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UMB Bank, National Association v. Airplanes Limited et al
Case Number:
1:16-cv-07717
Court:
Nature of Suit:
Judge:
Firms
Companies
Sectors & Industries:
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August 16, 2017
Bank Wants Defunct Airplane Co.'s $23.3M Hoard Doled Out
Lenders to a defunct aircraft leasing company have urged a New York federal judge to make it distribute the last $23.3 million it has on hand to its bondholders, saying the Airplanes Group’s directors have set aside money for “everything but paying their debts.”
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May 26, 2017
Plane Speaking Judge Rips Aircraft Firm's Cash Stockpile
An airplane leasing company with no airplanes that socked away $190 million it was supposed to return to its lenders was called out Friday by a New York federal judge who said the business had no right to hoard the cash based on an "imagined" Brazilian legal risk and other "vague and conclusory" obligations.