Prince & Reny succeeded in selling 18 of the 30 aircrafts in last two days!

My observation from the sideline:

18 ASA Aircraft just changed hands in last two days.

A file photo of American School of Aviation in happier times

A file photo of American School of Aviation in happier times

FAA records indicate 13 ASA aircraft changed hands on August 04 2008 and 5 additional ASA aircraft changed hands on August 05, 2008.

While the students and other creditor’s lawyers are trying to secure the assets of ASA, Prince and Reny are moving fast and step ahead to evade from their reach. As shown in the following FAA records, the duo has succeeded in selling 18 of the 30 ASA aircraft thus far.

Considering the time required for the paper work process at the FAA office, all transactions were likely to be taken place and consummated at or around the end of June 2008. Based on this calculation, the transaction took place in the recent weeks won’t show up in the FAA record until sometime in September or October. It is quite possible that by now all the remaining aircraft changed hands as well.

Following 13 aircraft are now registered to:

Commercial Lending Resource, Inc.
2082 Michelson Dr., Suite 100
Irvine, CA 92612-1212

Cessna 152 N 25840
Cessna 152 N 4644Q
Cessna 152 N 48425
Cessna 172N N 1948F
Cessna 172N N 3318E
Cessna 172N N 4864D
Cessna 172N N 5488D
Cessna 172N N 6349D
Cessna 172N N 733AD
Cessna 172N N 733UG
Cessna 172N N 734MN
Cessna 172N N 734SV
Cessna 172N N 739BL

Following 5 aircraft are now registered to:

Spring Aviation
PO B ox 4120
Portland, OR 97208-4120

Cessna 152 N 4940
Cessna 152 N 68141
Cessna 152 N 757XY
Beech 76 N 111BV
Beech 76 N 6697L

12 remaining aircraft still registered to ASA

Cessna 152 N 48637
Cessna 152 N 94185
Cessna 152 N 64994
Cessna 172S N 1482M (A/C registration issued to Foreign Corporation)
Cessna 172N N 7352J
Diamond DA20C1 N 991CT
Diamond DA20C1 N 992CT
Piper PA28R200 N 15546
Piper PA28R180 N 7526J
Piper PA28140 N 15080
Piper PA28161 N 47389
Beech 76 N 7774T

I really hope the plaintiff’s lawyers all pull together to move the court for an issuance of immediate injunction against the debtor defendants from disposition of any business assets, and additionally seek a pre-judgement lien against all ASA aircraft and file the same with the FAA Aircraft Registry to prevent the debtor from selling the remaining airplanes.

Furthermore, move the court to nullify all the recent aircraft title transfers on the ground that such transfers were made with an actual intent to hinder, defraud, or delay creditors, and additionally on the ground of prior invalid registration.

Moreover, loge the criminal fraud charges against the owners of ASA with the Merced County Sheriff’s department immediately and move the Superior Court of California, County of Merced to issue an arrest warrant for the school owners to be taken into custody immediately.
Swift and aggressive actions are more than needed at this juncture.

Echo Yankee, over & out!

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