Zetta Jet’s latest legal woes reveal a business “insolvent almost from inception”

The Chapter 7 Trustee for Zetta Jet alleges the glitzy private jet charter operator was in a constant state of financial distress from the start

The Trustee is seeking to claw back over $450 million from more than a dozen entities

If it sounds too good to be true, it might be too good to be true. While failed Zetta Jet marketed a champagne and caviar image, it apparently was charging Red Lobster prices and moved from financial crisis to crisis from its inception, despite portraying itself as being well-capitalized.

Its website at the time said the private jet charter operator offered “pure indulgence,” combining “Asian inspired service, European chic, and American can do.” It promised, “At Zetta Jet, no desire is too extravagant and no request too difficult.”

New court documents provide a behind-the-scenes look at the Zetta Jet fraud accusations

Zetta Jet NetJets VistaJet private jet charter

An FBI affidavit alleges millions of dollars in funds from charter brokers and consumers were funneled to bank accounts used by Geoffrey Cassidy to support a lavish lifestyle of yachts, expensive Swiss watches and luxury real estate

As part of efforts here in the United States by the Court’s Trustee to impound a yacht in Australia connected to former Zetta Jet managing director Geoffrey Cassidy, Private Jet Card Comparisons was provided a 46-page sworn affidavit by an FBI special agent. The authenticity of the document, which was marked as “sealed” could not be confirmed, however, the case was recently covered in the local media Down Under.

Zetta Jet Closes Down; Set For Chapter 7 Liquidation

Zetta Jet was trying to compete against NetJets and VistaJet in offering long-haul, luxury private jet charter and jet card programs

 

The saga of Zetta Jet looks to be over, save for Chapter 7 bankruptcy liquidation. It comes about a week after an announcement that the luxury private jet operator had secured $8.5 million in funding and ends a bumpy two-year journey that included boardroom brawls, accusations of fraud and a September visit to Chapter 11. 

Zetta Jet Says It Has Secured $8.5 Million in Post-Petition Chapter 11 Financing

The luxury private jet operator is trying to move forward and emerge from bankruptcy amid allegations of fraud and corruption

 

Zetta Jet earlier announced today that its existing lessor, Scout Aviation II, LLC, has committed to provide up to $8.5 million in post-petition financing. The financing, subject to Bankruptcy Court approval, will enable the operator of long-distance luxury private jets to satisfy customary obligations associated with the daily operations of its business, including the timely payment for aircraft usage, fuel, post-petition goods and services, employee wages and other obligations, according to a press release. 

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