What happened
The FAA’s narrative, in sentence case. The FAA writes it in capitals and removes private details.
Narrative: according to the owner of the aircraft, the purpose of this flight was the accomplishment of a biennial flight review (bfr). The instructor disputes that statement saying he was "just in the airplane." The owner of the airplane (hereafter called the student) was 11 months past the time limit on his last bfr, so he could not function as the pilot-in-command (PIC) on this flight. Accordingly, the instructor was the PIC. The instructor was not rated in multiengine airplanes, either on his commercial pilot certificate or on his flight instructor certificate. During this flight the instructor requested the student to perform several simulated engine failures on takeoff maneuvers. The student performed two such maneuvers with the front engine simulated "failed". On each of the previous maneuvers the instructor believed the student was not raising the landing gear early enough in the maneuver. On this last maneuver, the instructor told the student when to raise the gear. The student believes that when the gear doors opened, the increased drag exceeded the capability of the airplane to fly on just only the front engine (the rear engine on this airplane develops most of the thrust). The airplane impacted the ground 1/4 mile beyond the departure end of the runway. This incident is closed.
As the FAA filed it
NARRATIVE: ACCORDING TO THE OWNER OF THE AIRCRAFT, THE PURPOSE OF THIS FLIGHT WAS THE ACCOMPLISHMENT OF A BIENNIAL FLIGHT REVIEW (BFR). THE INSTRUCTOR DISPUTES THAT STATEMENT SAYING HE WAS "JUST IN THE AIRPLANE." THE OWNER OF THE AIRPLANE (HEREAFTER CALLED THE STUDENT) WAS 11 MONTHS PAST THE TIME LIMIT ON HIS LAST BFR, SO HE COULD NOT FUNCTION AS THE PILOT-IN-COMMAND (PIC) ON THIS FLIGHT. ACCORDINGLY, THE INSTRUCTOR WAS THE PIC. THE INSTRUCTOR WAS NOT RATED IN MULTIENGINE AIRPLANES, EITHER ON HIS COMMERCIAL PILOT CERTIFICATE OR ON HIS FLIGHT INSTRUCTOR CERTIFICATE. DURING THIS FLIGHT THE INSTRUCTOR REQUESTED THE STUDENT TO PERFORM SEVERAL SIMULATED ENGINE FAILURES ON TAKEOFF MANEUVERS. THE STUDENT PERFORMED TWO SUCH MANEUVERS WITH THE FRONT ENGINE SIMULATED "FAILED". ON EACH OF THE PREVIOUS MANEUVERS THE INSTRUCTOR BELIEVED THE STUDENT WAS NOT RAISING THE LANDING GEAR EARLY ENOUGH IN THE MANEUVER. ON THIS LAST MANEUVER, THE INSTRUCTOR TOLD THE STUDENT WHEN TO RAISE THE GEAR. THE STUDENT BELIEVES THAT WHEN THE GEAR DOORS OPENED, THE INCREASED DRAG EXCEEDED THE CAPABILITY OF THE AIRPLANE TO FLY ON JUST ONLY THE FRONT ENGINE (THE REAR ENGINE ON THIS AIRPLANE DEVELOPS MOST OF THE THRUST). THE AIRPLANE IMPACTED THE GROUND 1/4 MILE BEYOND THE DEPARTURE END OF THE RUNWAY. THIS INCIDENT IS CLOSED.