Counsel to Aircraft Owners in Fractional Ownership Operator Bankruptcy

Owners of interests in Avantair, LLC

Representation of group of fifteen owners of fractional interests in an aircraft operated by Avantair, LLC, which ceased operations and was put into involuntary bankruptcy in Tampa, Florida, amid allegations of improperly tracking time-controlled parts on aircraft in its fleet. Because Avantair rotated engines and other life-limited parts among its aircraft, competing claims have emerged among various ownership groups. Our team commenced a declaratory judgment action to extricate the aircraft from the bankruptcy proceeding, thereby permitting the fractional owners to resolve any disputes regarding the aircraft in non-bankruptcy forums.

Related Practices
Jeffrey I. Snyder
General Counsel, Head of Bankruptcy, CMBS Litigation and Workouts
Representation of B piece and special servicer clients, handling in excess of $130billion in 2.0 CMBSsecuritizations.
Representation of an energy company in its $9.45 billion all-cash acquisition of another energy company, resulting in the creation of the largest utility holding company in the United States.
Handled the sale of over 2,000 REOs, with aggregate purchase prices in the billions of dollars, through both the negotiation and closing of individual sales and the structuring and sale by auction of multiple properties. The largest was approximately $216 million, which was the sale of a major hotel...