N990P

2

2eyedocs

Filing Flight Plan
Joined
Oct 4, 2010
Messages
4
Display Name
Mark
Hello everyone,

Just looking for fellow owners of N990P that was base out of Addison, TX KADS with OurPlane.

Thanks,
Mark Hanley
[email protected]
 
Mark,

From what I've heard, you and everyone else who "owned" through OurPlane got screwed out of an airplane and got no money back out of it? That's a raw deal. :(
 
Looks like Lance Hunter and Margaret Billson, or Albuquerque, own it now, registration date of August 5, 2010. This, by the FAA Aircraft Inquiry site at: http://registry.faa.gov/aircraftinquiry/

So I presume OurPlane sold you a fractional "share" of the airplane, but what you really got for your money was a license or right to fly an airplane to which OurPlane held the actual title?
 
With a dedicated audience who are willing to shell out many thousands of dollars to be a part owner of a fancy flying contraption, I am surprised there are not even more shysters and hucksters involved in aviation. This is the land of the airborne Ponzi scheme, ripe for the plucking.

Think about it, used radios that can bring as much as five or six thousand dollars. Used airplanes that can easily bring in over a hundred thousand dollars, GPS "systems" that can bring in over thirty thousand dollars, and so on.

P.T. Barnum would have found his Nirvana had such a market existed in his day.

In just the six years I have been involved in this mutual passion of ours, I have seen more than a few people lose large amounts of money just so they can indulge. Sliver State Helicopters (http://en.wikipedia.org/wiki/Silver_State_Helicopters) comes to mind as a company that would have made old Barnum proud. There have been more, I just can't recall them now.

I'm not posting this with the intent of malice, I'm thinking that there must be ways of protecting unwary people from such schemes in the first place. How can you protect yourself when you buy into part ownerships? When you go into many thousands of dollars of debt for flight lessons that never take place? When you purchase shoddy equipment and have no recourse?

John
 
ScottM said:
Is he going to base that new business at MAG in St. Louis!! Seems like he might be the perfect fit for that group!
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No one should get the OurPlane guy and the Martin Aero guy together. It might bring about the douchepocalypse.
 
SCCutler said:
Looks like Lance Hunter and Margaret Billson, or Albuquerque, own it now, registration date of August 5, 2010. This, by the FAA Aircraft Inquiry site at: http://registry.faa.gov/aircraftinquiry/

So I presume OurPlane sold you a fractional "share" of the airplane, but what you really got for your money was a license or right to fly an airplane to which OurPlane held the actual title?
Click to expand...

Can a lien be filed against the plane by the OP? Or did OurPlane have no right to shell shares on it?
 
ScottM said:
I think it was the AvWeb article that I read that some of the people had filed liens against the planes.
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Then I guess the question is, does the lien need to be filed prior to the ownership transfer?
 
SCCutler said:
...and the answer is, "Yes."
Click to expand...

So I guess the lesson is.... If you ever buy into a fractional like that in the future, the very first thing you do is file a lien against it.
 
Hey Everyone,
Sorry for the delay in posting. Been away from the computer. Yes this is a BIG MESS! It is hard to look at this objectively and not come to the conclusion that Mr. Cassen is trying to scam all of the partners in the planes. If he doesn't have the money to pay back the original OurPlane partners, how can he be trying to set up a jet fractional?
There is a legal action being organized with several of the partners who are aware of what is going on. I was a partner on N990P based out of Addison, TX and we just found out that 990P was sold in June. My wife and I have been checking with OurPlane on the status of the sale they had repeatedly told us that the plane had not sold. I just happened to go on the FAA Registry website a few days ago and found out about the sale. This is why I am trying to locate the Addison partners to make them aware of the law suit.
Thanks for all of the input. I will keep you posted as to what happens from here.

Mark Hanley
[email protected]
 
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