The Perils of Speculative Investment
In 2022, a jury in Williston, North Dakota determined Historic Flight Foundation founder John Sessions and one of his companies, Eagle Crest Apartments, had fraudulently transferred funds to other businesses owned by Sessions, including the aforementioned Historic Flight Foundation. Eagle Crest had previously defaulted on a construction loan held by Kansas City-based UMB Bank, which was awarded the aforementioned $20.1-million in March 2022. Sessions appealed the verdict to the North Dakota Supreme Court—albeit unsuccessfully. A receiver hired by UMB Bank was subsequently authorized by a King County, Washington judge to take over Sessions’s companies, as named in the lawsuit, and commence selli