Several hundred thousand dollars and it could be yours
SUMMERSIDE — Have several hundred thousand dollars to spare?
If so, a powerful — and expensive — aircraft engine could be yours.
On Dec. 27, at 800 Aerospace Blvd., Hangar 8 in Slemon Park, the engine of an ATR 42-300 aircraft, serial number 601 (model PW127FS/NPCE-127068) will be auctioned off.
The engine will sold subject to a reserve bid and there are conditions of the sale, said Derek Key, Q.C., solicitor for Vector Aerospace Engine Services — Atlantic Inc.
The public auction is being held under terms of the Garage Keeper’s Lien Act with Trans Airways Ltd. as debtor and Vector Aerospace Engine Services — Atlantic Inc. as creditor and lien holder.
“It’s the only way to transfer the title from the debtor to the people that did the work,” said Key of why a public auction must be held.
He added the aerospace industry has been pressuring the province for almost a decade to enact “legitimate” commercial lien legislation.
“All of the other aerospace provinces… they all have good commercial lien legislation. We’re relying on the Garage Keeper’s Lien Act,” said Key. “Aircraft engines and parts fit under the provisions of the Garage Keeper’s Lien Act.”
He said a similar auction was held two months ago.
“It’s the same thing as if you took your car into Canadian Tire and you don’t pay for it, they have the right to sell it. In this case it’s just a little more money and instead of being something with four wheels it’s an engine in a box.”
The ATR 42-300 is a twin-turboprop, short-haul regional airliner built in France and Italy by ATR (Aerei da Trasporto Regionale or Avions de Transport Régional) from 1981 to 1996. The name 42 comes from the aircraft's standard seating, which varies from 40 to 52. The aircraft retails for $12 to $16 million.
The aircraft engine had been shipped to Slemon Park from Indonesia to be prepared by Vector Aerospace Engines Services.
“Before the engine gets released of course you get paid because it’s usually several hundred thousand dollars,” said Key. “These folks didn’t pay and couldn’t pay. This has gone on quite a while so now the engine is going to be sold.”
If the engine doesn’t sell, which Key said it likely won’t, it will become the property of Vector Aerospace Engine Services.
“They can either use it for parts or sell to somebody else.”
Key has received calls of interest about the airplane engine.
“One guy wanted one for his fishing boat. It’s a hoot.”
But, added Key, there aren’t many people with several hundreds of thousands of dollars sitting around to buy the engine and fewer with a need for it.