Lake assets to be sold

The convoluted history of Lake Aircraft has taken a new turn, with the light amphibian manufacturer’s assets to be auctioned at July’s Oshkosh general aviation show. The engineering data, original and supplemental type certificates, production tooling and parts inventory are being put up for sale by owner Armand Rivard, who has seen at least two previous attempts to sell Lake end in failure.

Higgenbotham Auctioneers International says Lake is up for sale again after Rivard retook possession of company from its previous owner, LanShe Aerospace, when it failed to make royalty and instalment payments. LanShe acquired Lake from Rivard in 2002, relocating production from Sandford, Maine to Fort Pierce, Florida, but shutting in July last year after delivering only one aircraft.

Rivard, who has owned Lake since around 1980, ended up in court in 2001 after the collapse of a deal to sell the company to start-up Archedyne Aerospace, which planned to develop a jet-powered amphibian. Although the court ruled against Rivard in 2003, the auctioneer says the Lake assets are being sold “100% free and clear”.

Source: Flight International