One of the reasons for hundreds of jobs lost at Endicott Interconnect Technologies in the past few years, has been discovered to be an $11.5 million corporate jet.
The Town of Union-based company is now being sued in the U.S. District Court by Canal Air, a subsidiary of GE Capital, which owns the private jet, after Endicott Interconnect admittedly missed a monthly lease payment.
E.I.T.’s newly retired President and CEO Jay McNamara asked a federal judge to dismiss the lawsuit just before he officially left the company earlier this month. While E.I.T. is a private company, and their internal working numbers are not always made public, it’s been discovered in recent days that hundreds of jobs have been eliminated at the company, reportedly over 800 since 2010.
Canal Air says that E.I.T. failed to make a monthly payment of nearly $77,000 on the corporate jet this past October. The ten year lease agreement allows Canal to take back the jet, and also collect the late payment and $11.5 million. If that were to happen, E.I.T. would likely have no choice but to file for bankruptcy.
