The majority shareholders of Zetta Jet (United States of America) (Burbank) have released a statement claiming that the charter carrier's Chapter 11 bankruptcy application was done without their permission. Through their companies Asia Aviation Holdings and Truly Great Global, Geoffrey Cassidy and LiQi own 64% of Zetta Jet Pte Ltd of which Zetta Jet is a wholly owned subsidiary.
They claim that Zetta Jet CEO, Michael Maher, launched the bankruptcy protection proceedings without the authority of the majority shareholders.
"The majority shareholders have commenced action in the Singapore High Court against directors James Seagrim and Stephen Matthew Walter and Zetta Jet (as nominal defendant) in relation the Chapter 11 filing," the statement reads.
Cassidy and LiQi say that they will also seek legal advice in the US. A shareholder meeting scheduled for October 3 will be convened to change Zetta Jet's management.
The statement makes no mention of the lawsuit against Cassidy for misappropriation of company funds. As previously reported, it was Cassidy's alleged fraud which led to Maher applying for Chapter 11 protection in the first place.
