"if this altimeter gets into the yellow range here and we don't have a parachute open, pull this thing right here no matter what"
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That's actually pretty cool that your instructor told you that. I saw a talk show that had this guy who did a tandem and his tandem instructor had a heart attack and passed out - and luckily this man had a clue how to land them.....he was on the show talking about it - he said he just "reacted" -- but I mean, that's not normally something tandem folks tell passengers (I've never heard it) - so I think that is awesome that they told you that....cover all bases I always say