Former Tilton-Led Helicopter Co. Faces $36.2M Fraud Verdict

By Jeff Montgomery (September 28, 2021, 4:44 PM EDT) -- Efforts to sell a helicopter company long seen as a high-value holding of distressed debt investor Lynn Tilton's Patriarch Partners have hit serious turbulence in the form of a $36.2 million federal whistleblower suit award and potential treble damages against the company, MD Helicopters Inc.

Jurors in the U.S. District Court for the Northern District of Alabama found the company guilty of fraud Friday in connection with U.S. Army-brokered MDHI sales to forces in El Salvador, Costa Rica and Saudi Arabia.

Although the original suit sought $354 million in damages for four contracts, the claims that went to the jury resulted in an...

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