On May 27, 1993, at approximately 1145 central daylight time, a Piper PA-23-250, N5272Y, was substantially damaged during a forced landing after experiencing a loss of engine power to both engines, while on initial climb from the Searcy, Arkansas, municipal airport. The airplane, flown by a private pilot, had just departed on what was to have been a business cross country flight. There was no flight plan filed and visual meteorological conditions prevailed throughout the area. The pilot, the sole occupant, was not injured. The pilot stated that as he was passing through about 700 feet MSL, he lost power on both engines as he adjusted the propellers back to 2,400 RPM. He stated that he immediately "pushed everything forward to no avail." He then turned back toward the airport with the intention of landing on the runway or the taxiway. However, aircraft were on both and he elected to execute a forced landing to an open pasture, with the landing gear extended. During the landing roll the nose gear collapsed. The pilot stated that he never regained power on either engine. An inspection performed by a Federal Aviation Administration inspector revealed no anomalies in the engines or related systems.