SAN ANTONIO – Editor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.
A subsidiary of PNC Bank has repossessed the private jet plane formerly belonging to San Antonio lawyer Martin Phipps for failure to make payments on the loan that financed it, according to federal court documents.
PNC Equipment Finance LLC sued Phipps and his former firm, Phipps Anderson Deacon LLP, in August 2020 alleging that the attorney had defaulted on $1.7 million of a loan for a Gulfstream GIV-SP.
In November, PNC repossessed the plane and sold it at auction for $2.8 million, according to federal court documents. Now the parties are arguing over how much of the excess sales proceeds PNC should be able to keep, with the bank arguing that it is owed money for having to pursue the litigation.