Bring Your Checkbook

The owners of Lake Amphibian aircraft will auction its intellectual property and associated assets in a traditional American "outcry" auction at AirVenture 2005, the largest annual aviation event in the United States. The auction will take place July 27th on the grounds of the air show as part of the Experimental Aircraft Association (EAA) Convention.

"We're charting new ground in the sale of intellectual property," says Mary A. O'Connor, Director of Valuation Services at RGL Forensic Accountants & Consultants. "The Lake Amphibian is the only certified single-engine amphibious aircraft in production in the world - and we're selling everything you need to manufacture it."

"Even more interesting is the fact that we're actually auctioning off proven intellectual property - both know-how and tools. We're letting the market set the value of the property in an intensely competitive environment," said O'Conner.

Lake Aircraft are the only government certified, single-engine, amphibious aircraft available for production in the world. They've been flying for 50 years. Various civilian models include the Buccaneer, the Renegade and the SeaFury.

The SeaWolf, built for the military and law enforcement, is used by government for rescue operations, military insertion/extraction of personnel, drug interdiction, anti-piracy activities and wildlife management. The aircraft is capable of landing on improved or unimproved surfaces with conventional retractable landing gear, or in the water without the use of aftermarket floats.

The assets of the company will be sold as a whole, according to Marty Higgenbotham, President of Higgenbotham Auctioneers International, who will conduct the auction. The most significant assets included in the auction are the FAA Type Certificate, associated Supplemental Type Certificates for improvements and modifications to the basic design, engineering and marketing data, tooling, fixtures and component inventory.

Higgenbotham says, "The potential dollar value of the rights associated with intellectual property of this nature is immeasurable." Higgenbotham Auctioneers held a "Preview of Goods" for potential bidders on July 6th and interested parties may request bid packets and schedule private previews prior to July 21st.

FMI: www.rgl.com