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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8 thoughts on “Prince & Reny succeeded in selling 18 of the 30 aircrafts in last two days!

  1. My view from the sideline:

    Open letter to the Sheriff and the District Attorney of the Merced County, California

    The Honorable Mark Razin, the Merced County Sheriff
    The Honorable Larry Morse II, the District Attorney of the Merced County

    In Re: American School of Aviation

    Dear Messrs Razin and Morse:

    Since the first news appeared in the Merced Sun-Star about a month ago related to the sudden closure of American School of Aviation at Castle Airport, I have been following the matter with my mixed emotion of sympathy and indignation.

    From what has been reported by various media, the case appears to have an overwhelming elements of offenses to constitute a criminal fraud, yet no criminal charges have been filed to this day against the unscrupulous school owner(s) much to the public dismay, why?

    In the follow up story appearing in the Merced Sun-Star on August 05, 2008, it was reported that the FBI assistance was being sought because your office/department couldn’t handle the forensic accounting needed (emphasis added). Please kindly explain this highfalutin legalese to the public in a layman’s term, and the reason why so.

    You have all the evidence and prosecuting authority necessary to file the case right where you’re in the Merced County. Why look elsewhere by somehow suggesting with a specious notion that this is an international case involving foreign nationals and therefore out side of your jurisdiction. Why not proceed on your own without any further indecision irrespective of whether the feds assistance and cooperation on the case is forthcoming or not.

    The most recent record of the FAA aircraft registry shows eighteen (18) aircraft formally owned and registered to the debtor defendant changed hands earlier this week. (13 on 8/04, 5 on 8/05/08) This alone ipso facto constitutes a felony offense under the Penal Code§155.

    There seems to exist ample evidence with sufficiency to bring forth criminal charges under but not limited to the following penal codes:

    §155 Defendant or judgement debtor fraudulently removing, concealing, or disposing of personal
    property sought to be recovered.
    §476 (a) Checks, bank drafts insufficient funds; Intent to defraud
    §484.b Diversion of funds received to obtain or pay for services, labor, materials or equipment
    §532 False pretenses; obtaining money, labor or property
    §573 Defrauding innkeepers, etc.

    Having stated the above, I have read the following mission statement from the respective offices and while came away quite impressed with the lofty statements, it’s more than apparent that none of the goals stated therein have yet to be fulfilled as far as the American School of Aviation case is concerned.

    Here’s your statement, Sheriff Razin.
    “Our mission is to provide responsive, professional, and caring law enforcement service to all the people of Merced County. We will respond to call for service promptly, protect lives and property to the best of our abilities, initiate and maintain crime prevention programs, and apprehend criminal offenders.” –Sheriff Mark Razin-

    And here’s the one from the DA’s office.
    “The mission of the Merced County District Attorney’s Office is to seek justice by ensuring that victim’s rights and the public’s safety are our first priority through the fair, equal, vigorous, and efficient enforcement of the criminal laws.” – Merced County District Attorney’s Office –

    It is my sincere hope that the elected high officials of the Merced County such as yourselves live up to the own mission statement for the good of the public without resorting to another “forensic accounting” bit.

    Respectfully submitted.

    Echo Yankee, ATP/A&P

  2. Another ASA plane changed hands on August 6, 2008

    19 down 11 to go. As of 8/11/2008

    N7774T BEECH DUTCHES is now registered to:

    Spring Aviation
    POB 4120
    Portland, OR 97208-4120

  3. hi echo yankee if you could suggest us any action by which we could help the students plz mail me so we could forward the same to our attorney

    thanks
    aziz shaikh

  4. Aziz Shaikh,

    First, you could tell your lawyer to read and review my earlier posts (30+ and all) on this blog site to get an overview handle of the matter.

    The ASA matter needs to be dealt in two fronts:

    1. Criminal prosecution of the crimes committed in the criminal justice system
    2. Restitution and recovery of monetary damages pursued through civil litigation

    On criminal front
    □ File a crime report individually or in a consolidated form with Merced County sheriff’s department
    (surprisingly, no single crime report has been filed by any of the former ASA students as of this writing)
    □ Follow up on the case by assigned CRN (crime reference number)
    □ Move the Superior Court to issue an arrest warrant to take the perpetrators into immediate custody

    On civil litigation front
    □ File a petition for immediate preliminary injunction barring ASA from removing all its remaining assets
    □ Request for a pre-judgement lien to be filed with the court
    □ File lien on all ASA aircraft with the FAA Aircraft Registry
    □ Obtain an aircraft title search on all remaining ASA aircraft (11 still remaining as of 8/15/08 )
    □ Attach lien to all tangible and intangible ( i.e. lease revenue) ASA assets
    □ Force Chapter 7 bankruptcy on ASA to effectively expunge its corporate status
    □ Institute a lawsuit in conjunction with ch.7 petition against KFA and Indian lenders
    □ Enlist consumer advocacy group to run a public campaign against overseas training school scam.

    For all too obvious reasons, (Prince and Reny cloistered in a roadside motel room surely reading this blog on his laptop) I won’t go any further to discuss about the details of legal ammunition. Any competent lawyer should be able to built a strong enough case along the line of the above framework. If need be, I’ll be available for a strategy discussion once a secured means of communication is established.

    Echo Yankee, out!

  5. respected sir

    thanks for your suggestions i have forwarded it to my att . but please say in the loop as i will need your guidance .

    thanks

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