Re: Screwed by Airline Training Academy
I truly feel very sorry for all the students and everyone else screwed by ATA. But I have a question?
I don't know a whole lot about a business going under or filing for bankruptcy, but if there isn't any money, how can students get their money back? I suppose planes will be sold and everything else liquidated. With the money left after that, creditors will probably get dibs first. Then the students will get a fraction of what they are owed after the lawyers take their share too.
I wish that everyone would get their money back in full, but that is how corporations are formed, with other people's money. If they go under, all the people who invested in the company are out money. Essentially, the students were investers in the eyes of the company's owners. If a one flight school get you all your ratings at a third of the price, I am sure that they were using the money put upfront by the students for other means. I do feel bad for you guy and gals, stick in there and good luck.