US Air Express (Colgan Air) B1900D with 2 crewmembers aboard, no pax. It was being repositioned from Hyannisport (Mass) to here in Albany, New York (KALB).
Initial reports are that the plane was either being repositioned here for a later flight, or brought here for maintenance. It's a little sketchy here.
Also, a pilot who was in the air nearby at the time said he saw the tail of the plane fluttering up and down, which tells me that it was an elevator trim issue.
The pilot radioed an emergency, and had begun to return to Hyannisport, when they were lost.
No word on the crew yet, but the Yarmouth Fire Chief has said that the investigation has turned from a rescue attempt to a recovery effort.
God bless the crew and their families.