Barry Michaels has been trying to start an airline for at least 28 years. First under the name Family Airlines, and then Avatar Airlines, he’s had an idea to fly Boeing 747s between leisure destinations. He went to prison for tax and securities fraud in connection with the venture. The DOT insisted at the time that he give up control of the project.
Now he says he’s sent a letter of intent to Boeing to buy 30 Boeing 747-8 aircraft, and he’ll start marketing to investors on Wednesday to raise $300 million. When he tried to raise money on IndieGogo they kicked him off.