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Tue, Dec 15, 2015

South Florida Jet Dealer Faces $75 Million Lawsuit

Suit Claims Aero Toy Story Defaulted On Loan In 2010

A $75.34 million lawsuit has been filed in south Florida against jet dealer Aero Toy Store for allegedly defaulting on a loan in 2010.

The suit was filed by CPC Finance II December 2 against Aero Toy Store, Gulfstream IV 1145, CCA Financial Services, Free Trade Ltd. and Morris Shirazi Inc., along with individual guarantors Mayer Shirazpour and Gabrielle Shirazipour, according to a report in the South Florida Business Journal. The company acquired the loan in September.

According to the complaint, Aero Toy Store and Gulfstream IV defaulted on the loan in 2010. The reportedly owe $75.34 plus interest. It seeks to take control of Free Trade Ltd.'s facility in Fort Lauderdale that was acquired in 1996 for $8 million. It does not include a larger Aero Toy Store facility which is leased from the city.

The Aero Toy Store website currently lists an inventory of 11 executive jets and three helicopters.

FMI: www.cpcfinance.com

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