Fort Lauderdale executive jet dealer Aero Toy Store and its affiliates were hit with a $75.34 million lawsuit that includes a foreclosure claim on one of its buildings and a lien on its aircraft inventory.
The company has a fixed-based operator facility at Fort Lauderdale Executive Airport and a dealership that sells planes such as Challenger 600s and Boeing Super 27s, in addition to helicopters.
CPC Finance II filed the complaint on Dec. 2 against Aero Toy Store, Gulfstream IV 1145, CCA Financial Services, Free Trade Ltd. and Morris Shirazi Inc., along with individual guarantors Mayer Shirazpour and Gabrielle Shirazipour. It concerns an aircraft inventory loan originated in 2008 by General Electric Capital Corp. and restructured in 2009 to include a mortgage and additional guarantees.
The loan was sold in September to CPC Finance II, managed by Patrick T. Marino in Fort Lauderdale.
The complaint states that Aero Toy Store and Gultstream IV defaulted on the loan in 2010 and owe $75.34 million, plus interest. All of the other guarantors named in the lawsuit are on the hook for the same amount, expect for Free Trade Ltd., which has a limited guaranty of $8 million.
Mayer Shirazpour couldn’t be reached for comment.
The foreclosure seeks to seize Free Trade Ltd.’s 13,189-square-foot aviation facility at 2050 N.W. 62nd St. The 2.2-acre property was acquired for $8 million in 1996.
The complaint does not target Aero Toy Store’s larger facility at 1710 N.W. 62nd St., which is leased from the city, said Richard Storfer, the Fort Lauderdale attorney who represents CPC Finance II. However, the lawsuit seeks to seize all the assets of Aero Toy Store and the companies named, including aircraft inventory, he said.
Aero Toy Store’s website currently lists 11 executive jets and three helicopters in inventory.
Source: http://www.bizjournals.com
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