Silver State ex-CEO Airola sued for fraud | Aviation International News

Silver State ex-CEO Airola sued for fraud

The court-appointed trustee in the 2008 Silver State Helicopters (SSH) collapse has filed suit against the company’s ex-CEO, Jerry Airola, and his top depu

By Mark Huber • Contributor

January 28, 2010

The court-appointed trustee in the 2008 Silver State Helicopters (SSH) collapse has filed suit against the company’s ex-CEO, Jerry Airola, and his top deputy, Steve Pickett, charging that the two used a complex shell game to fraudulently transfer $8.2 million out of the company in the months immediately before it declared bankruptcy.

The trustee also alleges that Airola was paid more than $10 million as part of a $40 million recapitalization of SSH by Orix Commercial Finance, secured by the company’s helicopters and other real property, in August 2007. One month later, Airola sold a 60-percent stake in SSH to Eos Capital Partners for an estimated $30 million, but retained a seat on the company’s board and check-writing authority. Under the terms of the recapitalization, SSH was required to repay Orix $31 million by February 2008. Rather than making that payment, SSH filed for bankruptcy on Feb. 4, 2008.

The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background.

The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background.

The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background.

The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background.

Aero Asset: Twin-engine Helicopter Sales Activity Up

Pricing on heavy twins reached a five-year high in the first half

Sikorsky S-92 in flight

Louisiana Rotor Pathway Advances Rotorcraft Careers

Program started with Utah and North Dakota

Airbus Helicopters H215 Super Puma helicopter

Nepal Relief Efforts Need More Support and Coordination

Local rotorcraft industry leader urges international partners to get involved in crisis

Nepal army helicopter

Boltoukhine Named Head of Airbus Corporate Helicopters

Frederic Lemos departs after serving as CEO of ACH since 2017

Nicolas Boltoukhine

Avincis Orders Five McDermott 214ST Utility Helicopters

Medium twin-engine rotorcraft will supplement European firefighting operations

Artist's impression of Avincis' McDermott 214ST helicopters

Helicopters Play Crucial Role in Himalayan Flood Rescues

Nepal’s army and private operators have deployed rotorcraft across the flood zone

Heli Everest H125 helicopter

U.S. Approves $800M Bell 407/412 Sale to Iraq Military

Pentagon permission facilitates sale of Bell 412EXP and 407M

Bell 407M helicopter

Japan Orders Its First H160 for Emergency Response

Fire and disaster management agency to use aircraft in aerial reconnaissance role

Airbus H160 in flight over sea