 The airline started flights in July 1991 and filed for bankruptcy less than two months later, but was able to secure sufficient funding to continue operating until July 1992, when it shut down permanently amidst an investigation into misconduct by its corporate officers.In 1990, Jeffrey Chodorow, Arthur Cohen, and Scot Spencer formed BNAir Inc., a vehicle specifically used to purchase the assets of Braniff Inc., including the name and trademark, from three bankruptcy auctions.With these assets, the group formed Braniff International Airlines, Inc. which itself was formed from the assets of Braniff International Airways.