Lubbock construction company sued over aircraft loan - KCBD NewsChannel 11 Lubbock

Lubbock construction company sued over aircraft loan

LUBBOCK, TX (KCBD) -

A Lubbock construction company, now out of business, is accused of not paying the loan for a corporate aircraft.

Webster Capital Finance Inc. sued Craig Wallace Construction LLC in a Connecticut federal court. Court records, including a federal default judgment filed Monday in Lubbock, say Wallace did not respond to the lawsuit.

The complaint filed in February of 2011 says that in September of 2008 Wallace borrowed money for a 2005 Pilatus PC-12. It says starting in July 2010, Wallace defaulted on the loan. Even after Webster Capital confiscated the plane, court records say Wallace still had an outstanding balance of $832,462.43 on the loan.

In February, a court clerk acting on authority from U.S. Magistrate Judge Donna Martinez, entered a default judgment against Wallace in the amount of $956,123.79.

KCBD NewsChannel 11 did reach out to an attorney for Craig Wallace Construction who says the company went out of business roughly two years ago.

Webster Capital Finance was known as Center Capital Corporation at the time of the loan.

Copyright 2012 KCBD. All rights reserved.

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