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1971 - September DOT Ord. & Dec. [1] (September, 1971)

handle is hein.usfed/dotod0660 and id is 1 raw text is: Order 71-9-1 UNITED STATES OF AMERICA CIVIL AERONAUTICS BOARD WASHINGTON, D.C. Adopted by the Civil Aeronautics Board at its office in Washington, D.C. on the 1st day of September, 1971 EXECUTIVE JET AVIATION, INC. : Docket 17657 0 RDER Under the Board's Cease and Desist Order in the Executive Jet case, as amended by Order 71-7-77, dated July 15, 1971, the Penn Central must divest itself of all interest in EJA by September 1, 1971. On March 31, 1971, the prospective purchasers of the Penn Central's interest in EJA, Bruce G. Sundlun and Robert L. Scott, Jr., entered into a preliminary arrangement with the trustee, Detroit Bank and Trust Company. The purchase agreement was contingent upon Sundlun and Scott making satisfactory refinancing arrangements with EJA's creditors. Prior to our last action in this matter extending the divestiture date to September 1, 1971, and directing the liquidating trustee to comment on steps which might be taken to leave the trustee free to negotiate with other prospective purchasers, 1/ Sundlun and Scott had reached general agreements with five of six major creditors. They had, however, been unable to reach agreement with a sixth major creditor, the Ledbetter Leasing Corporation. EJA is obligated to Ledbetter on an eight-year lease of a Boeing 707, which will continue in effect until April 1975. 1/ Pursuant to the Board's request in Order 71-7-77, the trustee, Detroit Bank and Trust Company. filed a report dated August 3, 1971. In posing a series of questions to be answered by the trustee, we noted our concern with the delay in completing divestiture arrangements and our desire to give consideration to whether the trustee should seek other purchasers for the Penn Central's interest in EJA. As indicated herein, infra, Sundlun and Scott have apparently overcome the one remain- ing obstacle to a final purchase agreement. Further action by the trustee to explore the possibility of seeking other purchasers is therefore unnecessary at this time. Sundlun filed further comments on the report of the trustee on August 12, 1971. i I

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