Tue, Apr 29, 2008
ASTAR Air Cargo Says 727-200 Sale Was Mishandled
ASTAR Air Cargo (ASTAR)
filed a lawsuit Monday in Miami-Dade County Circuit Court against
Fort Lauderdale, FL-based GA Telesis, accusing the commercial
aircraft broker and leasing company of fraud, breach of contract,
and breach of duty of good faith and fair dealing over the sale of
Boeing 727-200 cargo aircraft N751DH to ASTAR.
"ASTAR's executives have been directly involved in the lease and
purchase of hundreds of aircraft, and we have never experienced a
more outrageous breach of business ethics and standards of
dealing," the company said in a release to ANN.
ASTAR alleges that GA Telesis and the other parties acted in bad
faith, reneging upon their agreement to sell the aircraft to ASTAR
weeks after reaching an unconditional and irrevocable deal. ASTAR
also claims the defendants lied about their commitment to closing
the transaction on the agreed-to date and sought to get a higher
purchase price for the aircraft.
"This is an example of bad actors acting badly with malicious
intent, and GA Telesis has failed to meet the standard of even a
modest level of integrity," said Stephen Dodd, ASTAR’s
managing director for corporate finance. "ASTAR’s executives
have been directly involved in the lease and purchase of hundreds
of aircraft, and we have never experienced a more outrageous breach
of business ethics and standards of dealing."
ASTAR has operated the
aircraft under lease since 2002 and is asking the Court to order an
immediate sale of the aircraft pursuant to the terms of the
original agreement. ASTAR will also ask the Court to award punitive
damages from the Defendants in an amount to be determined at
trial.
ASTAR is being represented in the litigation by Hogan and
Hartson of Miami and Troutman Sanders of Atlanta. GA Telesis is the
broker/agent for the other named Defendants: Aviation Refinancing
Transaction LLC, ART 22982 LLC and ART 21985 LLC.
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