Do-lt-Yourself Recovery

When Financier Robert Vesco fled the U.S. to avoid his mounting legal problems, he took along a prized possession: a Boeing 707 jetliner lavishly fitted out with a dis cotheque, a sauna for five and sleeping quarters for twelve. Vesco may have thought his expensive toy was safe, but one of his more determined creditors reckoned otherwise. In what may turn out to be one of the most bizarre asset-recovery schemes on record, Alwyn Eisenhauer, Vesco's former pilot, settled a beef against his old boss simply by talking his way aboard the plane, then flying it home.

A garrulous former Navy fighter pilot, Eisenhauer claims that he is owed $55,000 in back pay, crew salaries and expenses by the plane's owner, Fairfield General Corp., a New Jersey firm that had been part of Vesco's corpo rate empire. Eisenhauer had a bold plan to recover Fairfield General's principal asset--Vesco's 707--and he took it to the company's receivers. They in turn took the idea to New Jersey Superior Court Judge Irwin Kimmelman, who was overseeing efforts to liquidate Fairfield General. After a few discreet phone calls located the plane at Panama City's Tocumen International Airport, the judge authorized Fairfield General to advance Eisenhauer $17,500 on his claim. The pilot then headed for Panama with two colleagues.

At Tocumen, Eisenhauer finagled his way into a meeting with Panama's director of civil aviation, who turned out to be another ex-fighter pilot. Eisenhauer convinced his new-found friend that he did indeed represent the plane's owners and had come to take the plane to the U.S. for maintenance.

Few questions were asked, particularly after Eisenhauer shelled out what he claims was $2,500 for landing fees, parking bills and other charges against the plane. Intriguingly, Panamanian officials say the tab was only $1,910.50.

However much it cost, Eisenhauer and his crew hurriedly took the plane to Newark, where it was immediately impounded by sheriffs deputies on Judge Kimmelman's orders.

The State Department expressed outrage at the caper, which may have violated international law. But there were no complaints from the Panamanians--and none, of course, from Fairfield General's receivers. Under longstanding law, the plane, worth perhaps $3.5 million, can now be legally sold to satisfy debts, no matter how it reached the U.S. Judge Kimmelman happily accepted a small red bag containing vital engine parts from Eisenhauer last week.

The parts were removed to immobilize the plane, just in case someone tried to repeat Eisenhauer's stunt in the other direction.

This file is automatically generated by a robot program, so viewer discretion is required.