With fares rising and commercial air service increasingly unreliable for business travelers, Ed Iacobucci figured his plan for an air taxi service would be a no-lose proposition. So why is Mr. Iacobucci shaking his head in frustration?
The reason: Just as his company, DayJet, had proved that there was a business in using small jets for short-haul, on-demand service and was poised to expand its market, the credit market froze. DayJet was unable to raise $40 million it needed to grow, Mr. Iacobucci said. Expansion plans were postponed and the company laid off 100 of its 260 workers.
