Its a shame this happened, I flew with them once and really enjoyed flying with them. Too bad they didn't fly to the destinations I normally travel. Anyways, more news from AIRWISE:

Mar 5, 2001

US start-up carrier Legend Airlines will pass into aviation history by the end of today, accordng to its boss.

The airline's co-founder and chief executive, T.Allan McArtor, said Legend's operating certificate will be surrendered to the Federal Aviation Administration by the close of business Monday.

It is the end of a three-month battle to keep the Dallas-based carrier in the air. Services were closed down last December when Legend filed for Chapter 11 bankruptcy protection.

Since its launch in 1996 Legend has lost USD$44.7 million and is expected to take the first official steps towards liquidation this week.

Competition from American Airlines, together with a partner in Dallas/Fort Worth International airport,proved too tough for the fledgling carrier which used a fleet of seven 56-seat DC-9 aircraft to fly services from Dallas Love Field to Los Angeles, Las Vegas, New York and Washington.

After a long court battle Legend defeated attempts to stop it using Love Field and started services last April, offering all first class flights. American began a competing service from the airport a month later.

Dallas real estate developer Craig Hall, Legend's first investor, said competition with American "always was the most challenging part of the deal."