Collection Activity Begins with Seizure of Bank Account
WASHINGTON, Nov. 25 /PRNewswire/ -- Wiley Rein partner H. Jason Gold, the court-authorized liquidating trustee for the bankruptcy estate of Dornier Aviation (North America), Inc. (DANA), announced today that he has begun judgment recovery activities and has successfully garnished the first of several Hainan Airlines' bank accounts. Gold won a civil judgment of over $14 million entered against Hainan Airlines, a major international airline based in China with over $2 Billion in revenue. Suit had been brought back in December, 2003 in Federal Court and Final Judgment was obtained in August of this year to recover unpaid accounts. United States Bankruptcy Judge Steven S. Mitchell presided over the case and entered the judgment. Hainan did not appeal the court's decision but has so far refused to pay the judgment.
"The recovery of this judgment will eventually permit us to pay millions of dollars to creditors of the bankrupt company Dornier Aviation of North America, including numerous individuals and American companies, large and small. The seizure of the account is just the first step in our world-wide effort to see to it that the judgment is paid. It is a privilege for foreign companies to do business in the United States. But they must obey American law, and that includes complete and prompt compliance with orders of federal courts," said Gold. "Hainan Airlines' failure to comply with the court order is perplexing given that they are currently seeking United States Department of Transportation approval to expand their service to additional locations in the United States. The law requires that air carriers who operate in this country respect and comply with orders of American courts," added Gold.
Preparations are advancing towards the seizure of additional tangible assets.
Gold is head of Wiley Rein's Bankruptcy and Financial Restructuring Practice. The firm serves as Gold's counsel in the DANA/Hainan Airlines litigation.
For more information, please contact H. Jason Gold at 703.905.2825 or jgold@wileyrein.com.
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H. Jason Gold
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SOURCE Wiley Rein & Fielding LLP
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