Century Aerospace is restarting efforts to raise funds to develop its CA-100 small business jet after the sudden departure of its president.
Lawyer Thomas Wyckoff resigned after less than six months in the job. Century founder and chairman Bill Northrup says that Wyckoff "wanted to take the company in a direction with which I did not agree, and which was not going to work". It is understood that Wyckoff wanted to wrest control of the company from Northrup.
Preparations for a $10 million private offering, to fund the company through to first flight of the CA-100, had just been completed when Wyckoff left. Northrup says a new offer is needed. He has brought in someone else to help raise money - $50-60 million is needed - and hopes to name an experienced aerospace executive as president by the end of March.
Northrup says the dispute has "poisoned" Century's deal to move its operations from Albuquerque, New Mexico, to Alliance Airport in Fort Worth, Texas. The assembly site is likely to be determined by the new round of financing.
Source: Flight International
