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                                                                    Exhibit 99.2

                                 August 15, 2002




To The Members of the Board of Directors of
Mooney Aerospace Group, Ltd.




Re: Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures,
Inc. (AASI), hereinafter referred to as: "MASG" or "company"



Gentlemen:

         On January 8, 2002, I agreed to your request as a fellow board member
to come out of retirement and assume the responsibilities as interim Chairman,
President, and CEO, following the resignation of Dr. Chen, the former Chairman,
President, & CEO of AASI. I agreed to come on board, recruit and hire a new
management team, and develop and execute a new management strategy. Our strategy
was to move the company in a new direction by acquiring and operating one or
more current producers of top of the line general aviation aircraft and suspend
development of the JetCruzer.

         It was always my intention and our joint understanding that this would
be a temporary assignment for me and that, at the appropriate time, I would step
down and transfer my responsibilities to one of the individuals I recruited for
the company for that purpose and who also would be acceptable to the Board of
Directors. With the successful acquisition of Mooney Aircraft Company's assets
and the board's designation of a successor, we are in a position to pursue this
transition.

         Accordingly, as we have discussed, I submit my resignation effective
today as Chairman, President, and CEO of Mooney Aerospace Group, Ltd. and its
subsidiaries and affiliates. Also, to facilitate my retirement plans, I submit
my resignation as a member of the Board of Directors of MASG and the Mooney
Airplane Company, Inc. However, I agree to make myself available in a consulting
role to assist the company as an advisor, from time to time as my schedule
permits, if the Board so desires.

         We have agreed and the Board of Directors accepts on behalf of MASG the
obligation to comply with the payment and on time delivery of the following
enumerated items and payments and our exchange of mutual general releases:

1.       Within five days of my submission of outstanding expense accounts for
         travel, lodging, and entertainment expenses incurred while I was CEO
         with the Company, I shall be reimbursed in full.

2.       Within five days of my submission of travel expenses incurred by me as
         a consultant in the support of the company's business before I became
         CEO, I am to be reimbursed $30,000.

3.       Within five days of this resignation, I am to be paid up to $30,000 for
         outstanding consulting compensation.

         In consideration of my services to the company, I shall receive the
         following:

4.       I shall receive a one-time severance bonus of $65,000 to be paid within
         five days of this resignation.



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5.       Within five days of the submission of this resignation, MASG will
         deposit funds equal to six months of my salary for a total amount of
         $100,000 with an escrow agent I designate. These funds will be released
         in equal monthly installments beginning September 1, 2002, and
         continuing monthly, thereafter for the following five months and the
         interest that accrues will be payable to me.

6.       I am to receive within 30 days of this resignation, a number of
         registered and unrestricted (to the extent permitted by the federal
         securities laws) trading shares of MASG Series A Common Stock which
         together with the amount of MASG Series A Common Stock previously
         issued to me would equal one and one-half percent (1.5%) of the Series
         A Common Stock outstanding on the day these shares are issued to me.

7.       I am to receive a bonus equal to 2% of the amount invested in or loaned
         to MASG by (Name withheld; Company private information) or his
         designated corporate entity, or vehicle, or structure, within five days
         of the receipt of (Name withheld; Company private information) funds by
         MASG.

8.       MASG shall indemnify me if I am a party to or threatened to be made a
         party to any threatened, pending or completed action, suit, proceeding,
         whether civil or criminal, administrative, arbitrative or
         investigative, and in any appeal of such action, suit or proceeding,
         and in any inquiry or investigation that could lead to such action,
         suit or proceeding against expenses (including court costs and
         attorneys' fees), judgments, fines and amounts paid in settlement
         actually and reasonably incurred by me (including travel and lodging)
         arising out of or in connection with my service as a consultant,
         director, or officer of MASG, including but not limited to claims that
         may be asserted by investors, warrant holders, suppliers, advisors,
         including (Names withheld; Company private information).

9.       The indemnification provided above in paragraph 8 shall be in addition
         to the indemnification afforded me by the company's charter and laws
         and shall be binding upon the successors and assigns of the company
         (including any direct or indirect successor by purchase, merger or
         otherwise to all or substantially all of the business or assets of the
         company). To the extent MASG maintains an insurance policy or policies
         providing directors' and officers' liability insurance with respect to
         actions covered by paragraph 8, I shall be covered by such policy or
         policies to the maximum extent of the coverage available thereunder.
         The company shall not be liable to make an indemnification payment to
         the extent I have actually received payment under an insurance policy
         of amounts otherwise indemnifiable. If any portion of the indemnity
         shall be invalidated on any grounds by a court of competent
         jurisdiction, the company shall nevertheless indemnify and hold me
         harmless as provided in paragraph 8 to the full extent permitted by the
         indemnity that shall not have been invalidated and to the full extent
         permitted by law.

10.      In the event MASG shall fail to pay any amounts provided for in this
         letter agreement, interest shall accrue on the unpaid amounts at an
         annual interest rate of the prime rate of AmSouth Bank in effect on the
         agreement payment date plus four percent. MASG shall promptly reimburse
         me all legal, accounting and other fees and expenses (including travel
         expenses) reasonably incurred in good faith to obtain or enforce any
         right or benefit provided under this letter agreement.

         Except for the above-enumerated items, I hereby release MASG and its
affiliates from any obligation, written, oral, or otherwise, to make any other
cash, stock, warrants, property or other payment to me. MASG releases me from
all obligation and claims, written, oral, or otherwise including the obligations
under my Employment Agreement dated January 8, 2002, entered into with Advanced
Aerodynamics & Structures, Inc.

         I will comport myself in a professional manner with respect to MASG and
I will not disparage MASG or its officers and directors. MASG agrees and shall
require its officers, directors, and advisors to agree to conduct themselves in
a professional manner with respect to me and not disparage me.


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This letter represents the exclusive terms for my resignation from MASG and
Mooney Airplane Company, Inc.

I wish the company, and its Board of Directors, success in their future business
endeavors.


Sincerely yours,                                    Agreed to and Accepted By
                                                    Mooney Aerospace Group, Ltd.
/s/ Roy H. Norris

                                                    By:
Roy H. Norris                                       -------------------------
Chairman, President & CEO                           Its: Acting Chairman of the
Mooney Aerospace Group, Ltd.                        Board of Directors of
                                                    Mooney Aerospace Group, Ltd.