Former NetJets Europe executive Chris Moody claims he has helped to bring liquidity back into the market for fractional shares in business aircraft by offering a way to buy and sell shares without incurring what he regards as the prohibitive fees associated with fractional ownership contracts. Moody established his UK-based Fractional Jet Europe company on the very day in September 2008 that the Lehman Brothers bank collapsed–marking what is widely perceived to have been a key trigger point in the decline of demand for business aviation.
“At the beginning of 2008 I could see that the market was going to take a turn for the worse,” said Moody. “We had the beginnings of the credit crunch and also the threat [in the UK] of taxing the non-domiciles, many of whom were my clients at the time. I realized that many of them would be looking to get out of their long-term contracts, and saw an opportunity to create a totally new market that did not exist in Europe.”
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