Thu, May 27, 2010
Original Buyer Did Not Pay For The Goods, Second Auction Online
Results In An Unusual Buyer
There is still a lot of head-scratching going on over the recent
online auction of Quartz Mountain Aerospace/Luscombe Aircraft
Assembled Luscombe 11E Airplanes
The Altus Times reports that a second auction was necessary
because Amir Zaki, who owns Amir Aircraft Parts in Sacramento, CA,
and bid about $500,000 for the Type Certificate (TC), drawings,
some parts, and tooling in an auction last year, failed to pay for
what he'd bought. Zaki had apparently thought he could flip the TC
for the Luscombe 11E quickly in order to pay what he'd bid. That
was not the case, and QMA's trustees reclaimed the assets of the
defunct company in April, contracting with an online auction firm
to dispense of them.
The second auction took place over two hours online May 4, and
the FDIC wound up as the sole bidder for the TC at $470,000
... which was set by the FDIC as the value for the TC and therefore
the default minimum bid.
The FDIC got involved because the former First State Bank had
made large loans to QMA, and that debt was assumed by the federal
government when the bank failed. FDIC bid on the TC representing
the taxpayers, and now has a tangible asset which former QMA CEO
John Daniel says he will help them try to sell.
The paper reports that QMA was into the FDIC for $2.6 million
because of the bad loans. With the credit for the TC, that figure
is down to $2.13 million.
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