Over the weekend, IRG stripped out the five diesel back-up generators at the former UPS/Emery Air Freight building at Dayton International Airport. Each of these kilowatt generators new were about $1 million. None had much use on them. On the used market, IRG probably cleared close to $3 million- right to their pockets.
They also have allowed a metal scrapping company access. The stainless steel fuel farm is disappearing, being turned into scrap- for cash.
All of this is happening on our airport grounds, within the fence, without FAA or TSA security. Before they were supposed to do any of this, IRG was supposed to re-route the fence so that the building wasn’t part of the airport grounds anymore- they didn’t.
Of course, there is still the issue of if the FAA has approved this change of use for the building, because now, it’s highly unlikely that any aviation uses will be possible.
Of course, in three years, IRG will hand back the now worthless skeleton of a multimillion dollar building to the city and say- “no one was interested in it.” IRG will walk off with probably $10 million plus (including the $3.5 million we GAVE them when we handed over the building). All this, from a building that had a guaranteed lease and income through the year 2019 with UPS- a very solid company.
It’s ok, because this is only one example of your assets being devalued. I have a whole other story waiting to share, about the new airport director and his marketing genius that has lost the airport several hundred thousand in revenue in what can only be described as an attempt to put small local independent businesses out of business.
But, that’s how we fly in Dayton Ohio these days- vulture capitalism at its best.