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






Airborne On ANN

Airborne 10.24.16

Airborne 10.25.16

Airborne 10.19.16

Airborne 10.20.16

Airborne 10.21.16

Airborne Hi-Def On YouTube

Airborne 10.24.16

Airborne 10.25.16

Airborne 10.19.16

Airborne 10.20.16

Airborne 10.21.16

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.




More News

Airborne 10.24.16: Obnoxious NIMBY Report, Scorpion Jet, AMA Remote Pilot Test

Also: Schiaparelli Probe, Spirit Of Aviation, Bell 429, Commuter Craft, Master Pilot Award, Predator B, Space Debris A new study released by the Mercatus Center at George Mason Uni>[...]

ANN's Daily Aero-Linx (10.25.16)

Santa Moncia City Council Candidates Sound Of On FAA Battle Recently, the Santa Monica Lookout sent a series of questions to candidates for City Council, one of which dealt with th>[...]

ANN's Daily Aero-Term (10.25.16): Dead Reckoning

Dead reckoning, as applied to flying, is the navigation of an airplane solely by means of computations based on airspeed, course, heading, wind direction, and speed, groundspeed, a>[...]

Aero-News: Quote of the Day (10.25.16)

“The GIV and G450 ushered in a business aviation renaissance that has led to increased safety, greater reliability, better technology and improved performance. It’s fit>[...]

ANN FAQ: Feel The Propwash (Updated)

New Form Makes Subscribing, Unsubscribing Even Easier While we're very proud of our newly-redesigned website, we know that some folks really enjoy the convenience of having their A>[...]

blog comments powered by Disqus





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