A VFR HS125 PILOT AND AN IFR CRJ EXECUTED GO AROUNDS AFTER THE HS125 WITH RIGHT OF WAY WENT AROUND BECAUSE THE CRJ DEMANDED PRIORITY BUT WAS TOO CLOSE. CTAF.

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COMMUTER WAS FLYING AN INST APCH AND FAILED TO YIELD RIGHT-OF-WAY TO VFR TFC IN ARPT TFC PATTERN. A COMMUTER COMPANY POLICY TO EXECUTE A FULL INST PROC WITHOUT VECTORS FROM ATC DURING VMC DOES NOT CONSTITUTE AUTH TO PRECLUDE OTHER ACFT FROM UTILIZING AIRSPACE OR CONDUCTING OPS INTO AN ARPT. AFTER BEING REPEATEDLY BERATED AND THREATENED BY THE COMMUTER PLT ON THE UNICOM FREQ; WE ELECTED TO GO AROUND. CALLBACK CONVERSATION WITH REPORTER REVEALED THE FOLLOWING INFO: THE REPORTER STATED THAT THEY HAD CANCELED IFR BECAUSE THEY WERE WELL AHEAD OF THE CRJ THAT WAS PREPARING TO MAKE A FULL INSTRUMENT APCH INCLUDING A PROCEDURE TURN. THE REPORTER MADE A STANDARD VFR LEFT DOWNWIND FOR THIS CTAF ARPT. THE CRJ IN VMC CONDITION SLOWED AS THE HS125 COMPLETED HIS VFR PATTERN. AFTER THE CRJ PILOT BEGAN COMPLAINING ABOUT THE HS125'S POSITION RELATIVE TO THE RWY; THE HS125 PILOTS NEAR A LANDING POSITION EXECUTED A GO AROUND. THE CRJ WELL BEHIND THE HS125 PERCEIVED A CONFLICT AND ALSO EXECUTED A GO AROUND EVEN THOUGH IT WAS BEHIND AND CLEAR OF THE HS125. THE REPORTER EXECUTED A GO AROUND TO GIVE WAY TO THE CRJ AS A COURTESY.