Gov. Jim Justice’s Companies Forced to Sell Helicopter to Settle Debt

In a recent development, two of Gov. Jim Justice’s creditors have agreed to sell a helicopter owned by Bluestone Resources in order to settle a debt. Caribbean company Caroleng Investments and South Bend-based First Source Bank have jointly submitted a proposal to sell the helicopter. Bluestone Resources, one of Justice’s many companies, was not involved in the agreement, which was filed in the U.S. District Court for the Western District of Virginia.

With an outstanding debt of approximately $10 million owed to Caroleng Investments, Bluestone had offered the helicopter as a partial repayment. However, their attempts to convince a federal judge to prevent U.S. Marshals from seizing the helicopter on behalf of Caroleng were unsuccessful.

According to the agreement, Bluestone is now required to hand over the 2009 Bell helicopter to a third party named Heli-X, based in Colleyville, Texas, within 72 hours of the court’s issuance of an initial sale order. However, the final approval of the agreement depends on the judge presiding over the case.

This development highlights the challenges faced by Gov. Jim Justice’s companies in meeting their financial obligations. The sale of the helicopter serves as a reminder of the difficulties companies can face when debt repayment becomes a pressing issue.

As this story unfolds in the U.S. District Court, it remains to be seen how the sale of the helicopter will impact Bluestone Resources and its future financial stability. The outcome of this case will have implications not only for the entities involved but also for the broader understanding of the responsibilities and consequences that come with debt settlement.

Frequently Asked Questions:

Q: What recent development has occurred regarding Gov. Jim Justice and his creditors?
A: Two of Gov. Justice’s creditors, Caroleng Investments and First Source Bank, have agreed to sell a helicopter owned by Bluestone Resources to settle a debt.

Q: Was Bluestone Resources involved in the agreement?
A: No, Bluestone Resources was not involved in the agreement, which was filed in the U.S. District Court for the Western District of Virginia.

Q: How much debt does Bluestone owe to Caroleng Investments?
A: Bluestone Resources has an outstanding debt of approximately $10 million owed to Caroleng Investments.

Q: What did Bluestone offer as partial repayment?
A: Bluestone offered the helicopter as partial repayment of their debt.

Q: Was Bluestone successful in preventing the seizure of the helicopter?
A: No, their attempts to convince a federal judge to prevent U.S. Marshals from seizing the helicopter on behalf of Caroleng were unsuccessful.

Q: Who will receive the helicopter?
A: Bluestone is required to hand over the helicopter to a third party named Heli-X based in Colleyville, Texas, within 72 hours of the court’s issuance of an initial sale order.

Q: What is the impact of this development on Gov. Jim Justice’s companies?
A: This development highlights the challenges faced by Gov. Justice’s companies in meeting their financial obligations.

Q: What are the broader implications of this case?
A: The outcome of this case will have implications for the entities involved and for the broader understanding of debt settlement responsibilities and consequences.

Key Terms:
– Bluestone Resources: One of Gov. Jim Justice’s companies that owns the helicopter being sold to settle a debt.
– Caroleng Investments: A Caribbean company that is one of Gov. Justice’s creditors.
– First Source Bank: A South Bend-based bank that is also one of Gov. Justice’s creditors.
– U.S. District Court for the Western District of Virginia: The court where the agreement to sell the helicopter was filed.

Suggested Links:
Bluestone Resources: Bluestone Resources’ official website for more information about the company.
Caroleng Investments: Caroleng Investments’ official website to learn more about the company.
First Source Bank: First Source Bank’s official website to find out more about the bank and its services.