United States v. Excellair, Inc.

MEMORANDUM OPINION AND ORDER

KANE, District Judge.

In three transactions defendant Excellair borrowed over $10,000,000.00 to finance the purchase of equipment necessary to its business as a commuter airlines. The United States, through the Federal Aviation Administration, guaranteed these loans. Upon Excellair’s default, the government honored its guarantees and accepted from the lenders assignment of the loans. The government accelerated the loans and, upon Excellair’s failure to pay the amounts owed, seized much of Excellair’s assets. The government has sold a substantial portion of this…