Gandalf is still alive but seems to be on its last legs. Passenger loads are real low and airline losing US$3 per month. Last a few people were layed off and up to a third of the employees will be made redundant by the end of September. They are presently going thru a restructuring phase which includes reducing the fleet from 11 to 6 aircraft. The goal of this plan is to revive the company.
Aviation analysts forecast is the plan will not work.
Rumour says that the whole operation was just a financial one with the 3 founders already having pocketed a nice lump sum each together with the initial investors.