Miami-based entrepreneur and lawyer, John Ruiz’s aviation company, MSP Recovery Aviation, was sued by a contractor who alleges the company didn’t cover the full costs of refurbishment services on Ruiz’s $30 million Sikorsky S92 helicopter. Delaware’s Summit Aviation, the contractor in question, claims that MSP Recovery Aviation left a remaining balance of over $172,000 for the services provided. This includes pressurized washing, painting, tail rotor work, mechanical upkeep, and inspection services. The lawsuit was filed on January 22 against the Coral Gables-based firm.
In February 2022, Summit Aviation contracted MSP Recovery Aviation to perform various repair and maintenance works on a 19-seat luxury helicopter. MSP Recovery Aviation is disputing these claims stating that Summit Aviation didn’t maintain the deadlines set for the refurbishment and provided invoices for unsanctioned work. The aviation company’s agent, SmartJets, claimed that Summit Aviation was paid over $316,000, despite holding the aircraft for an extended period and not executing the agreed tasks.
In a statement, SmartJets disclosed that they would make a robust defense against Summit Aviation’s claims. It further suggested that Summit Aviation sold a $64,000 part belonging to MSP Recovery Aviation. An attorney for Summit Aviation announced that the company is looking to recover the outstanding balance for the helicopter repair through litigation.
Billionaire John Ruiz, renowned for his rich array of aircraft, is no stranger to the ups and downs of high-profile business deals. In 2022, reports highlighted how Ruiz enlisted VIP Completions, a subsidiary of SmartJets, to transform a Qantas Boeing 767 into an airborne luxury apartment.
However, Ruiz’s aviation and business dealings aren’t without controversy. His insurance claim recovery company, MSP Recovery, had a shareholder attempt to file a class-action lawsuit alleging indiscriminate spending on air travel. Additionally, Ruiz made headlines when MSP Recovery, valued at $32 billion, went public in 2022 but experienced a significant drop in stock value shortly after.
Aside from his business ventures, Ruiz is a known supporter of the University of Miami’s athletic department, investing $14 million in deals for many athletes. Despite this philanthropic endeavor, Ruiz faced criticism when he invited two recruits to his home for dinner, an act that led to sanctions against the University of Miami’s women’s basketball team.
