On October 8, 2002, about 1115 eastern daylight time, a Piper PA-30, N7014Y, registered to LCM Engineering Inc., and operated by an individual, impacted with shrubs at the Immokalee Airport, Immokalee, Florida. Visual meteorological conditions prevailed at the time and no flight plan was filed for the 14 CFR Part 91 instructional flight. The airplane was substantially damaged. The commercial-rated pilot-in-command (PIC)/certified flight instructor (CFI), and private-rated pilot were not injured. The flight had originated from the same airport at 1030. According to the PIC/CFI, after the fourth touch-and-go landing the student applied full power to the engines, and the airplane accelerated for takeoff. Just after takeoff and at an altitude of about 20 to 30 feet above the ground, the CFI said the airplane's left engine lost power. The airplane veered left, the takeoff was aborted, the airplane departed the runway, and impacted with shrubs. The FAA determined that the pilot in the right seat was the PIC, and was giving instructions to the left seat pilot, who was also the owner of the airplane, and not multi-engine rated. Both pilots stated that although this was a training flight, simulated engine out procedures were not in progress at the time of the engine power loss. On January 16, 2003, the left engine (S/N L-980-55) from N7014Y was placed on a test stand to facilitate a test run. The run was conducted with all of the engine's original parts. The engine was started and brought to 2,000 rpm. The engine was brought to idle and then advanced to takeoff power with no discrepancies noted. Oil pressure was in the green arc, the magnetos were checked and no discrepancies were found. The propeller governor was connected. The propeller was cycled from high to low pitch several times without any discrepancies. The airplane and engine were released to Mr. Steve Smally, Air and Sea Recovery, on behalf of owner's Insurance Company on January 20, 2003. There were no representatives of the airplane's owner in the area at the time the wreckage was released.