GlobalX Airlines accuses shareholder of undermining cargo business

Global Crossing Airlines has sued Ascent Global Logistics for $30 cardinal successful damages alleging the erstwhile concern spouse reneged connected an statement to steer aerial cargo concern its mode and alternatively assigned charter enactment to USA Jet Airlines, its expedited on-demand freighter subsidiary with a ample roster of automotive clients.

Ascent Global Logistics was the largest shareholder successful Global Crossing, a startup bearer based successful Miami that operates rider and cargo charter service, until selling its shares to different investors past year.

Despite an exclusive freight brokerage statement to notation charter proscription requests to GlobalX, Ascent fundamentally froze retired its spouse from the advertisement hoc, expedited marketplace successful North America by lone tendering a fewer token flights portion giving USA Jet hundreds of flights, according to a ailment filed past period successful Miami-Dade County Circuit Court.

“Ascent knowingly and intentionally abused this presumption of spot and control. Rather than fulfilling its obligations arsenic GlobalX’s exclusive broker nether the agreement, Ascent embarked connected a deliberate, concerted run to sideline, weaken, and inflict terrible operational and fiscal harm connected GlobalX’s cargo operations. Ascent perceived GlobalX’s modern, fuel-efficient Airbus A321 freighter fleet arsenic a competitory menace to its ain hose (USA Jet) and to the rates it could extract from the market,” Global Crossing said.

GlobalX earlier this twelvemonth indefinitely parked 2 of its 4 A321 converted freighters due to the fact that of severely constricted request that made it uneconomical to run them. USA Jet Airlines has 8 progressive McDonnell Douglas MD-88 narrowbody freighters, with an mean property of astir 35 years, 1 36-year-old MD-88 and a 45-year-old Boeing 727-200, according to aviation databases.

Ascent, which was spun disconnected from Roadrunner successful 2020, is owned by H.I.G. Capital. It is the 35th ranked home proscription absorption steadfast based connected gross revenue, according to Armstrong & Associates.

In May 2023, GlobalX appointed Ascent arsenic its exclusive broker for expedited advertisement hoc concern successful the North American manufacturing assemblage and agreed to notation immoderate concern opportunities to Ascent, which successful crook agreed to notation charter enactment to its partner. Ascent awards hundreds of charters per period worthy betwixt $10 cardinal to $15 million, but has lone referred astir $1 cardinal successful charter flights to GlobalX implicit the past 3 years, according to the complaint.

Between March 2023 and August 2024, Ascent lone provided GlobalX with 24 expedited advertisement hoc cargo charters. In the aforesaid clip period, Ascent fulfilled