Cries of 'Hey, That's My Jet!' Don't Deter High-End Repo Men

Business Takes Off for Mr. Cage; Snatching a $15 Million Gulfstream

SANFORD, Fla.—Ken Cage is racing through a private aviation terminal near Orlando when his BlackBerry buzzes with bad news. The plane he is about to repossess is scheduled to take off for Mexico in three minutes.

Even worse, the Cessna's owner and pilot is on his way back from lunch—and he is rumored to be six-feet, six-inches tall.

"I'd rather not stick around to find out," Mr. Cage says.

Mr. Cage, 44, stands guard by the door as his partner Randy Craft walks onto the tarmac and approaches a shiny white turbo-prop. He quickly picks the lock on the door and ushers in the repo team's pilot, Dave Larson. The plane's propellers roar to life, and after clearance from the control tower, the $350,000 ride lifts off the runway and into the sky.

Mr. Cage and Mr. Craft climb back into their Ford pickup and tear out of the parking lot, just as the plane's owner pulls in.

"He's a minute late," says Mr. Cage, peering out the window. "Lucky for us."

Ken Cage isn't your typical repo man. Rather than snatch cars from an over-extended middle class, he takes back yachts, planes and other toys from the over-leveraged rich.

Business is thriving, even as the economy begins to improve. His company, Orlando-based International Recovery Group, repossessed more than 700 boats, planes, helicopters and other property last year valued at more than $100 million. Business, he says, is up six-fold from 2007.

He has reclaimed everything from $18 million Gulfstream jets and Bell helicopters to 110-foot Broward yachts, $500,000 recreational vehicles and even a racehorse. Before the financial crisis, most of the luxury items he pulled in were valued between $30,000 and $50,000. Today, they are valued at $200,000 to $300,000—meaning defaults are hitting people at a much higher income level.

More: http://online.wsj.com/article/SB10001424052748704125804575096392965443342.html

Cries of 'Hey, That's My Jet!' Don't Deter High-End Repo Men

Cries of 'Hey, That's My Jet!' Don't Deter High-End Repo Men

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