Roel Pieper Ordered To Produce Property Documents

AINalerts » December 15, 2009
December 15, 2009, 11:11 AM

Etirc Aviation chairman and former Eclipse Aviation chairman Roel Pieper will have to produce records of properties that he owns, according to an order issued by the New York State Supreme Court. The order is the result of a subpoena for those documents from the Alfred E. Mann Living Trust. Alfred Mann was one of Eclipse Aviation’s largest investors, and Pieper and Mann had each agreed to provide $10 million debtor-in-possession (DIP) financing to help keep Eclipse running after the Chapter 11 bankruptcy last year, until Pieper could come up with the necessary funds to buy the company. Pieper was unable to raise the money and also allegedly reneged on his half of the $20 million of DIP funds. Mann’s legal actions seek to recoup the $10 million that he put up for Pieper. The judge’s order calls for Pieper to reveal details of any real estate he owns, including mortgage information and attempts to sell those properties. Pieper is also required to produce documents regarding “any assets you have transferred to any trusts established for your children within the last five years.”

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