Mon, Sep 11, 2006
Company's Future Looks Bleak
For not the first time, Taylorcraft Aviation may soon be out of
business... leaving potentially dozens of T-Craft customers without
their deposits, or their airplanes.
Cash flow, as usual, seems to be the culprit. According to the
Brownsville Herald, Harry Ingram, company president, has been hit
with over a quarter million dollars in judgments and liens. The
company lost its corporate charter in 2004 because of a tax lien,
so Ingram may be personally liable for the debt.
To make matters worse, it seems that Taylorcraft is not licensed
to manufacture either the parts or the planes, according to Roland
Herwick, an FAA spokesman. Ingram says he owns the Taylorcraft type
certificates, but "Taylorcraft Aviation LLC does not have the
authorization to make airplane parts … (or) manufacture new
airplanes,” Herwick said, as reported in the Herald.
Ingram was successfully sued for not returning a customer's
deposit in 2004 but he ignored the lawsuit. According to the
Herald, Ingram claimed “I didn’t have the money to
repay him. I’ve had cash flow issues and I don’t know
of many companies that don’t.”
As Aero-News
reported, Taylorcraft was awarded an LSA
certificate in January. It is not known how many additional
orders were placed by eager sport pilots after this news.
Ingram has also been hit with a $100,000 bill for unpaid rent
and utilities at the Brownsville-South Padre Island International
Airport where the factory is located. He has been told
to vacate as of Monday... today.
ANN will continue to report on this developing story.
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