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 againthis time to Katmandu Moss dreamed up a plan that seemed to to be irresistible: for an initial fee of $50, anyone could enlist in...