History
The company was a private venture co-founded by Peter V. Garrambone and Tony DeCamillis, which was partly funded by Lou Pearlman. Upon Garrambone's resignation Tony DeCamillis became President & CEO. The airline began in 1995 when it incorporated as "Planet Airways, Inc.," a startup airline seeking FAA Part 121 certification. It acquired its first plane in 1998, was granted FAA Part 121 approval to fly charter services, and obtained FAA certification in 2000. Planet operated a fleet of 6 Boeing 727 jet aircraft for customers including the United States Marshals Service, the United States Forest Service, and the United States Department of Defense. In the fiscal year 2004, Planet Airways received nearly 10% of the total revenues awarded by the Department of Defense to all qualified US carriers for domestic charters.
According to information in a news release distributed by Planet Holdings Corp (PHC), Planet Airways had agreed to be acquired by the business development firm. The PHC acquisition was created as an alternative means to provide capital to modernize Planet's aging fleet, beginning with the replacement of two recently retired aircraft. PHC had already completed a funding with Sierra Aircraft Leasing specifically to facilitate the acquisition of Planet's first two Boeing 757 aircraft.
The PHC acquisition of Planet was terminated by Planet in January 2005. DeCamillis learned that the principal operator of PHC, Kevin James Quinn, had been disbarred as an attorney in California and was also banned by the SEC from participating in public offerings. DeCamillis reported Quinn's violation to the Securities and Exchange Commission's Division of Enforcement and cancelled PHC's planned acquisition of Planet. Pearlman, who had introduced Quinn, became adversarial and DeCamillis subsequently resigned as Chief Executive Officer of the airline. That same year, under Pearlman and his new management team, the airline ceased flight operations in mid-2005.
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