On May 24, 1994, at 1355 central daylight time, a Grumman G-164B, N48386, was destroyed while maneuvering near Casscoe, Arkansas. The commercial pilot sustained minor injuries. Visual meteorological conditions prevailed for the aerial application flight. According to the pilot/operator report, the pilot had completed a swath run and had initiated a climb when he observed white smoke coming from the engine. During a left turn, a total loss of engine power occurred, and the engine seized. The dumped his load and initiated a 180 degree turn to the only suitable landing area available. After about 90 degrees of turn he realized that he was too low and slow to make the intended field. He leveled the wings and landed straight ahead. The airplane impacted the ground in a level attitude, and then bounced 50 feet into the air. The pilot moved the control stick to the full aft position and the nose dropped. The airplane impacted a ditch, the fuel tank ruptured, and a fire destroyed the aircraft. The cause of the power loss was not determined.