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Avitat Westchester Challenges Westchester County Proposal To Give its Airport Hangar Lease to JPMorgan Chase

Dépèche transmise le 11 mars 2009 par Business Wire

Avitat Westchester Challenges Westchester County Proposal To Give its Airport Hangar Lease to JPMorgan Chase

Avitat Westchester Challenges Westchester County Proposal To Give its Airport Hangar Lease to JPMorgan Chase

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--In what it sees as a one-David-vs.-two-Goliaths battle, Avitat Westchester is challenging a proposal by Westchester County Executive Andrew Spano to give its lease for one of the largest hangars at Westchester County Airport in White Plains, New York to JPMorgan Chase.

Avitat CEO Michael Dolphin, who told the County Board of Legislators last week that Mr. Spano’s proposal could cost Westchester upwards of $100 million in reduced fees and potential damages if Avitat prevails in litigation against the County concerning the hangar, is now seeking public and business sector support at a hearing scheduled for Monday, March 23, at the Michaelian Office building in White Plains.

According to Mr. Dolphin, the RFP process for the hangar’s lease renewal that is to take effect in March of next year, was flawed, violated longstanding County practices and was a retaliatory action against Avitat for complaining about illegal practices at the airport.

Mr. Dolphin has also expressed concern that regulatory and/or public reactions to a TARP-assisted financial institution that cut its dividend by 87% and eliminated 14,000 jobs spending more than $200 million on new jets and hangar renovations could require Westchester to find a new lessee during the 30-year term of the lease. Additionally, the loss of its lease will force Avitat, which has been a lessee at the airport since 1993, to reduce its 60-person staff by 50%.

Mr. Dolphin also notes that JPMorgan Chase leases space at another hanger on the airport, where it already is housing an existing fleet of planes.

For additional information contact Michael Dolphin, CEO, Avitat Westchester, 914.421.9100. An information packet on Avitat’s objection to the proposal to grant the hangar lease to JPMorgan Chase can be seen by visiting www.avitatwestchester.com/infopacket.html.

Business Wire

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