I would beg to differ with come of the conclusions above and would say that Phill Wyatt may sail very close to the wind but the real problems are with the Icelandic partys involved.
So far I can think of a number of airlines that have been asset stripped by Iclandics and then they fold the airline leaving debts all over the place.
This small group of Icelandic crooks must be paying off people in the Icelandc Govenment because I am sure that in any other European state they would be in jail.
As I understand it the thing that did for TorAir is that they could not pay for the Hot End inspection on an aircraft that they returned to the lease company, I am also told that TorAir owed very little money........ I suspect because with a history like PW has got the only the Icelandics would lend him anything.
While I am not trying to do a PR
job for Phill Wyatt I would say that it is easy to cast the front man as being totaly responsable, the big picture would likely say otherwise.