The (unaudited) accounts for Abraxas Aviation Ltd for y/e June 2010 show its liabiliites exceeded its assets at that point by £112k. The accounts were signed in February 2011, just after the 3 new shareholders/investors had put their money into 'old' Cabair Holdings Ltd. The fact that Cabair was in trouble and publicly talking about closing parts of the business by mid-2011 will be exercising the lawyers for both the old and new shareholders and management.
Think about why the Flying Pictures CEO and FD pull out of the management of Cabair in October 2010, less than 6 months after getting involved. Ultimately rmcb is right - flying training is too cheap: it's almost impossible to make a sustainable profit in the UK. How many hedge funds and venture capitalists are clamouring to invest in the industry?
The good news is that the lawyers will do well out of this whole sad tale. Career suggestion - wannabes should spend their money on training as lawyers rather than pilots.