AeroWesty From United States of America, joined Oct 2004, 18800 posts, RR: 64 Posted (8 years 2 months 1 week 4 days 1 hour ago) and read 1419 times:
HONOLULU - The main investor in one of the two competing bankruptcy reorganization plans for Hawaiian Airlines was arrested Wednesday for allegedly trying to bribe an undercover FBI agent in a fraudulent scheme to fund the plan, federal authorities said.
Paul Boghosian, 50, was arrested in St. Louis after he allegedly agreed to pay a $500,000 bribe to an FBI agent posing as a hedge fund manager, in exchange for a $2.5 million loan, U.S. Attorney David N. Kelley said.
Boghosian, head of Hawaiian Investment Partners Group LLC, also "made a number of misrepresentations to the Bankruptcy Court, among others, regarding HIP's ability in fact to provide approximately $300 million in new equity funding and financing in order to carry out HIP's reorganization plan," federal prosecutors said in a statement.
Clickhappy From United States of America, joined Sep 2001, 9444 posts, RR: 72 Reply 1, posted (8 years 2 months 1 week 4 days ago) and read 1368 times:
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This part of the story doesn't make sense:
During a meeting last month in New York City, the undercover agent told Boghosian that the Hawaiian Investment Partners' financial documents and account numbers were bogus and the agent warned that the reorganization plan would collapse because there was no real funding, according to the federal complaint.
How would the undercover agent know that the documents and account numbers Boghosian used for his reorg plan were bogus? if that is the case, it sounds more like entrapment...IE I know you are lying, so pay me 500k and I will shut up...
Ha763 From United States of America, joined Jan 2003, 3492 posts, RR: 6 Reply 2, posted (8 years 2 months 1 week 4 days ago) and read 1366 times:
At first I thought that this was going to hurt Hawaiian's chances of getting out of bankruptcy, but then I realized that this guy isn't connected to RC Aviation. RC Aviation is the one with the preferred reorganization plan and is also the majority shareholder. This person isn't an investor in Hawaiian. He is just the financial backer to Hawaiian Investment Partners' competing reorganization plan. This should make the proceding easier since this basically throws their competing plan out. RC Aviation is supposed to have a hearing today on their plan. HIP was supposed to have their hearing tomorrow, but it looks like the plan will be withdrawn.
AeroWesty From United States of America, joined Oct 2004, 18800 posts, RR: 64 Reply 3, posted (8 years 2 months 1 week 4 days ago) and read 1349 times:
The first sentence in the following paragraph explains it: "The FBI agent then asked for a kickback of $500,000 to get his hedge fund to make a loan under those circumstances."
It sounds like this guy's elevator didn't go all the way to the top floor, and apparently his arrest has removed some of the clutter in the way of Hawaiian's reorganization.
Clickhappy From United States of America, joined Sep 2001, 9444 posts, RR: 72 Reply 4, posted (8 years 2 months 1 week 4 days ago) and read 1339 times:
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So it is a set-up?
"Hey I know you lied to the bankruptcy committee when you said you had access to a bank account with 500 million dollars in it (figure taken from the source article) so in order for my hedge fund to lend you 2.5 million "under those circumstances" you will need to pay me 500,000?"
AeroWesty From United States of America, joined Oct 2004, 18800 posts, RR: 64 Reply 5, posted (8 years 2 months 1 week 3 days 23 hours ago) and read 1323 times:
Ha763 From United States of America, joined Jan 2003, 3492 posts, RR: 6 Reply 6, posted (8 years 2 months 1 week 3 days 19 hours ago) and read 1249 times:
Clickhappy From United States of America, joined Sep 2001, 9444 posts, RR: 72 Reply 7, posted (8 years 2 months 1 week 3 days 18 hours ago) and read 1213 times:
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