Yes, its true, they did sell shares to students and I was one of the unlucky stupid fu***rs left standing when the music stopped.
according to my research there are about 11 shareholders including me in 1 aircraft and about 5 or so in another. not only did they sell shares in the aircraft but they also re-financed the aircraft without telling the shareholders!! (is this not fraud? you be the judge)
the latest news is that there will not be enough money left to pay back the shares (3000 each).
They also owe money to people who had paid up-front for PPL's and IMC ratings and so far there has been no correspondence to explain the state of the races to any of the above.
I would like to say that the instructors, unlike the owners; were and still are first class professionals, having gotten me through my PPL, night and IMC in minimum hours, and would like to wish all of them the very best wishes for the future.
I would also like to say that the shareholders are not taking this lying down.
for further developments watch this space.