Interactive Flight Technologies was formed in 1994 with a $276,000 personal investment by Yuri Itkis, a Russian-degreed scientist and engineer, and his sons, Boris and Michail. Yuri Itkis was the founder and president of a Las Vegas based company that manufactured electronic bingo equipment. Prior to 1994, both sons were employed by their father’s business. From beginning to end, the inflight entertainment system network was a disaster from a financial perspective. IFT’s IPO was one of those cited in charges against the underwriter (DH Blair) for securities fraud (brought by the New York distract attorney’s office (see thread on Blair)). DH Blair has a history of involvement in ‘pump and dump’ schemes that left unsuspecting stockholders penniless while brokers and insiders greedily raked in the profits. There were allegations against Blair that included mob involvement. IFT was never profitable and its only customer was Swissair. After the company’s inflight entertainment failed, CEO Michail Itkis attempted to redirect the company’s efforts into retail drycleaning. Stockholders were livid and mounted a proxy battle, which eventually resulted in replacement of the board and the management team, including Itkis.