After beginning their descent about a month ago, the Santa-Monica based startup Virgin Charter has officially run out of fuel. The company, backed by Richard Branson, launched in 2007 as a marketplace for low-cost jet charters.

Virgin Charter was anticipated to disrupt what was at the time a multi-billion dollar industry by selling off “empty leg” flights, which are often available when a private jet makes a voyage back to its home airport after delivering passengers to their destination. The company unfortunately had a great model at the wrong time, as it has become the latest casualty of an economy gone awry since 2008. Even the largest player in the space, Warren Buffett’s NetJets reported a 43% drop in revenue in Q2 of this year. The fact that Virgin Charter has lasted for this long is a testament to company’s efficient management of its operations, marketing, and technology.

And speaking of that efficient management, it is unknown what CEO Brian Pope will do next. Pope became CEO of Virgin Charter this summer after Founding CEO Scott Duffy resigned in July. Pope was originally CMO, and was later promoted to COO, all within two years according to his LinkedIn profile. Its a shame that a company with the right model, team, brand, and backing had such a sad end, all because of factors beyond their control.

We plan to reach out to Pope, other executives, and investors in the days ahead to get a sense of what else was at play in the company’s last days. In the meantime, to get a sense of the excitement surrounding Virgin Charter, here are a few pictures from their website launch party in March 2008.

Cutting Cake

Richard enjoying, um, cake

Sir Richard Branson announces launch of Virgin Charter, Virgin Angels in background

Subtly showing our new look

Lloyd getting a massage

Sir Richard Branson adjusts Rex Lee's tie

Virgin Angels, Rex Lee, Sir Richard Branson-piece of cake