Well, strike that one from the registry...

That picture of the plane UNDERWATER is painful to look at.
 
Yikes.
I'm glad the pilot and passenger were OK.
 
I'm glad the guys are okay. But I don't see why not that plane could not once again take to the air after a relatively simple restoration. I'm assuming there is no major structural damage.
 
I'll wager the airframe is bent. not to speak of the corrosion problems later.
 
I've read of airliners that were salvaged from underwater.... can't recall what and where, but I do know it has happened.
 
Even if there wasn't a scratch on it, the airplane is trashed because of the salt water bath. One of our 150 club members had formerly owned a Cherokee that got totaled by the insurance company after one of last year's hurricanes flooded its hangar with salt water up to the wing roots. That airplane was auctioned off by the insurance company and it is on EBay now with a much watered down description of the damage (pun intended).
 
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