The unfolding financial crisis on Wall Street took DayJet, the world’s first per-seat, on-demand charter service, which ceased operations on Friday citing its inability to gain new financing. Related Story The unique company also cited Eclipse Aviation’s troubles, saying it failed to install missing equipment or functionality or repair agreed technical discrepancies in accordance with the terms of DayJet’s aircraft purchase contract. Related Story The DayJet failure is distressing news given the fact it was a new, untried business model, which most predicted would not work. Even so, the business model promised to return air service to a host of communities that had lost it with the growing mainline and regional airline capacity cuts since 2000. Certainly, the year-+-long unfolding financial crisis means that the carrier’s model remains untested since start-up coincided with the crisis which cut back the service earlier this year when it could not gain more financing. Ironically, markets were becoming more comfortable with the aviation industry with the drop in fuel, but with last week’s collapse such optimism died. Founder Ed IacabucciIacobucci stepped down as DayJet president and CEO, continuing to serve as chair of the Board of Directors, in favor of John Staten whowas named interim CEO with responsibility for managing the affairs of the company during the next phase of operations. Staten served as DayJet CFO and Senior Vice President of Operations for the past six years. For a complete report and analysis see the next issue of Aviation Today's VLJ Report. This publication will also provided an VLJ industry analysis for its NBAA issue on October 5.