Quantcast

WEST VIRGINIA RECORD

Friday, March 29, 2024

Justice owes $2.5 million for helicopter loan

44827750624 91f2b47ce1 k

NEW YORK, N.Y. — The final consent judgment was filed last month to confirm Gov. Jim Justice owes nearly $2.5 million for defaulting on a helicopter loan.

Federal Judge Alison J. Nathan issued an order granting summary judgment in the case back in June, which put Justice on the line for $2,438,015.16 for breach of guaranty, according to the order obtained by The West Virginia Record.

"Judgment is hereby entered in favor of Citizens Asset Finance and against Justice Aviation and against...Justice in the amount of $2,550,000.00, inclusive of attorneys' fees and costs through November 1, 2018..." the final consent judgment states.

Nathan wrote the parties have negotiated, jointly drafted and fully reviewed the terms of the consent judgment.

Nathan granted summary judgment on June 20 after holding a conference the day before.

The lawsuit was filed last September after Justice and Justice Aviation defaulted on a helicopter loan.

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 claimed the defendants have not made a payment on the aircraft 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 was seeking damages and the foreclosure sale of the aircraft. It was 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

More News