AirShares Elite Folds

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Fractional service AirShares Elite closed Dec. 1 and is now selling off its large fleet of Cirrus aircraft. AirShares pioneered the fractional model for high-performance GA aircraft and was in operation for almost 15 years before it quit the business with no explanation. The company had aircraft in more than 15 cities and was planning to offer fractional shares of Cirrus's new personal jet, the SF50. Phone calls to AirShares Elite get transferred to a voicemail loop and CEO Kevin Price did not return email queries. The website has also been pulled down. An AVweb reader confirmed the developments, however. 

The reader, who had an eighth of a share in an SR22 (we're not using his name for privacy reasons but we've confirmed his identity) said the owner pool was as surprised as anyone when they were notified. "I'm a fractional owner in AirShares so I can confirm it but I can't give you details [about] what happened since I don't know," said the owner. "They are selling 'my' plane and I will get my percentage of the sale. They said I will receive the money by Dec. 31." AirShares Elite was considered a successful example of a fractional company and also had a branch operation in Australia. It's not known if the Australian organization is still in business.