Core Insights - Verijet, which became the 13th-largest private jet operator in the U.S. by 2023, has filed for Chapter 7 bankruptcy protection, indicating a move towards liquidation rather than reorganization [1][13] - The company's founder and CEO, Richard Kane, passed away shortly before the bankruptcy filing, which may have impacted the company's stability and operations [2][12] Company Overview - Verijet was founded in 2020 and aimed to provide affordable private jet services using the Cirrus Vision Jet, which features advanced technology such as an auto-landing system [4][5] - The company initially focused on flights within 600 nautical miles of Orlando, Florida, and later expanded to California, Texas, the Northeastern U.S., and Canada [6] Financial Situation - The bankruptcy filing revealed that Verijet had no cash in its bank accounts and its largest asset was an insurance claim worth over $2.4 million [14] - The company reported liabilities totaling $38.7 million, which included $10.5 million in unused jet card deposits from over 80 customers [15] Business Model and Challenges - Verijet's business model relied on selling jet cards that offered guaranteed rates but not guaranteed availability, leading to customer complaints about canceled flights [8][9] - The company faced numerous lawsuits from various stakeholders, including customers and vendors, which contributed to its financial difficulties [9] Recent Developments - In February 2023, Verijet announced a non-binding letter of intent to merge with a SPAC, but the deal fell through shortly after [10] - Following Kane's return as CEO, he claimed to have secured an $85 million investment from Solaino, aimed at advancing the company's goals [11]