X-Virus-Scanned: clean according to Sophos on Logan.com Return-Path: Sender: To: lml@lancaironline.net Date: Tue, 18 Sep 2007 07:15:24 -0400 Message-ID: X-Original-Return-Path: Received: from mail375c35.nsolutionszone.com ([209.235.151.145] verified) by logan.com (CommuniGate Pro SMTP 5.1.12) with ESMTPS id 2337212 for lml@lancaironline.net; Tue, 18 Sep 2007 05:47:56 -0400 Received-SPF: neutral receiver=logan.com; client-ip=209.235.151.145; envelope-from=rsmiley2@centurytel.net X-Authenticated-User: rsmiley2.centurytel.net Received: from PC294771894831 (d21-157.rb.gh.centurytel.net [69.29.212.157]) (authenticated bits=0) by mail375c35.nsolutionszone.com (8.13.6.20060614/8.13.1) with ESMTP id l8I9lDqe020899 for ; Tue, 18 Sep 2007 09:47:15 GMT X-Original-Message-ID: <001101c7f9d8$d89abc20$650aa8c0@PC294771894831> From: "Bob Smiley" X-Original-To: "Lancair Mailing List" References: Subject: Re: Product Liability Exposure- Sale of Lancair 360 X-Original-Date: Tue, 18 Sep 2007 02:46:51 -0700 MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_NextPart_000_000E_01C7F99E.2AB4F600" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 6.00.2900.3138 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3138 This is a multi-part message in MIME format. ------=_NextPart_000_000E_01C7F99E.2AB4F600 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Flap vs Aileron Edge in Level Cruise (LIVP)...Not FlushIn 1999, I placed = in service a Lancair 360 which took about 6,000 hours to put together. = At any rate; It has not been flown for two years because of lack of = interest and other personal goals and interests. So it sets in the = hanger. I have been reluctant to sell because of product liabiity = exposure and hav essetially zeroed out its value because of that fact. = All scenarios of liability lead me to believe that there is no way to = escape responsibility in a catastrophic situation. As I undrestand the law there i a fifteen year exposure to liability for = fifteen years from first date of sale after which there is no more = liability for any parts manufactured by the builder. Of course you = could sell any parts not manufactured by others and escape exposure but = that requires parting out the plane. There is no way to sell the whole = airframe and powerplant assembly intact and receive full fair market = value. Have any other high net worth owners struggled with this dilema and = what was your solution,if any? It has many custom features including a fully loaded panel and highly = modified IO360F1A6 Lycoming. Bob Smiley N94RJ ------=_NextPart_000_000E_01C7F99E.2AB4F600 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Flap vs Aileron Edge in Level Cruise (LIVP)...Not = Flush
In 1999, I placed in service a Lancair = 360 which=20 took about 6,000 hours to put together.   At any rate; It has = not been=20 flown for two years because of lack of interest and other personal goals = and=20 interests. So it sets in the hanger.  I have been reluctant to sell = because=20 of product liabiity exposure and hav essetially zeroed out its value = because of=20 that fact.  All scenarios of liability lead me to believe that = there is no=20 way to escape responsibility in a catastrophic situation.
 
As I undrestand the law there i a = fifteen year=20 exposure to liability for fifteen years from first date of sale after = which=20 there is no more liability for any parts manufactured by the = builder.  Of=20 course you could sell any parts not manufactured by others and escape = exposure=20 but that requires parting out the plane.  There is no way to sell = the whole=20 airframe and powerplant assembly intact and receive full fair market=20 value.
 
Have any other high net worth owners=20 struggled  with this dilema and what was your solution,if = any?
 
It has many custom features including a = fully=20 loaded panel and highly modified IO360F1A6 Lycoming.
 
Bob Smiley
N94RJ
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