Thursday, September 14, 2006

Springfield aircraft parts firm declares bankruptcy

A $210,304 lien placed on Air Support International by the federal government following a 2002 criminal conviction is the only specific debt listed on the company's Chapter 11 bankruptcy petition filed today in U. S. Bankruptcy Court for the Western District of Missouri.
The Springfield based firm, which makes airplane parts, listed $905,276.76 in assets, according to the petition filed by company president Larry J. Sullivan.
The petition indicated at least two breach of contract claims have been lodged against the company.
Sullivan was one of two men sentenced in 2002 for stealing proprietary blueprints for aviation parts. According to newspaper accounts from that era, Michael O. Goodrich, an employee of Textron-Lycoming, Williamsport, PA., stole parts and blueprints from that company and sold them to Sullivan, who used the blueprints to make parts for Air Support International. Sullivan was ordered to pay back $275,000 pay a $10,000 fine and spend one year in prison. Air Support International was also fined $10,000.

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