Crash Landing

On Monday, Colorado-based Adam Aircraft announced it was “suspending” operations after the start-up aerospace company couldn’t secure $30 million in short-term financing. In the September issue of Conde Nast Portfolio, I reported on the travails of Eclipse Aviation, another troubled manufacturer of ballyhooed “Very Light Jets.” Eclipse’s founder, Vern Raburn, has been an evangelist for this new breed of tiny private jet that he claims will revolutionize air travel. He’s scared up nearly a $1 billion in capital, but like Adam, Eclipse has been dogged by problems from the start. Will he be the next to crash?

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