Two private jet trade groups are accusing the cable network of misrepresenting Clay Lacy and the importance of business aviation
A letter issued yesterday by the top executives of the National Business Aviation Association and National Air Transport Association said CNBC coverage of the CARES Act distorted the impact of Covid-19 on business aviation.
A post on NBAA’s website was titled, “CNBC Distorts Pandemic’s Impact on Business Aviation, Specifically Charter Company Clay Lacy.”
JetCard Plus, a private jet charter broker, closed earlier this year after it was hit by a $220,000 judgment in favor of Treasury Secretary Steve Mnuchin
Paul M. Svensen is registered as manager of UberJets LLC in Massachusetts and listed as CEO on its NBAA membership page. His LinkedIn profile still lists him as sales director of JetCard Plus
Paul A. Svensen Jr. was CEO of JetCard Plus, which is no longer an active company, and before that, COO of Jet Network LLC, a jet card seller that went into bankruptcy around 2007
In 2016, Paul A. Svensen Jr. registered another aviation business at the same Hingham, Massachusetts, address where Paul M. Svensen registered UberJets LLC, in August 2017
FlyUberjets.com promises members savings on full aircraft charters and empty leg flights
UberJets LLC denies any affiliation to Paul A. Svensen Jr. or JetCard Plus
UberJets LLC, a charter broker selling private jet memberships from a Park Avenue address in New York City promises “unlimited access to book and travel worldwide to luxury lifestyle destinations.”
It denies having any affiliation to a private aviation company that closed earlier this year amid litigation and a top executive, Paul A. Svensen Jr., who was CEO of that company and COO of another that also failed.
Two former customers of the private jet-sharing service told the cable news network they were interviewed by law enforcement in March
JetSmarter is hoping to put its troubles behind it. Earlier this month, without admitting guilt, it agreed to settle a class action arbitration for $6 million. It also agreed to be acquired by Dubai-based Vista Global, parent of VistaJet and XOJET. However, a CNBC report yesterday says JetSmarter may be under investigation.
The jet sharing broker remains the subject of individual lawsuits, however, up to 12,000 members may be eligible for cash and credits under a proposed Class Arbitration settlement
We take an in-depth look at the value of the proposed settlement
Anyone who was a member of JetSmarter from September 5, 2014 until June 19, 2018 should be receiving a Notice of Settlement (Arbitration Matter No. 01-18-0003-3338) as part of a Class Action filed via arbitration last September. It’s estimated as many as 12,000 former and current members of the private jet plane sharing membership program could be eligible.
The proposed settlement offers members of the Class a net distribution of $2,975,000 plus potentially tens of millions of dollars in free membership extensions and flight credits.
The action was filed by Solowsky & Allen, P.L., a Miami law firm, which also apparently negotiated the settlement with JetSmarter. Requests for comment were not returned from either Solowsky & Allen or a second law firm listed on the settlement notice.
As JetSmarter tries to pivot to its new business focus of paid seats, crowdsourcing flights and on-demand charter, CNBC has released a scathing profile highlighting the sharing economy private jet service’s troubles previously documented here on Private Jet Card Comparisons
A high tech fraud, shell game and bait-and-switch combined with high-pressure sales, ever-changing contract terms, revenue shortfalls, safety issues plus strong-armed tactics with the media, former customers and employees, a profile of a Unicorn gone bad, is the essence of a scathing report by CNBC about JetSmarter.