Lake Founder Going To Court To Retrieve Assets

LanShe Aerospace, manufacturer of the Lake series of amphibian aircraft, as well as Micco aerobats, shut its doors Thursday, locking out employees -- apparently for good.

"The doors are locked, there are no cars in the parking lot and all the lights are off," said one tenant at St. Lucie County International Airport (FL), where LanShe is based. The tenant spoke with ANN on the condition of anonymity. "There's nobody home," he said.

Repeated phone calls to LanShe and its owner, Wadi Rahim, went unanswered Thursday. Messages were not returned.

"You could tell something was up," said the airport tenant. "For the last couple of weeks, the feeling was one of nervousness (among employees)."

The future for those 40-50 employees remains uncertain, according to sources close to LanShe. Also uncertain is the future of both the Lake and Micco lines.

As ANN reported in March, LanShe Aerospace was locked in a bitter court battle with the former owner of Lake Aircraft Group, Armand Rivard, who accused Rahim of playing an illegal shell game by using collateral in their $20 million deal to purchase Micco from the Seminole Nation.

"I have no doubt that pressure (by the Lake Group) led to this," said another source close to the lawsuit. "Absolutely. The lawsuit... was ratcheted up," the source said, noting that Lake had asked the judge for an early ruling.

That source told ANN there is a great deal of concern that Rahim would "damage the assets -- vandalize the aircraft." For that reason, former Lake executives plan to ask the judge for an emergency injunction Friday in order to "protect the assets because (Rahim) has abandoned the premises."

FMI: www.lakeaircraftvslansheaerospace.com