Elite Aviation Files Suit for Unpaid Flights

Business Jet Traveler » August 2009
Tuesday, September 1, 2009 - 5:00am

Charter operator Elite Aviation has filed a breach-of-contract and fraud complaint against broker JetCardPlus and some individuals who set up and operated charters arranged by the broker and flown by Elite. The lawsuit filed by Van Nuys, Calif.-based Elite seeks more than $220,000, plus interest, attorney fees and court costs. The money was supposed to have been held in trust, then paid to Elite for charters it flew for JetCardPlus, according to the complaint, which charged that the defendants instead used the funds "for their own personal benefit." JetCardPlus didn't comment on the lawsuit, which Elite filed in California Superior Court.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack