Epic Air To File for Bankruptcy

AINalerts » August 27, 2009
August 27, 2009, 11:02 AM

In a hearing of the lawsuit filed by Blue Sky Avgroup against kit-airplane developer Epic Air, a federal judge on Tuesday agreed with both the plaintiff’s and defendant’s request that a receiver be appointed. Within about 45 days, the receiver is expected to provide a report and then Epic Air and sister companies Aircraft Completions Services and Aircraft Investor Resources will file for bankruptcy. The court ordered that the receiver, Conrad Myers of Portland, Ore.-based Myers & Co., “take exclusive charge, control and possession of the assets and operations of the [Epic] companies.” The Blue Sky lawsuit was filed by Rich Lucibella, a builder of an Epic LT single-engine turboprop kit who alleges that Epic never delivered the engine, propeller and avionics that he paid for and needed to finish his kit, which is locked in Epic’s Bend, Ore. facility along with about a dozen other unfinished airplanes. The judge granted wide latitude to the receiver to take control of Epic’s assets, collect profits, proceeds and accounts receivable, and “to contract with Boeing for development and completion of pending work.” Boeing was not available for comment at press time.

Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.

 
X