From CBC.ca:

[Michel Leblanc's] latest unsuccessful venture, Jetsgo, which ceased operations on March 11, 2005, was his seventh airline in 20 years. All of them... have failed.

...Royal [Airlines] merged with its charter rival Canada 3000 early in 2001, and Leblanc, who became vice-chairman, pocketed shares worth $84 million. He was fired a few months later, and Canada 3000 sued him, alleging he had provided his partners with inaccurate financial information. The allegations were never proved in court, and before the end of the year Canada 3000 was gone, killed in the aftermath of Sept. 11.

Leblanc liquidated most of his Canada 3000 shares before they ceased trading, which left him still a multi-millionaire.

Ever the optimist, he came back on his own in June 2002, starting up Jetsgo as the sole proprietor.

As a private company, Jetsgo never had to issue financial reports.

From pulse24.com (Toronto):

But it’s Jetsgo’s pilots that may be the very worst off. Company policy required them to pay a $30,000 interest refundable training bond. With the demise of the airline, that money, unlike the Jetsgo jets, is now up in the air.

Flight crews have also been left stranded by the collapse, leaving many in a foreign city with no way to get home. WestJet has promised to help them as much as possible, but couldn’t make any guarantees they’d be able to accommodate everyone.

From Metronews.ca (Toronto):

Canada Identifies Shortcomings at Jetsgo Airline

Wednesday, March 09, 2005 3:23:44 PM ET

OTTAWA (Reuters) - Canada said on Wednesday that investigators had identified shortcomings in the operating methods of discount airline Jetsgo and said it was working with the carrier to address the findings.

...Last Friday [March 4 2005] an engine failed as a Jetsgo aircraft was taking off from Toronto on a flight to Vancouver. A day later one of the carrier's planes was forced to land in South Carolina after an engine sprang an oil leak.

If Canadian authorities are concerned about a domestic airline they have the choice of speaking to management, imposing a fine or even suspending its operating certificate.

From The Globe and Mail:

Safety board launches investigation into Jetsgo near-miss in Calgary

[...]

December, 2004: Just before Christmas, Jetsgo faces thousands of angry passengers left stranded amid flight cancellations in a Toronto winter storm.

January, 2005: A Jetsgo plane landing at Calgary International Airport veers off the runway and hits a sign on Jan. 20.

February, 2005: Transport Canada revokes an operating certificate, forcing Jetsgo to run its flights at lower altitude, which is less efficient for fuel consumption. That certificate has yet to be reinstated; Transport Canada also starts inspecting Jetsgo's operations manuals and flight safety processes. The reviews come after federal inspectors discovered certain incomplete descriptions in Jetsgo manuals after the Calgary incident.

March, 2005: Debris is left on a runway at Toronto's Pearson International Airport after Jetsgo aircraft has engine trouble during takeoff process on March 4; a Jetsgo aircraft originating in Fort Myers, Fla., and destined for Toronto makes an unscheduled stop in South Carolina after reportedly leaking engine oil on March 5.

From Paul Wells:

I kinda liked Jetsgo!!! Prices were rock-bottom, the Net interface was about 1,000 times easier to use than Via Rail's, the stews wore spiffy leather jackets and there was none of the absurd forced bonhomie that makes WestJet flights such purgatory. I'm gonna miss those guys. Ca-raaaaaay-zee!

...It's not Jean Lapierre's fault!!! The Transport Minister isn't supposed to be running a Maoist command economy. If the cost of getting out of the airline business is too elevated, nobody's ever going to get into it. This is the sort of thing Stephen Harper used to understand.

In addition, one possible venting site is the newly-created Jetsgone.net webpage.