Schrenker Ordered To Pay $12 Million In Plane Sale Lawsuit | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.29.16

Airborne 09.23.16

Airborne Hi-Def On YouTube

Airborne 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.29.16

Airborne 09.23.16

Sun, Feb 08, 2009

Schrenker Ordered To Pay $12 Million In Plane Sale Lawsuit

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 injury.

"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 deteriorate."

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 call.

FMI: www.faa.gov, www.usdoj.gov

 


Advertisement

More News

Airborne 09.28.16: NEW DJI Mavic!, EAA's Next STC, Sean Tucker Honored

Also: LA Times v SMO, APS UAT Program, Gordon Bennett 2016, Tucson Control Tower, Hubble Find, Southwest Airlines, Iowa State Another new small unmanned aerial system is now on the>[...]

AeroSports Update: Sean Tucker Is Honored By The CAF

Aerobatic Pilot Sean Tucker Receives The 2016 Lloyd P. Nolen Lifetime Achievement In Aviation Award Aerobatic pilot Sean D. Tucker has been named the recipient of the Lloyd P. Nole>[...]

Elon Musk Outlines Vision For Martian City

Rockets Carrying As Many As 200 People Could Leave For The Neighboring Planet In 'Decades' No one can deny that Elon Musk thinks big, and in a speech at the International Astronaut>[...]

Dutch Investigators Release Findings In MH17 Shootdown

Determines That The Missile 'Came From Russia' The Buk missile that destroyed Malaysia Airlines Flight MH17 over eastern Ukraine in 2014 came from Russia, according to a Dutch-led >[...]

ForeFlight, SiriusXM Introduce Satellite Aviation Weather Service

Weather And Other Key Information Available Using The SXAR1 Portable Receiver Today ForeFlight and SiriusXM introduced SiriusXM Aviation weather service on the newest version of Fo>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC