cited by the company include the weak US economy and the high price of fuel inhibiting sales. On 5 November 2008, the company announced it was halting all production and had laid off 229 of its 320 employees, due to an excess unsold inventory of aircraft as a result of the late-2000s recession. Virtually all the laid-off employees were on the production line. The company said all other operations would continue and all customer support and existing customer orders would be filled. In carrying out the layoffs, the company did not comply with the notification requirements of Texas law. In a statement Mooney said: In a third round of layoffs in December 2008, the company let go an additional 40 workers, leaving only about 50 employees at work. The company had 25 unsold aircraft at its factory in December 2008. 2010s In April 2010, after 18 months with no aircraft production, the backlog of unsold aircraft was cleared and the company announced it intended to resume aircraft production in the near future, subject to the market gaining "a little more momentum". On 19 November 2010, Mooney started a new round of layoffs, intending to reduce company staff from 53 to less than 10 employees by 1 January 2011. The remaining staff would be employed maintaining the company's physical facilities, its type and production certificates and providing parts and technical support to aircraft owners. The company continued negotiations with potential investors to allow production to resume. Company Chief Financial Officer Barry Hodkin stated, "We are not shutting down. However, we cannot continue to subsidize the company at the level we have in the recent past. We have been in discussions with potential investors for more than 18 months and will continue to work with them. If things change, then the scope of this layoff could change". By August 2013, the company was still not producing new aircraft, but continued to support the existing fleet with parts. The company indicated that a return to production of complete aircraft was contemplated, depending on new investment being found. On 8 October 2013, it was announced that the company had been purchased by Soaring America Corporation, a new California-based company headed by President Cheng Yuan (Jerry Chen) of Taiwan, for an undisclosed amount. Chen heads a group of Chinese investors that some reports indicate include the Meijing Group, a Chinese real-estate developer. Chen indicated his