Bank of Oklahoma sues over Great Plains loan

By The Associated Press Published: August 9, 2006
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TULSA, Okla. - The Bank of Oklahoma has sued a national auditing firm in an effort to recoup more than $9 million in losses resulting from a loan it made for a failed airline.

According to the lawsuit filed Monday in Tulsa County District Court, PricewaterhouseCoopers LLC presented financial statements that unfairly represented the "unrestricted" assets of the Tulsa Airports Improvement Trust, on which the bank relied in deciding to participate in the loan for Great Plains Airline.

The trust claims that the assets reflected on the statements are restricted assets, which cannot be used, the lawsuit states.

Officials from PricewaterhouseCoopers did not return telephone calls seeking comment on Tuesday.

A $30 million loan to the Tulsa Industrial Authority was guaranteed by the airports trust. The authority then loaned the money to Great Plains, which attempted to launch coast-to-coast air service.

The airline defaulted on the loan in March 2004, and four months later the authority exercised its right to require the trust to buy the property and loan. The trust refused, claiming that all of its assets were restricted.

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