Luminati Aerospace

Luminati Aerospace owner Daniel Preston, 52, died at his home in Little Falls, New York on Thursday, Jan. 12. Luminati is part owner of a join venture with Triple Five called Calverton Aviation & Technology, which is in a $40 million land deal with the Town of Riverhead.

Calverton Aviation & Technology, the company in contract with the Town of Riverhead to purchase most of its remaining vacant land at the former Grumman site in Calverton, will submit updated financial documents to the town to demonstrate its ability to close the deal and develop the property.

Riverhead Town has canceled the runway use agreement it signed with Luminati Aerospace and has authorized a license agreement with tech start-up Launcher Inc. for use of part of the runway taxiway.

"We are looking to transform the economy of the East End and one day this region could be recognized as the Silicon Valley of the east. It's a big goal, but it starts with a first step." Chris Kent, attorney for Calverton Aviation and Technology, laid out the company's vision for the Calverton Enterprise Park in general terms at Thursday's town board work session.

Luminati's former chief pilot and media manager have partnered in a gyroplane startup based at MacArthur Airport.

One thing is clear: the public wasn't supposed to see the detailed maps, plans and drawings submitted to the DEC by Triple Five. What do they really tell us?

Riverhead officials moved ahead on the much-debated appointment of a new outside counsel to advise the town on its rights under the EPCAL contract of sale.

The on-again, off-again resolution hiring a new outside counsel to advise the town on the EPCAL land deal is on again.

It's been more than two months since the town learned of Luminati Aerospace's mounting legal and financial troubles — and CEO Daniel Preston's intention to move his operation off Long Island. Where does that leave the town? We still don't know.

After a month-long delay, a resolution hiring a new law firm to advise the town on the status of its contract with Calverton Aviation and Technology will be back on the agenda next week.