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We lost $288,000 on the plane

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malp2009   Tuesday, 02/12/19 01:41:18 PM
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We lost $288,000 on the plane

2. Prepetition, the Debtor transferred at least $618,000 of the Debtor’s own funds to William Maxwell, William Maxwell, PLLC, or William Maxwell, P.C. (collectively, “William Maxwell”), who used the funds to purchase a Mitsubishi MU-2B-60, s/n 1562SA, N1164F aircraft (the “Airplane”) from Epps Air Services in Velia’s name. Velia was a wholly-owned, second-tier subsidiary of the Debtor, created barely one month prior to the purchase of the Airplane, for the sole purpose of holding title to the Airplane. Upon information and belief, Velia had no assets or liabilities other than the Airplane, no employees, and no independent business operations. Upon further information and belief, the Debtor—not Velia—paid for maintenance of the Airplane and for hiring pilots for the Airplane. As a result, it appears that Velia provided nothing to the Debtor in exchange for the funds to purchase the Airplane. Instead, Velia served simply as a shell for the Debtor to hold title to the Airplane—a prepetition alter ego of the Debtor.


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