Aviation

Cessna Finance sues Mo. firm over default on jet loan

Cessna Finance Co. has filed suit against Hamra Management Co., based in Springfield, Mo., along with Springfield lawyer and businessman Sam Hamra, alleging they were part of the parties defaulting on a loan for a 2007 Cessna Citation business jet.

The suit alleges Hamra Management owes Cessna’s finance arm $3.23 million in principal and $116,877 in interest, while Hamra, one of the guarantors on the loan, allegedly owes $1.36 million.

Hamra Management Co. was a minority owner of the plane with two other entities, said Hamra’s attorney Dan Blegen.

According to a copy of the promissory note, HCW Management Consultants, MPI Land and Hamra Management Co. together took out a promissory note for $8.17 million on May 14, 2007, to buy the plane. HCW Management and MPI Land were not named in the suit filed last week in Sedgwick County District Court.

Jeff Jordan, an attorney for Foulston Siefkin representing Cessna Finance, said his client doesn’t comment on pending litigation.

The jet, a Citation Model 560, was sold in a private sale March 29 and the proceeds were given to the finance company, according to the filing. In today’s down market for used business jets, the plane sold for significantly less than the amount owed, Blegen said.

“The dispute is over that amount and who should have to pay for it,” Blegen said.

The suit was filed unexpectedly while the parties were in the midst of discussions, he said.

Hamra is head of a company that operates Wendy’s restaurants, Chicago Bread and Boston Bread, according to information from Ozarks Technical Community College, which awarded Hamra its Excellence in Business Award in 2010. He also operates other businesses and is active on several boards in the Springfield community. In 2009, Hamra received the Wendy’s International Outstanding Franchisee of the Year award.

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