A settlement was finally reached in the dispute between Great Planes Airlines and the Bank of Oklahoma. The nearly $16 million dispute was settled for $.10 on the dollar after approximately nine hours of mediation. The settlement was unanimously accepted.

The mediation occurred at the Tulsa Hyatt Regency Hotel, utilizing three of the hotel’s rooms, and was facilitated by former Federal Judge Layn R. Philips. Tulsa Mayor Dewey Bartlett attended the mediation as a representative of the trust and was accompanied by city attorney David O’Meilia.

The dispute had been in the courts for longer than the airline was in operation. The Bank of Oklahoma was requesting $15.69 million, but settled the dispute for $1.56 million and agreed to release the mortgage on the more than 15 acres of the Air Force Plant 3. There was an additional request for $1819 interest per day, but the settlement included just $125,000 in interest over five years, which equals about 69 days of interest.

In an emailed statement to the press, Airport Director Tulsa Airports Improvement Trust Jeff Mulder and deputy airports director for marketing Alexis Higgins stated via their attorney, “We have agreed that we have no comment but what is in the press release. We will see what additional information we can provide per your questions, with approval from the other side, and will get back to you as soon as we are able.”

Those participating in the mediation are pleased the bank accepted the settlement and are looking forward to future economic growth in the area.