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Bank repossesses private jet from Daniel Levy

In a shocking turn of events, a private jet owned by Daniel Levy has been confiscated by agents from a troubled Icelandic bank.

Before this, the famed owner of the Tottenham Hotspur football club seemed to be immune from the financial recession. However, Levy’s financial bubble has just exploded.

His £13 million aircraft has been grounded at Stansted airport in Essex by British-based administrators from Kaupthing Bank.

According to reports, Levy and his English National Investment Company (Enic) have failed to meet payments installments for a 15m loan provided by the bank. They are refusing to pay because Kaupthing failed to release £1 million that it holds on deposit from Enic.

Speculators say that Levy is optimistic about parting ways with the Embraer Legacy plane, because it is now worth less than the money owed on it.

Kaupthing Singer & Friedlander, a subsidiary of the Icelandic bank, now has mortgage on the aircraft and repossessed it at Stansted after Levy failed to meet the payments.

“The plane was bought as an investment and went into an executive pool, but Daniel doesn’t use it much now,” commented an Enic spokesperson. “This is an ongoing dispute which everyone would like to see resolved.”

Source: Times Online