Airport commission settles dispute over loan
NEWPORT NEWS, Va. (AP) — A Virginia airport commission has agreed to accept a $2 million payment from a bank and law firm to settle a lengthy dispute over a questionable loan to a now-failed airline.
The Daily Press reports that the Peninsula Airport Commission agreed to the payment from TowneBank and Jones, Blechman, Woltz & Kelly over a $5 million loan guarantee in 2014 to a startup airline at Newport News/Williamsburg International Airport.
The loan guarantee came under fire after a series of articles by The Daily Press, prompting a state audit and the dismissal of some officials.
Virginia State Police and federal authorities are also investigating.
Information from: Daily Press, http://www.dailypress.com/