Tuesday, September 26, 2017

Justice companies sued in New York over helicopter loan

NEW YORK, N.Y. – A lawsuit has been filed against Gov. James C. Justice II and his companies over a defaulted helicopter loan.

Citizens Asset Finance Inc. filed the lawsuit against Justice Aviation,  Justice and James C. Justice Companies Inc. on Sept. 19 in the U.S. District Court for the Southern District of New York.

Citizens and the defendants entered into a loan and aircraft security agreement on Dec. 30, 2009, for an Agusta SpA model A109S helicopter.

The defendants executed a promissory note in the original sum of $6.6 million, according to the suit. As of Jan. 4, the defendants there was $4,283,631.73 left on the loan.

Despite repeated demands for payment, the defendants have failed to pay Citizens the amounts due under the loan documents, according to the suit.

Citizens claims the defendants have not made a payment on the rotorcraft since April and the lender wants to take back the helicopter.

The defendants are in breach of the guaranty and have caused Citizens damages, according to the suit.

Citizens is seeking damages and the foreclosure sale of the aircraft. It is being represented by Daniel C. Green, Douglas J. Lipke and William W. Thorsness of Vedder Price.

U.S. District Court for the Southern District of New York case number: 1:17-cv-07115

Original article can be found here ➤ https://wvrecord.com

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