Partners Buy Control of Tallmantz Airport Land Lease

A flight-school owner at John Wayne Airport said Wednesday that he and three partners had bought control of part of the property held by Tallmantz Aviation Inc., which sold fuel and airplane repairs at the airport.

The price was undisclosed.

Gary Lackey, president of Lenair Aviation Inc., said the new owners will focus on selling gas and repair services to smaller airplane operators, who Lackey says are now underserved at the airport.

Tallmantz had run into financial problems and has all but closed its few remaining operations, which are run by a court-appointed receiver.

The company didn’t own land at the airport but leased it from the county, which as early as two years ago complained that Tallmantz was behind in its rent. The 1.5 acres for which Lackey and partners now hold the lease contain a two-story office building and a hangar.

To acquire control of the property, the partners bought a company that held a second mortgage on Tallmantz’s assets. They also bought out the first mortgage from Independence Bank in Encino.

After buying out the bank’s stake in the company, the partners foreclosed on the property Wednesday.

The bank said that it was owed $700,000 by Tallmantz but that it sold its interest in the property at an undisclosed discount. Pan Western said it was owed $950,000, according to Lackey. Those costs don’t include another $30,000 Lackey says the partners paid the county in back rent owed by Tallmantz.

The partners will run the new business under the Pan Western name since, they say, Pan Western is already approved by county officials to hold the lease on the land. County officials couldn’t be reached for comment Wednesday.

The other partners, Lackey said, are Al Van Sinden, a generator salesman; Stan Ericksen, owner of Western Avionics, an aircraft repair company at the airport, and Herm Slutsky, a part owner of Pan Western who will manage the two-story office building on the property.