On November 8, 1999, at about 0915 central standard time, a Piper PA-34-200, N56676, registered to Two Papa Delta Inc., operated by Douglas Aviation, as a 14 CFR Part 141 instructional flight, experience a collapse of the right main landing gear on takeoff from Olive Branch Airport, Olive Branch, Mississippi. Visual meteorological conditions prevailed and no flight plan was filed. The commercial pilot flight instructor (CFI) and private-rated student pilot reported no injuries. The flight was originating at the time of the accident. The CFI and rated student pilot stated they were conducting a touch-and-go landing to runway 18. The rated student pilot was flying the airplane. After touch down, the rated student pilot retracted the flaps and reached for the landing gear instead of the throttles. The CFI yelled "no" and the student pilot released the handle and added full power. The CFI stated, "I tried to drive the plane off the ground but was unsuccessful in my attempt." The right main landing gear retracted, the airplane yawed to the right and stopped in the grass. An operational check of the landing gear system was conducted and no deficiencies were noted. The landing gear operated normally in both the up and down cycles.