On January 24, 1995, about 1620 eastern standard time, a Beech C45H, N618K, experienced a loss of engine power on the left engine shortly after takeoff from New Hudson, Michigan. The airplane sustained substantial damage during the ensuing forced landing. The two commercially certificated pilots/airplane co- owners on board the airplane reported no injuries. Visual meteorological conditions prevailed for the flight, no flight plan was filed. The pleasure flight operated under 14 CFR Part 91, and originated from New Hudson, Michigan, about 1615, with an intended destination of Port Huron, Michigan. The two pilots had recently purchased the accident airplane. They reported they picked up the airplane from the previous owner in Sandwich, Illinois, at approximately 1500 on January 16, intending to return to their home base airport in Port Huron. They stated that due to deteriorating weather conditions they diverted to and overnighted in Howell, Michigan. The following day the pilots made several attempts to continue the flight to Port Huron, but eventually returned to Howell due to poor weather conditions. They left the airplane in Howell, and returned on January 21 to continue the trip to Port Huron. The pilots encountered unfavorable weather conditions again, and landed at New Hudson, Michigan. The pilots returned to New Hudson to pick up the airplane on January 24. They stated everything appeared normal during the runup. The pilot-in-command (PIC, left seat) stated after one aborted takeoff attempt (due to traffic) they took off from runway 25. The PIC stated the airplane was climbing through approximately 150 feet when the second pilot made the initial power reduction to a cruise climb power setting. The PIC reported the left engine lost power just after the power was reset. He requested full power, retracted the landing gear and attempted to feather the left engine. The PIC indicated the airplane was over a stand of trees, with airspeed and altitude decreasing, and he aimed for a snow covered open field ahead. He stated the airplane brushed the tree tops, then contacted the ground at a fairly high rate of descent. The airplane skidded to a stop against a silo and some farm equipment. Postaccident examination of the airplane engines revealed the left side engine driven fuel pump drive shaft was sheared. Examination of the airplane wreckage revealed the electric fuel boost pump switches were in the OFF position. There was no airplane registration, airworthiness certificate, weight and balance data, or airplane flight manuals on board the airplane. Examination of the airplane maintenance records revealed the most recent maintenance entry was dated November 13, 1991. Records indicated the airplane had flown 148 hours since that date. The PIC reported 4,386 hours total flight time, including 52 hours in the accident make and model airplane, 4 hours of which were within the preceding 90 days. The second pilot reported 1,050 hours total flight time, including 60 hours in the accident make and model airplane, 2 hours of which were within the preceding 90 days.