Chris Sojka of Madwell, Is Trying to Sell His $19 Million Private Jet Amidst Complicated Legal and Financial Issues
In a twist of events, Madwell's CEO Chris Sojka quietly splurged on a $17.5 million private jet last year, despite the indie agency grappling with late payroll and intensifying financial issues. Now, this luxurious ride is up for sale.
With Madwell seemingly drowning in debts, owing money to former employees, vendors, and business partners, the sale of this jet couldn't come at a more critical time. The jet, a 2009 Dassault Falcon 7X, is being peddled by Jecobra Aviation, a Texas-based jet services company. Advertised online, it's touted as offering the "best value 7X in the world," having recently undergone about $5 million worth of maintenance over the past year.
This extravagant purchase raises some eyebrows, given Madwell's financial dilemma. The company's reported inability to repay debts to vendors and employees, coupled with missed payments to Bank of America, paints a grim picture.
But here's the kicker - Sojka has also accused former Madwell leaders of fraud amounting to over $130 million, although these allegations remain unverified. The complex web of financial struggles and legal accusations could potentially explain the seemingly mismanaged funds.
Regardless, the lavish jet purchase has sparked concerns about Sojka's leadership and financial decision-making. Creditors remain worried about the company's ability to repay its debts, and the controversies have tarnished Madwell's reputation, making any potential recovery a challenging feat. In short, this private jet ride might not lead to a smoother road for Madwell after all.
The extravagant purchase of the 2009 Dassault Falcon 7X, recently put up for sale by Jecobra Aviation, has exacerbated the financial crisis at Madwell, as the company grapples with debts to employees, vendors, and business partners, and now faces questions about their industry leader's decision-making in finance and business matters. Despite Sojka's accusations of fraud against former Madwell leaders, totaling over $130 million, these claims remain unverified, adding to the complexities of the company's current predicament.
