My reading of the situation is that it’s much more likely Wheels Up is looking to buy JetSmarter’s IP (and probably customer list), which are the only assets JS has.

From that link: “Our plan calls for leveraging proprietary technology that will allow Wheels Up to bring private air travel to the broader public, and make booking a private airplane as simple as booking an Uber or an Airbnb.” Where’s that proprietary technology coming from? Oh, “We have hired advisors to assist us with our pursuit of strategic initiatives that include exploring acquisition opportunities and expansion of our digital platform...”

Just who are those advisors? “We hired Goldman Sachs. We hired Bank of America and our tried and true (investment bankers) Jefferies is helping us.”

Oh, your tried and true investment bankers, Jefferies? Do they have any connection with JetSmarter, perchance? Maybe in connection with Clearlake Capital’s investment? https://www.businesswire.com/news/ho...-Capital-Group. “Jefferies LLC acted as the exclusive placement agent to JetSmarter in connection with the financing. Mr. Eghbali and Mr. Feliciano will join JetSmarter’s board of directors as part of the transaction.”

Fire sale.