More Legal Actions Erupt in Eclipse Arena

AINalerts » April 7, 2009
April 7, 2009, 12:07 PM

Last month, the Alfred E. Mann Living Trust filed a complaint against Etirc Aviation and Etirc chairman and CEO Roel Pieper, seeking more than $10 million plus interest and expenses. According to the complaint, Etirc and the Mann Living Trust agreed last November “to each provide $10 million in funding to…Eclipse Aviation” following Eclipse’s Chapter 11 bankruptcy filing. The $20 million was intended as debtor-in-possession financing to keep Eclipse operating until the company was sold to Etirc affiliate EclipseJet Aviation International, a sale that never took place. The Mann complaint notes that they “agreed that if Plaintiff provided Etirc’s $10 million share of the funding…Etirc would be obligated to pay Plaintiff back pursuant to the terms of a $10 million promissory note.” The Mann Trust did provide the entire $20 million, and Etirc “executed a promissory note” but defaulted on the $10 million payment due February 28, according to the lawsuit. Meanwhile, a coalition of law firms is seeking Eclipse deposit-holders for a possible lawsuit against officers and directors of Eclipse Aviation. The firms are not asking for money from deposit-holders: “We accept the risk of our investment in our cases and thereby share your incentive to diligently pursue your rights.”

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