IRG Vultures at work at Dayton Airport

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.

Another FAIL.

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.

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2 Responses

  1. Thomas June 5, 2012 / 1:36 pm
    Something similar, though on a smaller scale, has happened with another local business up on Dixie. An out-of-town “investor” took over a bar on a ‘Management Contract’ allegedly with the intent to purchase. Stopped making payments then, under the guise of “renovation” (as if any REAL business person under a simple contract would really spend that $$ before actually OWNING the property), stripped the place of all the freezers, coolers, liquor, furniture and fixtures… leaving the actual owner with nothing but an empty building. Practically unsellable now…

    It is becoming painfully obvious that so many “business leaders” are nothing of the kind. Their alleged goals so short-sighted and self-centered as to not be believed. You can see it at the top with the banking industry, it leaks into the elected officials and, as we all know, sh*t runs downhill. I believe it is high time to really push for some serious changes…

    Most of you have stopped reading by now, but I think a lot of blame can be placed squarely on Dayton’s “leadership.” Until THAT is changed, it will just continue to be one cluster-f*ck after another. There is no need for more “committees” or studies. Look at the Dayton Zombiewalk! Over a 1,000 participants gathered!! Money made by businesses – and no committee or funding from anyone to make it happen – why not put the folks who made THAT happen in charge!? Imagine what they could do with some authority behind them?

    Blame also goes out to building & business owners ready to just sell out to whomever comes along with money – with no looking at their qualifications or where that money is coming from to see how it is going to affect the Dayton community in the long term. WIth IRG (and that bar’s manager), they ripped off the owners, screw the whole city over – because I say that even ONE (1) business lost in this community hurts the WHOLE CITY. There are competent people ready to make things happen here, and the City and the foolish  people who follow its lead are ready to waste that talent and competence just to make themselves a few bucks.

    I laughed out loud when I read AJ Wagner’s statement that he “comes by politics honestly.” As if “politics” & “honesty” can really be used in the same sentence. Also humorous was his assertion that Dayton wants leadership with “a few years under its belt.” Yeah, right. That’s what it HAS been — and how’s that working for you? Businesses leaving left and right, property values plummeting, and all Dayton is now is the hub of the drug trade in the tri-state area. How about shuffling some of those old folks (and their old ideas) out and getting new blood in there and to work with some NEW ideas and the energy and gumption to get things done? 

    Brilliant or Bozo? Thumb up 0 Thumb down 0

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