One day in May 2014, Tom McDermott said, he visited Ken Spirito, the executive director of Newport News/Williamsburg International Airport, in his office.
McDermott, president of New Dominion Clubs, which provided food and beverage services to the airport, wanted to know when People Express Airlines would begin flying. A restaurant construction issue, he said, was contingent on the answer.
“I’m trying to get them financing,” Spirito told him, according to McDermott. “I can’t give you a date until I figure out this funding situation. …They still need $5 million to get off the ground.”
Then, McDermott said, Spirito let him in on an idea then under discussion: that TowneBank would lend People Express $5 million, but the airport would cover the debt if the airline were to default.
