not want to see anyone lose money in this . . . BUT. . . perhaps this will open some eyes and force people to realize that this is a very significant investment that must be monitored with a VERY fine tooth comb.

Max, where did you read that SLM gives the money of your loan directly to the school? Is this dependent on the individual school and how they are set up with SLM? Or are some different?
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Thats the way SLM does things.
 
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