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Business files deeIs this business JetAway going out of business? Are the owners selling? What does this mean

Boise Attorney
by Village Square

Question by swingydude: Business files deeIs this business JetAway going out of business? Are the owners selling? What does this mean
MONTROSE — JetAway Aviation has placed a lien, amount unknown, against property it claims to own in Montrose. If JetAway Aviation defaults on repaying its lender, the public trustee of Montrose County can be directed to sell the property — meaning members of the Girdner family could be first in line for any of those benefits, a deed of trust filed Dec. 20 indicated.

JetAway, a limited liability company, along with another LLC, One Creative Place, executed a deed of trust that identified its lenders as Paul and Michael Girdner of Boise, Idaho.

Michael Girdner also signed as the borrower, on behalf of both LLCs, which is not unheard of, a local escrow agent told the Daily Press. The notarized document certifies that Girdner is a “manager or managing member of JetAway Aviation, LLC,” and he would therefore have the power to act on behalf of the company.
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JetAway CEO Stephen Stuhmer did respond to a request for comment.

JetAway, located at 1 Creative Place adjacent to the Montrose Regional Airport, is locked in a heated and expensive legal battle over Montrose County’s decision to award a competitive bid for fixed-base operations at the airport to another company. The county and JetAway will head to court in May after Federal Aviation Administration-sponsored mediation terminated.

The successful FBO bidder, Black Canyon Jet Center, also succeeded in having JetAway held in contempt over the advertising of fuel sales, which court orders barred JetAway from doing.

Paul Girdner testified at the November contempt hearing that he pays the company’s bills. Testimony indicated he was a financial backer.

The Daily Press showed the deed of trust to its attorney, who explained how such deeds operate.

David Masters said a deed of trust, similar to a mortgage, uses property as collateral to secure financing. In a deed of trust, the borrower transfers the property to the public trustee to be held in trust, subject to the terms of the deed.

The Dec. 20 deed places its property in trust with Montrose County Treasurer Rosemary Murphy, who can be called upon to sell it if terms are not met and a demand for sale is made

Best answer:

Answer by Den
The company has chosen litigation perhaps because it is uncompetitive. Bad situation for everybody involved.

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Be the first to comment - What do you think?  Posted by - January 27, 2011 at 8:18 pm

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