PROMOTION: There Is No Freelandia

Freelandia Air Travel Club took off last fall in the midst of a press blitz that puffed its low fares ($69, Newark-Los Angeles), its organic chic (natural food, a water bed in its yellow DC-8) and its ringing slogan, "Not-For-Profit." Not-For-Real would have been more accurate.

The man behind Freelandia is Ken Moss, 31, a Syracuse University dropout who claimed to have made millions in Wall Street by helping entrepreneurs get financing. After dropping out again—this time to Katmandu —Moss dreamed up a plan that seemed to to be irresistible: for an initial fee of $50, anyone could enlist in...

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