Leasing a plane due to bankruptcy.

[EdLarkin]

An interesting problem - I need information.

A small part of my plane is in for rework and the company filed for bankruptcy. I'm assured by my attorney that I'll get the part back, sooner or later. I'll maybe get pennies on the dollar for my cash deposit with that company, but that's a different issue.

Trying to speed up the return of my part, I plan to present the bankruptcy attorney with replacement costs (from CessnaParts.com) which, as we all know, will be mindboggling. I'll also start calling the strip lots to find a replacement part at a better price (but I won't mention that).

I want to hit the bankruptcy attorney with the position that my plane is non-airworthy with the part removed, and I want either my part immediately or a leased 172. I know approximate rental costs, but does anyone know of 172's that can be leased for 3 to 6 months?

I've also posted this on the red board.

 

[Dean]

He will probably laugh at you, tell you to go p!$$ up a rope and walk out of your meeting.

 

[Bill]

He will probably laugh at you, tell you to go p!$$ up a rope and walk out of your meeting.

AKA get in line behind all the other schmucks I owe.

 

[N747JB]

Your odds of success are slightly lower than winning the Powerball lottery without buying a ticket!
I have never seen a dime out of a bankruptcy, ever.
You are an unsecured creditor and you will be lucky to get your old part back. Likely, you'll waste some time and effort and be told, "No soup for you!"
I'd start looking for the part you need and move on with life, if you sit around waiting, you'll miss the summer flying season.

 

[EdFred]

LOL.

It's April 3, not April 1.

 

[poadeleted20]

You should contact an attorney familiar with the bankruptcy laws in the state where the shop is located. Since the part involved belongs to you, not the shop, the shop's creditors have no claim on it, and you should be able to have it returned forthwith, but it may take some legal work to make that happen. Beyond that, your attorney will probably tell you you're out of luck since there's obviously no money to cover any losses you incur as a result of not having the part.

 

[N747JB]

Good advice. It depends on the cost of the part, it may or may not be worth paying an attorney to attempt to recover it. If you have a local attorney that will handle it on the cheap, go for it. But, I would not spend a dime in the hopes of recovering anything beyond the part itself. If it's an alternator, it might be cheaper just to buy one, if it's the engine, by all means sick the lawyers on them.

You should contact an attorney familiar with the bankruptcy laws in the state where the shop is located. Since the part involved belongs to you, not the shop, the shop's creditors have no claim on it, and you should be able to have it returned forthwith, but it may take some legal work to make that happen. Beyond that, your attorney will probably tell you you're out of luck since there's obviously no money to cover any losses you incur as a result of not having the part.