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MetJet investors react to cancelation of flights; Brown County still owed $83,000

The MetJet shutdown is impacting hundreds of local families.
 

GREEN BAY, Wis. (WFRV) - The MetJet shutdown is impacting hundreds of local families.

           

In addition to the people who lost out on upcoming flights, MetJet was backed by nearly 400 community investors who purchased stock.

 

MetJet raised $1 million in two private stock offerings.

 

Those investors were to receive free flights each year based on how many shares they bought.

 

"It was a little bit of a surprise. I knew it was going to be a little bit of a struggle. I was surprised by how quick it happened" says Dean Raasch. He invested $3,000 into MetJet stock.  

 

"When people put money into a business they have to appreciate there is risk. I know some people are upset, that they might have lost money, but that is part of investing" Raasch says.  

 

He was alerted Wednesday morning in an e-mail, the company was stopping flights.

 

"This came up about five days ago" says MetJet CEO Michael Heisman. "I haven't slept, been working every business scenario that I can, and I can't find a solution that works"

It is not only the public that invested. Brown County loaned MetJet $100,000.

 

"I spent a lot of time looking for financing, I went to our carrier asking for help, I went to venture capitalists, just could not do anything fast enough to save us" Heisman explains.  

 

MetJet still owes brown county $83,000. County leaders believe there is the collateral for them to be repaid.

 

Investors like Dean on the other hand do not expect to see any return.

 

"What is done, is done I guess at this point" Raasch says.

 

"My main concern right now is taking care of our passengers and getting refunds issued. We unfortunately have a lot of families that we've destroyed their vacations and the right thing to do is take care of them first. Our investors should understand" says Heisman.

 

Online court records in Wisconsin show no lawsuits against MetJet, somewhat unusual for a company that is going out of business.

 

The owner tells Local 5 he wanted to close before passengers and creditors got stranded.

 

If you need information on getting a refund through MetJet click here.

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