A Connecticut company has filed an emergency action in Westchester Supreme Court to block a Chinese company from reneging on selling a $26.5 million corporate jet.
Altitude 51 Inc., of Greenwich, asked the court of March 3 to make Jilin Hongfu Real Estate Co. take the jet off the market and sell it to Altitude 51.
If the court does not intervene, Altitude director John P. Tesei states in an affidavit, “JHRE will transfer the aircraft to an entity that is outside of the court’s jurisdiction” and deprive Altitude of its right to buy the jet.
Though none of the companies are based in New York, Altitude and JHRE had agreed that any disputes would be heard in a New York court. Altitude chose Westchester Supreme Court.
The jet in question is a 13-passenger Bombardier Global 6000 built in 2015 and equipped with Rolls Royce-Derby engines.
The aircraft is unique, according to Tesei, because it has very low air time, has a forward galley and aft section separation, and no major inspection is due until 2026.
“There is no reasonable substitute for the aircraft on the market,” he said.
Altitude agreed in January to buy the jet from JHRE for $26.5 million and it deposited $1 million.
JHRE had to take the aircraft off the market, according to court papers. Altitude had the right to inspect the jet at a Bombardier facility in Tianjin, China, and only Altitude had the right to cancel the deal.
But JHRE allegedly ignored Altitude’s efforts to conclude the deal. The Chinese company began talking with at least one potential buyer, according to the court papers, demanded that Altitude pay an additional deposit and fees, and has refused to sign the final aircraft purchase agreement.
Altitude accuses JHRE of breach of contract. It is asking the court for a temporary restraining order and permanent injunction to stop JHRE from selling the jet to anyone else and to promptly deliver it to Altitude.
Armonk attorney Marc V. Ayala represents Altitude.
