Michael,
The management at Jet U was not really top heavy. Heath and Mark ran the place. Trevor was brought in to be CEO and was really nothing more than a figure head. That's three guys and I don't see how you could do it with much less.
There was a chief pilot and assistant that ran the flight school side of things.
There were two administrative assistants. One of those answered the phone and the other worked with the accounting and finances.
It wasn't the top heavy management--it was the management by deception that got them into trouble.
A number of people have said that Jet University was a great idea--it just had the wrong people running it. I tend to agree with that statement.