Suit Alleges "Hard Landing"-Damaged Plane Not Repaired, Then
Sold As 'NDH'
The Indiana financial advisor accused
of crashing his plane last month in a bungled attempt to fake his
own death was hit with a $12 million judgment last week in a
Houston County, Alabama Circuit Court on charges of fraud in the
2002 sale of a damaged aircraft.
The Dothan (AL) Eagle reports Marcus Schrenker, 38, was ordered
by Circuit Judge Lawson Little to pay local resident Barnett
Hudson $3 million in compensatory damages and $9 million in
punitive damages, awarded for the sale of a plane damaged in a
"hard landing" but sold to Hudson as having no damage history.
The suit claims Schrenker received nearly $100,000 in insurance
monies paid on a damage claim from the landing, but pocketed the
cash instead of repairing the plane. Then he sold it to Hudson as
having no damage history.
Judge Little showed disdain for Schrenker's disregard for safety
in selling a damaged aircraft, and other more recent actions.
The judge's written ruling states, "Mr. Schrenker had a duty to
fully disclose to Mr. Hudson the true damaged condition of the
aircraft, particularly in that Mr. Hudson's lack of knowledge about
the aircraft could have literally resulted in his death or serious
"The court takes judicial notice of the fact that Mr. Schrenker
recently attempted to fake his own death and deliberately crashed
his airplane in the panhandle of Florida; again, putting at risk
innocent persons and businesses on the ground," Little added.
Schrenker failed to present himself at a hearing on the matter
last week, instead sending a letter saying he would not attend the
deposition, he has no money, and is headed toward bankruptcy.
"It needs to be known that I am personally financially
insolvent," Schrenker's letter said. "I am intending on filing
bankruptcy in 2009 should my financial conditions continue to
As ANN reported, Schrenker apparently botched
a pre-planned attempt to fake his own death and escape financial
woes January 12, when he bailed out of his Piper PA-46-500TP
Meridian before it crashed near the Gulf of Mexico.
Schrenker has federal charges pending against him in that case
for intentionally wrecking the plane and making a false distress