PHARMAIR CORP

Hi  stcks. Good link. Maybe he's up there visiting Notre Dame.    In addition to my post last March, (BELOW) take a close look at the standard photo of Dr. Frost at his desk and the knicknacks. I think you'll see something of interest.   I was at an annual meeting of Ivax when this was brought up by some irate shareholder.  lol.  My take is let him have his toys. There would be no Ivax, Opko, etc. without Frost.  It's important that he and his lieutenants sneak around the globe. (you may have cut down on the "sneaking part",   I recall getting all charged up when a friend of mine- who is also a good friend of the wife of the CEO of a Frost company- told me the husband was headed to China. The business world is even smaller than the regular world. Need that jet. Why anyone would voluntarily go to Indianapolis is beyond me. Maybe Arch (below) is on to something or maybe the plane gets serviced there. Maybe we'll find out.  Best,  Miami


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Mar 27, 2017 at 8:19pm
ReplyQuoteEditlikePost Options Post by miamianne67 on Mar 27, 2017 at 8:19pm
I do believe that at the time this was a tempest in a teapot........Miami

INDUSTRY NEWSTRAVEL
Top executives enjoy high-flying success
Sep 9, 2002, 12:00am EDT
Updated Sep 9, 2002, 12:00am EDT
John T. Fakler
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Whether it is for pleasure or profit, chief executives in South Florida love their toys.

While former Tyco kingpin Dennis Kozlowski played with a collection of exotic boats, two other local top guns took their passions airborne.


Former Precision Response Corp. CEO Mark Gordon recently gave up steerage of his Plantation customer service center to charter corporate jets for a living. Philip Frost hasn't retired as head of Ivax, but the company (Amex: IVX) is paying about $2.6 million a year for use of his jet.

Corporate use of private jets grew after Sept. 11, but fractional ownership programs took off four years ago.

That is when Warren Buffet's Berkshire Hathway bought NetJets, the firm that originated the fractional concept, for $725 million and became a major backer of the company now known as Executive Jet. Fractional ownership was conceived for those firms that need some business jet transportation, but for whom neither charters nor ownership of a complete airplane fulfilled their needs.

Fractional jet ownership and leasing will become the dominant form of ownership of business jets by companies or individuals, according to aviation trade group Bailey & Partners.

Frost's jet in SEC filing
The Ivax fee arrangement, which allows for future multimillion-dollar annual payments to PharmAir Corp., was disclosed in a recent SEC filing. Aircraft industry sources put the current market value of a DC-9 between $2 million and $5 million, depending on usage.

The Florida Division of Corporations lists Frost as PharmAir's sole officer and director. Its principal address is the same address as Ivax, where Frost serves as chairman and CEO.

At least one PharmAir DC-9 jet operates at Fort Lauderdale-Hollywood International Airport, where the company has a leasehold.

"They don't make them [DC-9s] anymore," said Boeing Capital Corp. broker Russ Young, noting that the planes were built between 1965 and 1982. "They just keep improving on the original."

The planes are fully depreciated, Young added. Interior, maintenance, inspection, insurance, fuel and flight crew costs could make Ivax's $2.6 million in payments a real steal � or an expensive proposition � depending on whether the plane was purchased in good shape, he said.

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Ivax communications director Howard Goldman declined comment about how Ivax uses the jet, or if it is rented out to other companies. He confirmed Frost is the beneficial owner of PharmAir.

IVAX's one-paragraph note in the filing does not specify if the price paid for the jet is fair market value or give details on the arrangement.

But Miami shareholder advocate Gunther Karger questions whether the $2 million paid by Ivax is inclusive of crew, maintenance, fuel and operational costs � a comparison he terms "wet vs. dry."

"It's these deals � related party deals � which lead to a lot of questions and problems and now, finally, mistrust," he said. "If Ivax really needs a corporate jet, it would be better placed to lease one from a straight outside leasing company and not from the founder and chairman."

Ivax is one of 12 publicly traded firms in South Florida with revenues of at least $1.2 billion whose certified financial statements were recently requested by the SEC and Congress.

New career takes off
Miami marketing executive Peter Nasca, who represents Presidential Aviation in Fort Lauderdale, says his client, Mark Gordon, former chairman and CEO of Precision Response, is "fastidious about his planes."

Precision Response, which went public in 1996 and was sold in 2000 to USA Interactive (Nasdaq: USAI), is now an operating unit of the New York-based company.

Gordon purchased his first jet, used it for personal and company business, then successfully rented it out.

"In 1996 I bought a Learjet and used it personally," he said. "There were a lot of demands on my time [at Precision] to be in a lot of places, and I found it difficult to meet the demands of the travel schedule. I found that using private aircraft allowed me to do that."

His pilot suggested chartering the jet out to help with the cost, he said.

Gordon quickly fattened his stable of planes to include two Gulfstreams and two Learjets after an overwhelming demand for charter travel almost grounded him. Rentals for Learjets can run as high as $1,800 an hour, while Gulfstreams cost upwards of $4,000 an hour, he noted. Presidential Aviation bases its planes at Executive Airport in Fort Lauderdale.

