On December 18, 1997, about 1015 eastern standard time, a Piper PA-23-250, N6962Y, was substantially damaged during an aborted takeoff at Pennridge Airport (N70), Perkasie, Pennsylvania. The certificated commercial pilot/flight instructor and private pilot/aircraft owner were not injured. Visual meteorological conditions prevailed for the dual instructional flight, which originated at N70, about 1000. No flight plan had been filed for the flight that was conducted under 14 CFR Part 91. In the NTSB Aircraft Accident Report, the pilot stated: "Instructor and student were making normal takeoffs. Multiengine student...was at the controls. During the second takeoff, the left engine failed just after rotation. The aircraft yawed to the left. Instructor pilot then took control and stopped the yaw. The aircraft was low and slow at this point. The throttles were closed and the aircraft landed to the left side of the runway in a grass field." An inspector from the Federal Aviation Administration (FAA) reported that the airplane owner had recently received his private pilot certificate and was receiving flight instruction toward the issuance of his multi-engine rating. The flight instructor occupied the right seat, and the private pilot occupied the left seat. The FAA Inspector reported that the airplane had taken off on runway 8. With the airplane at an altitude of less than 50 feet, and the landing gear still extended, the left engine lost power. The airplane drifted left of the runway, and power was reduced on the operating engine. A touchdown was then made in rough terrain, about 150 feet left of the runway edge, about 2,000 feet from the departure end of the runway. The Inspector also reported that the landing gear collapsed, and the spars on both wings were bent. Neither propeller appeared to be feathered. The fuel drains on the left wing were broken off during the ground slide and the tanks were empty. The right side fuel tanks appeared to be over 3/4 full. A check of refueling records revealed that all fuel tanks on the airplane had been filled before departure. The FAA Inspector conducted an examination of the engine. He reported no evidence of a mechanical failure or malfunction. The fuel injection system was removed and forward to Precision Airmotive for further examination. According to their report, no evidence of a mechanical failure or malfunction was found.