AirShares Elite Shuts Down

Stephen Pope

Wednesday, December 17, 2014 at 12:12 AM ET

Verified

Key Takeaways:

AirShares Elite, a major fractional ownership company for Cirrus piston singles, has ceased operations after 15 years in business, as of November 30.
The company was the country's largest piston aircraft fractional share provider, and the fate of its aircraft fleet and members' shares is currently unclear.
Operating a large fleet of high-end piston singles requires significant capital, a challenge that has led other similar providers to bankruptcy.
The two remaining major Cirrus fractional providers, PlaneSmart and Ascension Air, report being healthy despite ongoing economic challenges.

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AirShares Elite, the fractional ownership company that operated a fleet of Cirrus piston singles in several U.S. cities, has shut its doors after 15 years in business.

The company has pulled the plug on its website, turned off its Facebook page, and did not answer the phone or return messages left at its main number. One source, the head of a Platinum Cirrus Training Center that rented the provider ramp space, confirmed AirShares Elite quietly ceased operations on November 30. Another source at a different FBO where AirShares Elite had a base of operations confirmed this information.