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    Plane owners grounded by manufacturer bankruptcy

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    Admin
    Admin

    Number of posts : 26
    Location : Ireland
    Registration date : 2008-12-15

    Plane owners grounded by manufacturer bankruptcy

    Post  Admin on Thu Dec 18, 2008 11:46 am

    SANTA FE, N.M._It's a buyer's nightmare: Plunk down more than $1 million for a new twin-engine airplane and after it finally arrives, the manufacturer goes out of business.

    That's the scenario facing a handful of people across the country and even New Mexico's state police, all caught in the debris of a startup aircraft company's collapse.

    They're owners of what the aviation industry calls "orphan" planes: There's no warranty on their new aircraft and no factory to easily supply spare parts.

    The owners' predicament emerged after Englewood, Colo.-based Adam Aircraft closed its doors and filed for bankruptcy earlier this year after failing to secure tens of millions of dollars in financing in the nation's credit-strapped economy. The company's assets have been liquidated.

    Without support from a manufacturer, "then eventually the parts will become time limited and the aircraft will become grounded. Ultimately, that is probably what will happen," said Mike Hackett, a retired airline pilot from St. Helena, Calif.

    His plane sits idle because one of its parts has reached the factory's original flight time limits. He's uncertain where he'll get replacements fabricated.

    In January, New Mexico's Department of Public Safety received the last of five Adam A500 planes that went to buyers. A month later, the company permanently shut its doors.

    State police still fly the new plane for reconnoissance and surveillance, such as tracking drug dealers, as well as search and rescue and traffic patrols.

    Unlike private owners, New Mexico's law enforcement agency can operate its A500 as a "public use" aircraft. That permits the state to fly without meeting many of the regulations imposed by the Federal Aviation Administration on general aviation aircraft. The state also has its own technician certified to service the plane. Factory training was part of the $1.2 million purchase package.

    Public Safety Secretary John Denko, a pilot for 44 years, said the agency was unaware of the manufacturer's precarious finances when the state purchased the airplane.

    "Had I any idea that the aircraft was going into bankruptcy, we would never have bought it," said Denko.

    A legislative committee has questioned the contracting procedures for the plane and issued a report faulting the state's procurement agency for inadequate research on the manufacturer's finances.

    But Denko praises the plane's design and capabilities, contending it's well suited for low-altitude flights in turbulent mountainous terrain where state police use the aircraft.

    "We all wish we had a crystal ball but we did the best that we could at the time. I'm still happy we got the aircraft. I think we are going to receive our money out of this thing many times over," said Denko.

    State police still fly the new plane for reconnoissance and surveillance, such as tracking drug dealers, as well as search and rescue and traffic patrols.

    Unlike private owners, New Mexico's law enforcement agency can operate its A500 as a "public use" aircraft. That permits the state to fly without meeting many of the regulations imposed by the Federal Aviation Administration on general aviation aircraft. The state also has its own technician certified to service the plane. Factory training was part of the $1.2 million purchase package.

    Public Safety Secretary John Denko, a pilot for 44 years, said the agency was unaware of the manufacturer's precarious finances when the state purchased the airplane.

    "Had I any idea that the aircraft was going into bankruptcy, we would never have bought it," said Denko.

    A legislative committee has questioned the contracting procedures for the plane and issued a report faulting the state's procurement agency for inadequate research on the manufacturer's finances.

    But Denko praises the plane's design and capabilities, contending it's well suited for low-altitude flights in turbulent mountainous terrain where state police use the aircraft.

    "We all wish we had a crystal ball but we did the best that we could at the time. I'm still happy we got the aircraft. I think we are going to receive our money out of this thing many times over," said Denko.

    huanic
    Second Flight Officer

    Number of posts : 11
    Registration date : 2009-08-16

    Re: Plane owners grounded by manufacturer bankruptcy

    Post  huanic on Sun Aug 16, 2009 8:24 pm

    The owners' predicament emerged after Englewood, Colo.-based Adam Aircraft closed its doors and filed for bankruptcy earlier this year after failing to secure tens of millions of dollars in financing in the nation's credit-strapped economy. The company's assets have been liquidated.

    Without support from a manufacturer, "then eventually the parts will become time limited and the aircraft will become grounded. Ultimately, that is probably what will happen," said Mike Hackett, a retired airline pilot from St. Helena, Calif.

    His plane ny asian escort sits idle because one of its parts has reached the factory's original flight time limits. He's uncertain where ny asian escort he'll get replacements fabricated.

    In January, New Mexico's Department of Public Safety received ny escorts the last of five ny escort Adam A500 planes that went to buyers. A month later, the company permanently shut its doors.

    State police still fly the new plane for reconnoissance and surveillance, such as tracking drug dealers, as well as search and rescue and traffic patrols.

    sesuna
    Second Flight Officer

    Number of posts : 14
    Registration date : 2010-03-18

    Re: Plane owners grounded by manufacturer bankruptcy

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    jonusb
    First Flight Officer

    Number of posts : 56
    Registration date : 2010-02-05

    Re: Plane owners grounded by manufacturer bankruptcy

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