This tiny airline is stuck in the middle of a fight that stretches from Liverpool, to Miami, to Bermuda and back to New York. There will be no easy way out of this mess.
While the English Premier League soccer season still has a few weeks to run, fans of the iconic Liverpool-based club Everton are already breathing a sigh of relief: the club has dodged relegation to a lower league.
The mess surrounding Bonza and its owners 777 Partners stretches across the globe, even to Everton Football Club. When news broke of the 777 bid for the club last September, supporters of the Toffees and journalists became suspicious when the Premier League didn’t approve the deal quickly. Pretty soon, the background of 777, which was established in 2015 by US financiers Josh Wander and Steve Pasko was under heavy scrutiny.
While the aviation business is at the heart of Tuesday’s grounding dramas, it’s actually 777’s insurance business that is at the centre of this web.The Bermuda-based 777 Re sold blocks of insurance to providers of retirement annuities. The cash raised from this lucrative business was used by 777 Partners to make its investments across the world, including the various sports teams and Bonza.
By then, King was already trying to extricate himself from 777; he told insurance brokers in February that he had a plan to raise $US400 million in capital and take away its reinsurance contracts from 777 Re.Part of his plans appears to have been getting control of 777’s assets; on April 9, it was announced that A-Cap had grabbed 777’s stake in an aircraft leasing subsidiary called AIP Capital.
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