Motorola’s growing fleet…

June 16, 2009

At a time when many companies are under pressure to scale back their use of the corporate jet, and some companies are actively selling their jets, Motorola (MOT) doesn’t seem to have gotten the message. Though we missed this in the 10-Q that the company filed last month, we picked up a reference to the new planes in a filing last week.

Back in May, Motorola entered into new agreements with co-Chief Executives Gregory Brown and Sanjay Jha (see here and here) that provide the two executives with access to the company’s four aircraft under a time-sharing agreement. Just to be clear, time-sharing agreements typically enable the executive to use the aircraft for personal use at a fraction of the actual cost. There’s some basic details about these sorts of agreements here.

But here’s where it starts to get interesting. The last time that Motorola listed its fleet was back in this exhibit to its 2004 10-K. Back then, Motorola listed 6 Cessna Citations and one Gulfstream IV. But sometime between that filing and the more recent one, Motorola upgraded. Not only did it add another GIV, but it now also has a GV and a Dassault Falconjet too. There’s a picture of Motorola’s GV on this site, which appears to be part of Gulfstream. Unfortunately for Motorola’s shareholders, the same can’t be said about the stock during the same time frame.

One more thing about corporate jets that I learned on Twitter yesterday. The folks behind the No Plane No Gain website, which advocates for corporate jet usage as a way to spur the economy and improve productivity are offering free lapel pins to anyone who sends an email here. Be sure to tell them that footnoted.org sent you!

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