Mon, Mar 29, 2010
New Owner Says He Plans To Manufacture Airplanes ...
Someday
The sale of the FAA Type Certificate for the Luscombe 11E at a
bankruptcy auction in Altus, Oklahoma fell far short of
expectations over the weekend, bringing only about a half million
dollars against the company's estimated $16 million in debts. The
certificate's value had been placed at $16 million in Quartz
Mountain Aviation's Bankruptcy filing, but bidding opened at just
$200,000.
The new owner, Amir Zaki of California, said he eventually plans
to re-start production of the four-place Luscombe 11-E, but gave no
timeline for that to happen, nor did he say where the 11-E might be
built. KSWO-TV reports that Mr. Zaki owns Amir Aircraft Parts in
California. An ANN reader who attended the auction tell us in an
e-mail that Mr. Zaki also will take possession of the unfinished
airplanes, jigs, drawings, tooling, and parts. Finished airplanes
on the factory floor sold for between $30,000 and $68,000,
according to our source.
The Lawton (OK) Constitution reports that reaction to the sales
price ranged from "deflated," from Quartz Mountain board member
Gerald Smith, to "disappointed" from Altus, OK City Administrator
Michael Nettles and "depressing" from former Quartz Mountain VP Joe
Courtney.
The failure of Quartz Mountain Aviation has been blamed largely
on the poor economy of the past two year, along with management
decisions that did not take economic factors into account. Industry
analysts now say that the prospects for creditors and investors to
recover their losses are poor at best.
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