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.”

Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.

 
X