The Trump Treasury Secretary was never paid after receiving a judgment against Paul Svensen’s jet card brokerage
According to The New York Post, U.S. Treasury Secretary Steven Mnuchin filed a Dec. 6 Manhattan Supreme Court lawsuit against JetCard Plus through Mnuchin, Inc.
Mnuchin’s problems with JetCard Plus were first reported by Bloomberg in May.
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.”
Lawsuits, closures, bankruptcies and lack of transparency show the challenges consumers face
In the two years since I launched Private Jet Card Comparisons, I’ve been surprised by the number of bankruptcies, closures, lawsuits, and lack of transparency in private aviation. In Europe, Wijet liquidated its UK subsidiary while Surf Air closed its entire operation there. Zetta Jet filed for Chapter 11 and then Chapter 7, leaving bills estimated at between $50 million and $100 million. ImagineAir just closed shop without notice. Both JetSmarter and Ascension Air find themselves facing unhappy customers, including lawsuits. Of course, there have been other failures before, including Avantair and Blackjet to name just two fairly recent ones.
How not to lose on your private jet membership
To help you avoid the same pitfalls, here are some tips I put together. While they may not be foolproof, I think they are helpful to keep in mind: