A legal lawsuit has been initiated by Matthew Poppel against 15132738 Canada Inc. in Newfoundland and Labrador Supreme Court, seeking a sum of $2.3 million. This numbered company, overseen by Dymond, bought the Stephenville airport on the west coast of Newfoundland in 2023 for $6.90, along with settling $1.1 million in existing debts.
Poppel provided the $1.1 million loan crucial for finalizing the acquisition, with the loan being secured by the airport property as per provincial mortgage records.
Court documents reveal a high annual interest rate of 48.667%, with the full repayment originally scheduled for October 2023, just two months after the airport’s purchase. However, the lawsuit alleges that this repayment did not occur.
The lawsuit claims a total owed amount of $2.3 million, inclusive of the original loan, substantial interest, and additional costs such as legal fees amounting to over $130,000.
This is not the first legal action taken by Poppel concerning this loan, as he previously obtained a $2 million judgment against Dymond personally after the businessman guaranteed the debt.
Poppel successfully registered the Newfoundland and Labrador judgment against Dymond in Ontario earlier this year.
In response to inquiries, Dymond stated that he was unaware of the recent $2.3 million lawsuit against his numbered company by Poppel, as he has not been served with any legal documents yet. Negotiations are reportedly ongoing to address the situation with the investors.
Additional Legal Claims
Apart from the lawsuit filed by Poppel, the company behind the airport is also facing another multi-million-dollar legal challenge related to unpaid invoices.
Tristar Electric lodged a lawsuit against 15132738 Canada Inc. in 2024, alleging non-payment for installing a runway lighting system. The trial for these claims is scheduled in March at Newfoundland and Labrador Supreme Court.
Two separate legal actions were initiated in Ontario against Dymond personally in July. Equitable Bank sued Dymond and his spouse for over $240,000 due to a mortgage default, while another lawsuit seeks $29,000 for an alleged loan default secured by their Ottawa residence.
Unmet Promises for Stephenville
Dymond had previously outlined ambitious plans for the Stephenville airport, including establishing a drone manufacturing facility, reinstating passenger services, and injecting private capital to create numerous jobs. However, none of these promises materialized.
Following a downgrade to a registered aerodrome earlier this year, the airport faced power disconnection by Newfoundland Power in June due to unresolved account issues, resulting in its closure since then.
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