Citi Unit Says Developer Owes $43M In Jet Loan Payments

Law360, New York (December 5, 2012, 10:20 PM EST) -- A Citigroup Inc. affiliate on Wednesday hit Beverly Hills, Calif.-based real estate developer Alan Casden with a lawsuit seeking to recover about $43.4 million in payments for a loan it issued in 2005 for the purchase of a Gulfstream 550 corporate jet.

Citicorp USA Inc. claims Casden and his company, The Casden Co., guaranteed the $37.5 million loan taken out by Casden Aircraft Leasing LLC in December 2005, and that CAL's failure to make principal or interest payments obligates the defendants to pay up.

“Under the...
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