Origin Bank and the University of Louisiana-Monroe Athletic Foundation recently filed separate lawsuits to collect a total of some $3.3 million from certain members of the Monroe family running JPS Aviation and JPS Aero.
JPS Aviation is a fixed-base operator at Monroe Regional Airport while JPS Aero provides charter flight services.
The ULM Athletic Foundation filed its lawsuit against JPS Aviation and Jason Bullock, of Monroe, in Fourth Judicial District Court on May 22, asking the court to compel Bullock to pay some $79,000 that was still owed under a naming rights contract at the football stadium.
Meanwhile, Origin Bank asked the court to seize assets declared as collateral for a promissory note of $3,866,199 executed by Jason Bullock for JPS Aviation and JPS Aero. Origin Bank filed its lawsuit against JPS Aero JPS Aviation, K. Paul Bullock and Margaret Bullock at the district court on May 7.
ULM naming rights
In its lawsuit, the ULM Athletic Foundation claimed Jason Bullock and JPS Aviation agreed to pay $450,000 to the ULM Field Turf Enhancement project on Jan. 28, 2014. The foundation established the fund to replace the artificial turf at the university’s football field.
“In exchange for the payment, defendants were to receive naming rights for the football field for a period of eight years, as well as a stadium suite for their exclusive use for a period of five years,” stated the foundation’s lawsuit.
According to the foundation, Jason Bullock and his company have enjoyed significant benefits from having the naming rights to the field and having the JPS logo displayed on the field turf and stadium walls.
“This resulted in significant advertising and good will in the community, as well as display and recognition during nationally televised football games, media coverage, and ULM Athletics publicity materials,” stated the lawsuit.
In mid-2015, Jason Bullock began making monthly payments to fulfill his obligation to the foundation but his payments fell short of the total obligation, according to the foundation’s lawsuit.
In addition, Jason Bullock was in the habit of making payments through a credit card, which incurred substantial processing fees, the foundation claimed.
Payments continued from April 2016 to January 2017, but payments fell short by half each month beginning in February 2017, according to the foundation.
“Unfortunately, this became a repeated pattern, wherein defendants failed to fulfill their obligations,” stated the lawsuit. “After almost all of these occasions, defendants have acknowledged the obligation and given assurances that the account would be caught up-to-date. However, this has failed to materialize.”
Adam Cossey with the Monroe law firm Hudson, Potts & Bernstein is representing the ULM Athletic Foundation.
Bank says JPS
owes it $3.3M
According to Origin Bank’s lawsuit against the Bullocks’ companies, the some $3.8-million note was payable to the bank in 59 regular payments of $24,602.06 with the final date of payment set as Dec. 1, 2018.
The Bullocks and their companies failed to pay the installments due by December 2018, according to Origin Bank. They still owed $3,345,509.62, stated the bank’s lawsuit.
The Bullocks also owed $37,477.07 on a second note totaling $75,250 that was due in April, the bank claimed.
When he received the loan, Jason Bullock set aside aircraft, engines and all avionics as well as many documents including log books as collateral for the note.
According to Origin Bank’s lawsuit, JPS Aero acknowledged its debts to the bank and confessed judgment for purpose of foreclosure.
Paul Bullock, Margaret Bullock and Jason Bullock each guaranteed full payment of the indebtedness on behalf of the two companies through a commercial guaranty.
Origin Bank asked the court to issue a writ of seizure. Fourth Judicial District Court Judge Robert Johnson ordered the sheriff to seize and sell the defendants’ collateral.
Ruston attorney Kyle Green represented Origin Bank.