The dream of the "green air taxi" is officially dead. Honestly, if you follow the private aviation world, you probably saw the smoke before the fire actually consumed the building. Verijet, the company that promised to revolutionize short-haul travel with a fleet of single-engine Cirrus Vision Jets, has collapsed into a heap of legal filings and empty bank accounts. It’s a mess.
By the time the receiver filed for Chapter 7 bankruptcy in October 2025, the numbers were staggering. We are talking about $38.7 million in liabilities and almost zero cash on hand. To put that in perspective: the filing literally listed $200 worth of office furniture sitting in a Florida storage unit. That’s it. That’s all that was left of a company that, just two years prior, was ranked as the 13th-largest private jet operator in the United States.
Verijet financial struggles lawsuits: A Timeline of the Crash
How does a company go from being the "Uber of the skies" to having its CEO die of a heart attack amidst a mountain of lawsuits? It wasn't one single event. It was a slow-motion car crash involving failed mergers, aircraft repossessions, and a jet card model that basically functioned as a high-stakes game of musical chairs.
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- The SPAC That Wasn't: In early 2023, Verijet was supposed to go public via a merger with New Vista Acquisition Corp, led by former Boeing CEO Dennis Muilenburg. It would have provided the liquidity they desperately needed. Instead, the SPAC shareholders looked at the books and decided to liquidate the fund rather than marry Verijet. That was the beginning of the end.
- The Customer Backlash: While the company was marketing itself as a "green alternative," real-world customers were getting stranded. Lawsuits started piling up from people who had dropped six figures on jet cards only to have their flights canceled.
- The Legal Avalanche: By late 2024 and early 2025, the "verijet financial struggles lawsuits" were no longer just rumors. They were final judgments. Vision Leasing 241, LLC secured a $3.4 million judgment. Charter broker Jettly won multiple cases. Even former employees were suing for back wages.
Where did the $10.5 million go?
This is the part that really hurts. According to the bankruptcy filings, there are 81 jet card customers who are collectively owed $10.5 million. The average balance? Nearly $130,000. One poor soul is out $728,000.
In most of these cases, the courts issued default judgments. Why? Because Verijet didn't even show up to defend themselves. When a company stops answering the phone and stops sending lawyers to court, you know the lights are being turned off. Judge Migna Sanchez-Llorens didn't mince words, stating that the company and its founder "knowingly or recklessly failed to provide complete and current information" to creditors.
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The Richard Kane Factor
You can't talk about Verijet without talking about Richard Kane. He was a visionary, no doubt. He wanted to use the Cirrus SF50—a jet with a "whole-plane parachute"—to fly people between regional airports for $3,000 an hour. It was a brilliant idea on paper. But the execution was haunted by maintenance issues and a lack of backup aircraft.
When Kane died of a heart attack in September 2025 while cycling, the company’s heart effectively stopped too. Within weeks, the receiver realized there was no path forward. The fleet, which once peaked at 20 jets, had dwindled to just a handful of planes that were mostly grounded or stored in Sanford and Las Vegas.
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Lessons from the Verijet Collapse
If you're a private flyer, there are some pretty "cringe" takeaways here. First, the "jet card" model is only as safe as the company's balance sheet. Verijet used customer deposits to fund operations and expansion. When the expansion stalled, the money for the flights was already gone.
- Check the "Segregated Accounts": If a provider tells you your money is in a separate escrow account, verify it. Verijet's filings suggest that money was long gone.
- Look at the Fleet Ownership: Many of Verijet's planes were leased. When they missed payments, the lessors (like Vision Leasing) took the planes back. No planes, no flights, no revenue.
- The "Safety" of Chapter 11 vs. Chapter 7: Verijet went straight to Chapter 7. That means liquidation. There is no "restructuring" or "saving the brand." It’s a garage sale where the creditors are fighting over the scraps.
What Should Former Customers Do Now?
Honestly? The prospects for getting your money back from the bankruptcy estate are grim. With $38.7 million in debt and only a $2.5 million insurance claim (related to a 2022 crash in Indianapolis) as a primary asset, the "unsecured creditors"—which include jet card holders—are at the back of a very long line.
Some competitors, like OneFlight International, have stepped in with "rescue" offers. They’ve allocated about $3 million to match Verijet losses for new members. It's a marketing play, sure, but for someone holding a $100,000 bag of air, it might be the only way to see any value from that lost investment.
Next Steps for Impacted Parties:
- File a Proof of Claim: If you are a creditor, ensure you are listed in the Southern District of Florida bankruptcy proceedings.
- Audit Your Agreements: Check if your contract had any third-party guarantees or insurance clauses, though these are rare in standard jet card agreements.
- Consult a Bankruptcy Attorney: If your loss exceeds $200,000, it may be worth having a professional look at the "preference payments" made by the company in the 90 days before the filing.