Bank Moves to Ground Commercial Developer's Private Jet
Fed up with what it viewed as empty promises to make good on an outstanding loan, JP Morgan Chase has asked a federal judge to ground a $12 million private jet until the commercial real estate developer who owns it settles up.
August 07, 2017 at 04:19 PM
3 minute read
Fed up with what it viewed as empty promises to make good on an outstanding loan, JP Morgan Chase has asked a federal judge to ground a $12 million private jet until the commercial real estate developer who owns it settles up.
J.P. Morgan Chase sought the emergency temporary restraining order from a federal judge in Atlanta on July 31, saying that grounding the Gulfstream 150 would inconvenience developer Stan Thomas only to the extent that he might have to fly commercial “like almost all other business travelers in America.”
Bank lawyers said that Thomas, who bought the jet in 2008 with a $12.5 million bank loan, defaulted in 2013 with more than $5 million still to pay. But Thomas was allowed hold on to and continue to use the aircraft after renegotiating the loan's terms, bank lawyers argued in court papers.
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