Former Galaxy Aerospace owner makes big payoff

 - May 27, 2008, 10:00 AM

The Pritzkers of Chicago–one of the nation’s wealthiest families, with controlling interest in the Hyatt hotel chain and one-time part owner of the former Galaxy Aerospace–agreed to pay a record $460 million to the federal government to avoid possible lawsuits from the failure of its Superior Bank. The Pritzkers and Israel Aircraft Industries jointly launched former Galaxy Aerospace in Fort Worth, Texas, in 1997 to market and support the Galaxy and Astra business jets manufactured in Israel. Just three years later, in May last year, Galaxy was purchased by General Dynamics and its business jets were merged with those of GD’s Gulfstream Aerospace.