Former deposit-holders for Eclipse 500 very light jets recently filed four lawsuits in New Mexico district courts alleging various wrongdoings by Eclipse Aviation executives before the company filed for bankruptcy one year ago. Named in the suits are former Eclipse Aviation leaders, including Vern Raburn, Roel Pieper, Peg Billson, Michael McConnell and Mark Borseth, as well as sales and support personnel. One of the suits also lists defendants who were on the Eclipse Aviation board of directors, including Harold Poling, former Ford chairman and CEO; Kent Kresa, former chairman and CEO of Northrop Grumman; and Alfred Mann, chairman and CEO of MannKind and reportedly the largest investor in Eclipse Aviation as well as an investor in the new Eclipse Aerospace. Raburn told AIN that the lawsuits have no basis and were filed “to try to invoke coverage from the [directors’ and officers’] insurance. The policy expired on October 18; that’s what triggered this stuff. This is going to take years and years, and in the end the only people who will make money are the lawyers.” The lawsuits have no bearing on Eclipse Aerospace, which purchased the assets of bankrupt Eclipse Aviation on September 30.
Lawsuits Filed Against Eclipse Aviation Leaders
- November 3, 2009, 11:39 AM