On March 26, 1997 at 1730 central standard time, a Piper PA-17, N4802H, registered to and operated by LR Air, Inc., was substantially damaged during a forced landing following a loss of engine power during flight near North Little Rock, Arkansas. The private pilot, sole occupant of the airplane, was not injured. Visual meteorological conditions prevailed for the Title 14 CFR Part 91 local flight which originated from the North Little Rock Municipal Airport at 1700. A flight plan was not filed. The pilot reported that, after takeoff from North Little Rock Airport, at about 1500 feet MSL, the engine "developed roughness and knocking noises." The engine quit developing power while the airplane was over a residential area. During the forced landing to an "unfinished" road, the airplane's right wing impacted a small pine tree, which spun the airplane around. The left wing struck another tree before the airplane came to a stop. Both wings were damaged, and the lower rear longeron in the fuselage was bent. Examination of the engine by the FAA inspector revealed that the engine crankshaft had fractured "between the throws for the #1 and #2 rods." The camshaft was also "broken in half by the #1 throw." The time since the last engine overhaul was 108.7 hours.