Curt Castagna, who has been a fixture in Los Angeles aviation real estate for more than three decades, has been replaced as CEO/managing member of Aeroplex/Aerolease Group in an interim capacity by industry veteran Barry Rondinella.
The company owns the leaseholds of extensive hangar space at Van Nuys and Long Beach airports, and according to a press release issued yesterday, its majority-in-interest owners voted to remove Castagna, after filing a lawsuit against him in the Superior Court of Los Angeles under allegations of conversion, breach of fiduciary duty, unfair competition, and violation of the Computer Data and Access Fraud Act.
The lawsuit alleges that Castagna formed a competing entity, Aeroplex Group Partners, and used Aerolease resources to siphon business away from it.
“The Aerolease companies’ owners had hoped for a peaceful transition, but instead Mr. Castagna left the members with no option but to pursue litigation,” said an Aerolease spokesperson. “Aerolease is extremely confident in its interim leadership and Aerolease tenants should expect the same exceptional service that this family-owned business has provided for generations.”
Following his dismissal, the suit further claims that Castagna blocked access to Aerolease's IT systems, removed backup computer server hard drives, and locked the company owners out of their offices.
"I think the [Aerolease] press release was a little surprising to see because I think it's a bit premature," said Castagna—who also serves as the president and CEO of the National Air Transportation Association (NATA), as well as president of the Van Nuys and Long Beach Airport Associations.
Castagna told AIN that the two companies had become closely entwined over the years and the resulting dispute is like a messy divorce. "It's basically a separation of my ownership interests in the Aerolease entities, and the Aerolease ownership in the Aeroplex Group Partners company, which was founded a decade ago."
Going forward, he noted that he intends to turn his focus to his role as managing partner of the Aeroplex consultancy.
"There's going to be some things that need to be unraveled, and my hope is that that's done in a professional way," said Castagna. “I look forward to working collaboratively with the ownership interests of the Aerolease Group entities to unwind long-standing business relationships in a manner that allows all parties to flourish in the future.”
NATA had no comment on the situation, which Castagna said was totally compartmentalized from his duties as the trade organization's leader.