ReadyAir's failure to repay loan leads to lawsuit

WARREN -- A financial backer of ReadyAir has sued the company and its owner, Robert Moosally, over its failure to pay on a loan.
ReadyAir is a fuel handler and service provider at the Youngstown-Warren Regional Airport.
Ross Development Corp. of Cortland filed the suit Wednesday in Trumbull County Common Pleas Court, saying ReadyAir is in default on payment of the loan, which was taken out Aug. 17, 2004.
The suit says ReadyAir owes Ross Development $73,954 plus interest. Moosally signed an unconditional guaranty for the note, guaranteeing payment, the lawsuit says.
According to documents filed with the Trumbull County Planning Commission, Ross Development loaned ReadyAir $140,000 in 2004 to provide financing for a fuel farm, which a fuel handler uses to fuel airplanes. Ross also got hangar services and fuel from ReadyAir in return for the loan, the documents said.
ReadyAir filed for bankruptcy in mid-March after accepting a $200,000 loan from Trumbull County and $400,000 Small Business Administration-backed loan from Sky Bank in mid-2005.
ReadyAir quit paying its rent to the Western Reserve Port Authority, which oversees operations at the airport, in late 2005. ReadyAir had been threatened with eviction in late 2005 over the nonpayment and filed a lawsuit against the port authority to stop the eviction.