Thursday, November 4, 2010
From the better-late-than-never department: a copy of the OurPlane bunkruptcy (hm, interesting Freudian slip there) is now on line.
Robert Hyams attended OurPlane's bankruptcy hearing on November 2 and wrote up this report:
Hi All, here is my impression of what occurred at the bankruptcy hearing this morning in Buffalo NY.
I arrived early and watched how Mr Horowitz conducted the hearing, i witnessed him run through the preliminary hearings of 3 couples, who were clearly down on their luck, broke, out of money..he was very compassionate and not judgmental or officious. Then it was time for the OurPlane hearing, Casson and his attorney Mr. Larson sat right next to me, while we waited for about 5 mins for mr horwitz to get his stuff together, of course Casson had no idea he was sitting next to me..we had never met before, Mr Larson was about 80 to 85, seemed like the elder statesman for that court house, everyone acknowledged his presence, Mr Larson and Casson were talking about his 3 kids and everyday stuff, i noticed Casson brought his papers in a leather flight bag, with the little tag that said "Flight Crew-Flight Safety" pompous [bleep]!
Mr Horwitz called the case number and Casson and Larson sat at the table, i stood up introduced myself and Mr. Horwitz seemed very pleased that i showed up. The real purpose of this hearing is just to read the rules, ask for Identification, and mr horwitz asked all the right questions right off the bat, he was not exactly mr nice guy with Casson, He clearly had read or listened to everyone who called and wrote him, he knew how to steer the questions to our problems. One of the major issues in this hearing is to establish if he is a plantiff in any lawsuits, and Casson is part of a big lawsuit against Eclipse. Then Mr Horwitz asked about the Eclipse that is sitting in Florida, and what is the story with that aircraft, which is the only property listed on the bankruptcy form as still owned by OurPlane. Casson explained the plane is for sale, and the owner is suing him. Then Mr Horwitz looked at me, and smiled and asked Casson, "so what is the story of all those other aircrafts, that has been written about on the web?"
I smile back, graham is not sure how to answer that question. The OurPlane lease agreement comes up and then mr horwitz asks me if i would like to ask mr casson any questions. I prepared a quick synopsis of my invovlement and the money i gave to OurPlane, which summed up our situation pretty efficiently. Then i read the paragraph where it says we all will get money upon the sale of the aircraft, and i ask Casson to find and read for me the section and paragrah about the FAA lien..he starts reading section 40/41 and i stop him and ask him to tell me what that section is called, he acts like he doesn't understand what i am asking, but then says "section 40 is Security for Early Termination" he reads the paragraph and then mr horwitz says, "but Mr Hyams did not end his agreement early, so how does this apply to him?"...Horwitz smiles at me...very cool guy. Graham says some thing about the title of the section is not important and horwitz says that he "disagrees, but that is not his job to decide that, a judge will"
The meeting breaks up after a few more minutes.. the whole thing lasted about 20 minutes, and horwitz wants to see a whole bunch more documents, and says that he "finds,even at this early stage that this will be very complex, and Casson needs to prepare much more work, especially about the single engine aircrafts"
That was it, i guess it goes into a lot of more hearings, then a judge decides how to relieve casson of his debts? Horwitz said he will notify us to the next step. He was great, definitely sees that Graham is using the Bankruptcy court to snake his way out of his debts, at least that was my impression.