PARIS — Community Concepts Finance Corp., a branch of the regional nonprofit organization, is asking a court for permission to take possession of Oxford Aviation property and equipment used as collateral for a defaulted $62,500 loan made in 1996.

According to a lawsuit filed in 11th District Court in Paris on Sept. 4, Oxford Aviation has defaulted on the terms of the loan by failing to make all payments when due.

The loan was originally made to Oxford Aviation in 1996 by the now-defunct Growth Finance Corp. of Oxford Hills as part of a regional economic development revolving loan program. According to the terms of the promissory note, included as an attachment to the lawsuit, Oxford Aviation’s monthly payments were due to begin in October 1997. 

To secure the loan, Oxford Aviation and its president, Jim Horowitz of Casco, put up collateral in the form of the company’s equipment and inventory, as well as accounts, instruments, documents, patents, trademarks and “all other general intangibles” owned by the company, according to the 1996 security agreement. 

In the event of a default, the lender has the right to enter Oxford Aviation’s property at the Oxford County Regional Airport in Oxford and remove all the collateral, as well as related books, documents and invoices, the agreement insures. 

According to the agreement, the lender has the right to sell, assign or lease the property as it sees fit. Proceeds from the sale of the collateral go toward expenses incurred by taking, holding and selling the collateral, then to the debt obligation, according to the agreement. 


According to the suit, the promissory note was modified in October 2003 and again in February 2004.

According to a letter to Horowitz in 2003, Western Maine Finance, which took over from the Growth Finance Corp. of Oxford Hills, noted there had been some neglect of clients’ accounts during the transition of the two organizations, but also acknowledged the “serious default status” of Oxford Aviation’s loans.

At that time, Oxford Aviation needed to pay $14,127 to bring the loan current, and would have an adjusted opening loan balance of $51,963, which was to be paid over 30 months, according to the letter. 

In February 2004, Western Maine Finance rescheduled the loan payments and affirmed it would retain its rights to foreclose or otherwise enforce the agreement by any lawful means. 

According to the suit filed last month, Oxford Aviation has failed to repay the loan under the security agreement. Community Concepts Finance Corp., which replaced Western Maine Finance as the company’s lender, is asking the court to either order the company to turn over the property at issue or allow it to take it.

According to 11th District Court records, Oxford Aviation did not respond within the required 20 days of the complaint filed Aug. 6. On Oct. 3, attorneys representing Oxford Aviation filed a motion to extend the deadline to respond to Oct. 8. As of midafternoon Tuesday, however, the motion had not been approved and no answer to the suit had been filed with the court.


Contacted on Tuesday, David Dubbord, attorney for Community Concepts Finance Corp., declined comment, saying he was not authorized to speak about the case.  

A message left for Community Concepts Finance Corp. Director Dennis Lajoie was not returned Tuesday afternoon. 

Multiple messages left for David Johnson, one of the attorneys representing Oxford Aviation, were also not returned Tuesday afternoon, nor was a call to Horowitz at the Oxford Aviation headquarters.

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