Innovation, funding woes mark rise and fall of Adam
In 1998, entrepreneur George Frederick “Rick” Adam and attorney John Knudsen began a journey that few dare to try and even fewer succeed at, launching a ne

In 1998, entrepreneur George Frederick “Rick” Adam and attorney John Knudsen began a journey that few dare to try and even fewer succeed at, launching a new aircraft manufacturing company from scratch and without having previously worked in the aviation manufacturing industry. The company that they started–Adam Aircraft Industries–made it through FAA certification of its first airplane, the piston-powered A500 centerline-thrust twin, but filed for Chapter 11 bankruptcy before the next airplane in the lineup, the A700 very light jet, could achieve certification.

Between the company’s 1998 founding and the bankruptcy on Feb. 15, 2008, Adam Aircraft endured the typical ups and downs associated with any aviation concern, especially the process of raising enough money to see its airplanes through certification and volume production.