"I couldn't get out of my airplane," Gordon said, looking back to when he started the charter. "There was too much business."

Gordon did an analysis of the industry and made a commitment for a larger Gulfstream that had cabin capacity for 15 passengers � seven more than a Learjet. "From the moment we put it into service, we couldn't keep it on the ground," he said.

After buying the second Gulfstream, his latest plane, which he purchased to help with the load of corporate and high-net worth individual business, the economy took a hit. Everyone began cutting back. Corporations pulled back on spending, especially travel costs.

"Then Sept.11 came along and that changed the whole dynamics of private charter," he said. "We have continued to get busier and busier. First corporations came back, and then high net worth. That envelope is opened now. More people are taking advantage of private charter."

Groups of eight or more will find the cost of charter travel comparable to flying first class on a big jet, he said. What they won't get are security hassles, long lines and rude service. Still, the FAA is requiring tighter security checks for private charters in light of the terrorist attacks, Gordon said.

However, both PharmAir and Presidential have plenty of competition. In South Florida, there are about 110 charter operators, according to Ray Jicha, availability coordinator with Air Charter Guide in Cambridge, Mass.

"It's not a high margin business," Nasca said of the corporate charter business, though he said he has seen an uptick from concerned firms since Sept.11. He cited service contracts and general maintenance as prohibitive expenses.

In the week following the terrorist attacks, charter trips tripled at Miami Executive Aviation and Fort Lauderdale Executive Airport, Presidential noted on its Web site. It estimates the company saw a 25-percent increase in business and a 50-percent increase in inquires.

However, statistics vary widely, Gordon said. Fleet size and fractional-owned entities factor into how many charter trips are reported. The more planes a company has, the more trips it will take.

Gordon said there is a niche market for larger charter planes like the one used by PharmAir to transport large groups of workers. But the trend is constructing jets smaller than the Learjet that are fuel-efficient and contain newer technology.

"The Boeing business jet � a converted 737 � was a specialized plane, the ultimate in private or business travel," Gordon said. "They're converted to a corporate interior. The larger aircraft have been utilized because there are companies that want to move 17 or 25 people � you can't put them in a first class cabin in a commercial liner. There is a conference where you need to move 20 people, and you're there."

Still, he does not see companies spending wildly on corporate travel anymore. The firms that had aircraft have already disposed of their aircraft, he said.

"That opens a market to move corporate individuals around," he said, noting that companies have become "skittish" and are "watching every penny." "We are expecting that as the economy strengthens. I'm not so sure that corporate America will rush out and buy $30 million or $40 million airplanes again."

E-mail Corporations Writer John T. Fakler at jfakler@bizjournals.com.

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I noticed that Dora S. Rubin is an officer of Pharmair and while killing time looked to see if she is related to Steve Rubin. I found this. Very nice photo, too. Maybe one day OPK will be looking into this disease....      For some reason photo not transferring. Very attractive couple. Scroll to bottom.    Miami


steve-and-dora-photo
Steve and Dora Rubin.
SOUTH FLORIDA - (September 19, 2012) It was 15 years ago when Dora Rubin was diagnosed with ulcerative colitis. She knew right away that as soon as she was well enoughshe wanted to do something to prevent this disease from affecting others, a disease that had already touched a number of her friends and loved ones. Dora and her husband, Steve, became involved with the Crohn’s and Colitis Foundation of America’s local chapter and worked tirelessly to support their events, outreach, and fundraising goals.

“These diseases are ones that people know by name but really do not know much about,” said Dora Rubin. “My goal is, and was from the start, to help create awareness for these digestive diseases and to help raise monies to find a cure.”

Today, the Crohn’s & Colitis Foundation of America has recognized the incredible support the Rubin’s have dedicated to the organization and are proud to name them the recipients of the Hope Award at this year’s An Evening of Hope. “The Hope Award is given each year to an individual or family who gives hope and inspiration to those suffering from Crohn’s and colitis,” said Amy Gray, executive director of the Crohn’s & Colitis Foundation of America’s Florida Chapter. “The Rubin’s have provided incredible support to our organization through their efforts over the years. This recognition is our way of saying thank you for their steadfast dedication to our mission and tireless efforts to help find a cure .”

In addition to Dora sitting on the Florida Chapter Board of Trustees, the Rubin’s have played a key role in the efforts of the CCFA’s Keymorada Invitational Fishing Tournament, and other events in South Florida.

Steve Rubin is the executive vice president and a director of OPKO Health, Inc., a multi-national biopharmaceutical and diagnostics company. Dora Rubin has served as Associate General Counsel of IVAX Corporation for six years and prior to that she was a partner in the Corporate Department of Stearns Weaver Miller, et. al.

Iceman, Yes and photo doesn't transfer so I moved relevant portions to post. Still no photo. Should have started a thread: All In the Family (The Rubin Family) I think it's OK to do so. Miami

I just stumbled on this and it seems appropriate to post here:

HERE

Technology Revolution That’s Driving Growth in Medical Diagnostics and Investment Portfolios

Miami