Plenty Of Confusion In The Quartz Mountain Aerospace Auction | 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 Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 12.11.17

Airborne-Unmanned 12.12.17

Airborne 12.13.17

AMA Drone Report 12.14.17

Airborne 12.15.17

Airborne-YouTube

Airborne 12.11.17

Airborne-Unmanned 12.12.17

Airborne 12.13.17

AMA Drone Report 12.14.17

Airborne 12.15.17

Thu, May 27, 2010

Plenty Of Confusion In The Quartz Mountain Aerospace Auction

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 Corporation.


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.

FMI: www.fdic.gov

Advertisement

More News

AMA Drone Report 12.14.17: Drone Registry, AMA Q&A, New IDRA Boss

Also: LAFD Drones, Toys For Tots FPV, Modular Racing Drone, Community College Drone Program President Donald Trump has signed the Defense Authorization Bill that includes a reinsta>[...]

AMA Drone Report 12.07.17: AMA Supports GoFly, ALPA v UAS, EU Drone Regs

Also: Drones Hunt Pythons, MI State Regs, Thanksgiving Drone Flying, Drone Collision Report A little outside our normal coverage responsibilities, nonetheless, we’re intrigue>[...]

Airborne-Unmanned 12.12.17: ERAU Storm Chaser, USMC Drone Insignia, Malawian UAV

Also: NLR Signs Agreement, QinetiQ, Big Bend Community College, 2nd Annual UAS Conference, Tigershark UAS Kicking off a series of tests for its capstone project, the UAV Storm Chas>[...]

AMA Drone Report 12.14.17: Drone Registry, AMA Q&A, New IDRA Boss

Also: LAFD Drones, Toys For Tots FPV, Modular Racing Drone, Community College Drone Program President Donald Trump has signed the Defense Authorization Bill that includes a reinsta>[...]

Soyuz Carrying Expedition 53 Crew Lands In Kazakhstan

Next Crew To Arrive At ISS On December 19 The Soyuz MS-05 spacecraft has delivered Expedition 53 Commander Randy Bresnik of NASA and Flight Engineers Paolo Nespoli of ESA (European>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC