FORM 8-K

                                 CURRENT REPORT


                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


      Date of Report (Date of earliest event reported): September 26, 2006


                                     0-21749
                            (Commission File Number)


                          MOONEY AEROSPACE GROUP, LTD.
             (Exact name of registrant as specified in its charter)

                  Delaware                            95-4257380
           (State of Incorporation)                  (IRS Employer
                                                 Identification Number)

                165 Al Mooney Road North, Kerrville, Texas 78028
              (Address of registrant's principal executive office)


                                 (830) 896-6000
              (Registrant's telephone number, including area code)


      Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(C) under the
      Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.

      At a meeting of the Board of Directors of Mooney Aerospace Group Ltd. (the
"Company"), held on September 26, 2006, Gretchen L. Jahn resigned as the Chief
Executive Officer, President and as a member of the Board of Directors of the
Company, effective as of October 1, 2006. Subsequent to the foregoing
resignation, Dennis E. Ferguson was appointed as the Chief Executive Officer of
the Company.

      Since 2003 until his appointment as Chief Executive Officer of the
Company, Mr. was working for "SCORE," a nonprofit organization which offers
counseling to small business owners through the Small Business Administration
(SBA), a federal government agency. Mr. Ferguson was the President of Airshow,
Inc., an avionics manufacturing company that provides integrated information
systems and services for business jets and commercial airlines, from 1994 to
2003. During that period, from 1998 to 2002, Mr. Ferguson was a Vice President
at Dynatech/Acterna Corporation, where he was responsible for developing the
company's aviation markets and growing the aviation business unit's value. Mr.
Ferguson is a former member of the United States Air Force and graduated from
the United States Air Force Academy in Colorado Springs, Colorado with a
Bachelor of Science in Engineering Science in 1967. Mr. Ferguson also received a
Masters of Science in Systems Management from the University of Southern
California in Los Angeles, California in 1978.

Item 7.01 Regulation FD Disclosure

      The Company announced the resignation of Gretchen L. Jahn and subsequent
appoint of Dennis E. Ferguson on September 26, 2006. Copies of the press
releases that discuss these matters are filed as Exhibit 99.1 and Exhibit 99.2
to, and incorporated by reference in, this report. The information in this
Current Report is being furnished and shall not be deemed "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that Section. The information in this Current
Report shall not be incorporated by reference into any registration statement or
other document pursuant to the Securities Act of 1933, except as shall be
expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits

(d)      Exhibits

Exhibit 99.1   Press Release, dated September 26, 2006, issued by Mooney
               Aerospace Group Ltd.
Exhibit 99.2   Press Release, dated September 26, 2006, issued by Mooney
               Aerospace Group Ltd..




<PAGE>



                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                        MOONEY AEROSPACE GROUP, LTD.


Date:  September 26, 2006               By: /s/ Barry Hodkin
                                           ------------------------------------
                                           Barry Hodkin, Chief Financial Officer
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FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

      Date of Report (Date of earliest event reported): September 26, 2006

                                     0-21749
                            (Commission File Number)

                          MOONEY AEROSPACE GROUP, LTD.
             (Exact name of registrant as specified in its charter)

                  Delaware                            95-4257380
           (State of Incorporation)                  (IRS Employer
                                                 Identification Number)

                165 Al Mooney Road North, Kerrville, Texas 78028
              (Address of registrant's principal executive office)

                                 (830) 896-6000
              (Registrant's telephone number, including area code)

      Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(C) under the
      Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.

      At a meeting of the Board of Directors of Mooney Aerospace Group Ltd. (the
"Company"), held on September 26, 2006, Gretchen L. Jahn resigned as the Chief
Executive Officer, President and as a member of the Board of Directors of the
Company, effective as of October 1, 2006. Subsequent to the foregoing
resignation, Dennis E. Ferguson was appointed as the Chief Executive Officer of
the Company.

      Since 2003 until his appointment as Chief Executive Officer of the
Company, Mr. was working for "SCORE," a nonprofit organization which offers
counseling to small business owners through the Small Business Administration
(SBA), a federal government agency. Mr. Ferguson was the President of Airshow,
Inc., an avionics manufacturing company that provides integrated information
systems and services for business jets and commercial airlines, from 1994 to
2003. During that period, from 1998 to 2002, Mr. Ferguson was a Vice President
at Dynatech/Acterna Corporation, where he was responsible for developing the
company's aviation markets and growing the aviation business unit's value. Mr.
Ferguson is a former member of the United States Air Force and graduated from
the United States Air Force Academy in Colorado Springs, Colorado with a
Bachelor of Science in Engineering Science in 1967. Mr. Ferguson also received a
Masters of Science in Systems Management from the University of Southern
California in Los Angeles, California in 1978.

Item 7.01 Regulation FD Disclosure

      The Company announced the resignation of Gretchen L. Jahn and subsequent
appoint of Dennis E. Ferguson on September 26, 2006. Copies of the press
releases that discuss these matters are filed as Exhibit 99.1 and Exhibit 99.2
to, and incorporated by reference in, this report. The information in this
Current Report is being furnished and shall not be deemed "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that Section. The information in this Current
Report shall not be incorporated by reference into any registration statement or
other document pursuant to the Securities Act of 1933, except as shall be
expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits

(d)      Exhibits

Exhibit 99.1   Press Release, dated September 26, 2006, issued by Mooney
               Aerospace Group Ltd.
Exhibit 99.2   Press Release, dated September 26, 2006, issued by Mooney
               Aerospace Group Ltd..
SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                        MOONEY AEROSPACE GROUP, LTD.

Date:  September 26, 2006               By: /s/ Barry Hodkin
                                           ------------------------------------
                                           Barry Hodkin, Chief Financial Officer