So Common Shareholders have nothing !!! and QASP Management has everything, nice way to run a business !!!!!! It looks to me like there is no "clear title" to anything Quasar owns. About the only thing not being claimed as security might be dirt on the floor. Here's something else interesting, another claim on collateral: http://registry.faa.gov/aircraftinquiry/Document_Results.aspx?colltxt=&partytxt=VIGIL+DONNELL+J&PageNo=1