Tag Archives for avatar airlines.
Avatar Airlines is a startup – some might call it fanfiction – that’s been claiming it’s getting off the ground since 1992. They used to call it Family Airlines. The founder even went to prison for tax and securities fraud in connection with raising money for the venture.
With Global Airlines convincing the co-founder of OnlyFans to invest in an all-Airbus A380 startup airline flying transatlantic, the ‘CEO’ of Avatar Airlines must think the time is ripe to dust off his business plan that hasn’t taken off in 30 years… and that’s sent people to prison along the way.
I used to think Avatar Airlines was a run of the mill pump and dump securities scam, but now I believe Avatar Airlines is running a job fraud scam, too.
Barry Michaels has been trying to start an airline for 30 years. The idea all along has been the same: fly Boeing 747s domestically with cheap fares. He used to call the idea “Family Airlines.” And he even went to prison for tax and securities fraud in connection with raising money for the venture.
It’s now called Avatar Airlines, and they’ve sent out a press release ‘planning’ a billion dollar valuation – without even flying!
Avatar Airlines is the gift that keeps on giving. Barry Michaels has been trying to start an airline for about 30 years. Now he’s floating the idea that 22% of a business plan nobody wants (and that’s even garnered prison time) will interest British Airways to gift him 26 Boeing 747s.
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 raising money for the venture. The DOT insisted he give up control of the project.
Now he’s got a new pitch to investors: that now is the perfect time to start a new airline, because used 747s for domestic routes can be acquired cheap, and look at all those furloughed employees!
Avatar Airlines applied for $15 million in CARES Act funding seeking a portion of the federal airline bailout – even though by their own admission they “have no flights, no overhead, administrative expense, or fixed costs at the present time.”
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.
Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel -- a topic he has covered since 2002.
Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »
