On August 13, 1995, about 1110 central daylight time, a Fairchild 24, N27VX, registered to a private owner, crashed shortly after takeoff from McCutchan Strip, Harold, Florida, while on a 14 CFR Part 91 personal flight. Visual meteorological conditions prevailed at the time and no flight plan was filed. The aircraft was substantially damaged and the commercial-rated pilot and one passenger received serious injuries. The flight was originating at the time of the accident. The pilot stated they suffered a partial loss of engine power while climbing through 75 feet during takeoff. As he made a right turn for an emergency landing on the adjacent highway they suffered "a critical power loss." He made a turn to avoid power lines and does not remember any further details. The passenger stated the engine "spit" a little while climbing through 250 feet after takeoff. He did not perceive a loss of engine power and power lines ahead of them were not in the way. The pilot made a right turn with about 60 degrees of bank. The aircraft stalled and entered a spin from which they crashed. Postcrash examination of the engine was performed by an FAA inspector and a mechanic. The engine assembly rotated normally and all cylinders produced compression. The magnetos operated normally. The carburetor bowl contained some clean fuel and no contamination was found. Examination of the carburetor showed the mixture control metering valve assembly locking nut was backed away about three turns and there was no safety wire on the nut. The metering valve assembly was slightly loose in the throttle body. See attached reports.