In the Works: Archedyne NauticAir 400/500
Nothing has yet been resolved in the suit pitting Archedyne Aerospace against Armand Rivard, president of Lake Aircraft, and investment banker George Wight. Archedyne, developer of the NauticAir 450 amphibious twinjet, is seeking the return of a $500,000 purchase deposit it claims it paid Lake Aircraft in June 1999. Most recently, the sides attempted mediation on September 21. Said Dennis Bonneau, Archedyne’s director of business development, of the meeting, “We couldn’t get close to a resolution.” Wight gave a deposition to Archedyne’s lawyers shortly before the meeting. Rivard has now deposed both Bonneau and Dr. Leonard Gioia, Archedyne’s CEO. A hearing on punitive damages was scheduled for October 29, and Bonneau estimated a trial date would be set for May or June next year.
Meanwhile, development of the NauticAir 450 is being kept alive by “a couple of contract engineers working offsite,” Bonneau said. The company has four full-time staffers. “Since September 11,” he added, “we’ve begun to evaluate what may or may not happen with the aircraft, but our goal is still to get this thing together.”