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Instead, Mr. Kelly decided to invest in a fractional share of a private business jet.
"I want to be, but it's still cost effective" to have a fractional share in a private jet.
Fractional share owners grew by almost 1,000 -- to 5,827 -- in the period from 2001 to 2002 alone, according to the National Business Aviation Association.
"We're seeing people who own a fractional share and don't want to burn their miles on a trip between New York and Chicago, say," Mr. Pappas said.
And assuming you don't already have your own corporate or private jet, or at least a fractional share in one, it also pays to shop around.
For each common share of Spiros, shareholders would receive $13.25 in cash and one five-year warrant to buy a fractional share of Dura common stock at $17.94 a share.
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Cash will be paid in lieu of fractional shares.
Shareholders will receive cash in lieu of fractional shares, the company said.
The company said fractional shares of AOL will not be distributed.
In all about 90 residences and fractional shares are currently available for resale at the resort.
OWNERS of fractional shares in individual homes insist that a shared stake can be ideal for long-term ownership.
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