<html><head><style type='text/css'>p { margin: 0; }</style></head><body><div style='font-family: Arial; font-size: 12pt; color: #000000'><P>Steve - I asked a friend who owns a C172M based at Klwm , who keeps a log of actual time,fuel ,repairs, insurance,and anything associated with the plane ,what the cost to operate the plane for the year 2008 . His total cost for 112 hrs were $12,400.00 .These are operating costs only. Maybe we can use these numbers for comparison.</P>
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<P>Bill Mc</P>
<P><BR>----- Original Message -----<BR>From: "Steve Gordon" <steve@media-phile.com><BR>To: eefc-core@workingcode.com<BR>Sent: Tuesday, April 7, 2009 6:27:30 PM GMT -05:00 US/Canada Eastern<BR>Subject: RE: Agenda for Wed evening<BR><BR>
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<P class=MsoNormal><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">I made some alterations to the spreadsheet and sent it to Mike. Since Mike owns the spreadsheet I wanted to give him a chance to review it before I sent it to the rest of the group.</SPAN></P>
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<P class=MsoNormal><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">The changes I made were to the 2<SUP>nd</SUP> worksheet: Buy a plane. Rather than have two different sections, one with and one without financing, I added a “% Down” field that is editable so we can vary the amount financed. I consolidated the outputs into “One Time cost, Monthly Dues, and Rate Per Hour” as I think those are the three key costs that all members will need to understand. I also locked down the spreadsheet so only those fields that are meant to be edited are editable. I think that will help avoid confusion if/when we send this out to the others.</SPAN></P>
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<P class=MsoNormal><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">I’ve attached the updated spreadsheet with my changes. Constructive criticism is always welcomed.</SPAN></P>
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<P class=MsoNormal><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">Thanks,</SPAN></P>
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<P class=MsoNormal><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">-Steve</SPAN></P>
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<P class=MsoNormal><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Tahoma','sans-serif'">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Tahoma','sans-serif'"> eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <B>On Behalf Of </B>Bob Irving<BR><B>Sent:</B> Tuesday, April 07, 2009 5:42 PM<BR><B>To:</B> mike.lysik@comcast.net; eefc-core@workingcode.com<BR><B>Subject:</B> RE: Agenda for Wed evening</SPAN></P></DIV></DIV>
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<P class=MsoNormal><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">I can bring a laptop with the spreadsheet. I only know of one version of the spreadsheet – the original. Is there a new version?</SPAN></P>
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<P class=MsoNormal><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Tahoma','sans-serif'">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Tahoma','sans-serif'"> eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <B>On Behalf Of </B>mike.lysik@comcast.net<BR><B>Sent:</B> Tuesday, April 07, 2009 5:29 PM<BR><B>To:</B> eefc-core@workingcode.com<BR><B>Subject:</B> Re: Agenda for Wed evening</SPAN></P></DIV></DIV>
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<P><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Liability insurance is a good topic, and a lawyer should be consulted. Maybe someone knows a lawyer that would offer to help. A friend at work belonged to a flying club/group at one time, and they had a policy on the plane(in the situation where it damaged something or someone), and then each member had his/her own add-on policy if they wanted or needed extra coverage. The extra coverage was on their own dime.</SPAN></P>
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<P><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">For tomorrow night...I think that if we each bring any necessary fixed or variable costs that we don't yet have, and then work them into the spreadsheet, we'll have a pretty good understanding of what it will cost to run the club. Then we can start communicating with the others that are interested. Buying vs. leasing from Eagle could also be brought to the entire group while we show the pro's and con's of each.</SPAN></P>
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<P><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">I may not be able to make it tomorrow night, would someone be able to bring the spreadsheet with Steve's updates, maybe on a laptop so you can make changes on the fly?</SPAN></P>
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<P><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">It may be too early, but I'm a little hesitant on the Eagle deal because the club doesn't end up owning the plane after paying Eagle's note.</SPAN></P>
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<P style="MARGIN-BOTTOM: 12pt"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Mike<BR>----- Original Message -----<BR>From: williammccann@comcast.net<BR>To: "Bob Irving" <rhirving@verizon.net><BR>Cc: eefc-core@workingcode.com<BR>Sent: Tuesday, April 7, 2009 5:01:40 PM GMT -05:00 US/Canada Eastern<BR>Subject: Re: Agenda for Wed evening</SPAN></P>
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<P><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Bob - I did a little research on the Garmin 430W GPS, /nav/com with Glideslope and moving map.Pricing is about $8,100.00 and around $2000 to install. The cost for an annual is more like $ 2200.00 , so maybe we can hold Eagle @ the $1500 estimate.Purchase options and length of lease are addressed .Can you ask Tim if the current lien-holder allows sub - leasing of their aircraft. Also, is the pilots liability insurance included in the $4500.00 fixed cost or should the individual be responsible to carry additional renters insurance. Does anybody have any objections to a $ 250.00 initiation fee and a returnable $ 250.00 security deposit required when joining the club.</SPAN></P>
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<P><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Thanks</SPAN></P>
<P><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Bill McCann</SPAN></P>
<P style="MARGIN-BOTTOM: 12pt"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'"><BR>----- Original Message -----<BR>From: "Bob Irving" <rhirving@verizon.net><BR>To: toddmbs@yahoo.com, williammccann@comcast.net, "mike lysik" <mike.lysik@comcast.net><BR>Cc: eefc-core@workingcode.com<BR>Sent: Tuesday, April 7, 2009 1:57:48 PM GMT -05:00 US/Canada Eastern<BR>Subject: RE: Agenda for Wed evening</SPAN></P>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">Todd – I agree that “there is owed more on it than it is worth.” So – I have asked Sean to get Tim to specify the deal and I have asked them if they would be willing to do an avionics upgrade, a fresh annual and an IFR certification – all before we take over. I’ve also asked for a specific residual number or buyout fee once the note is paid off. 976 may not make sense financially when compared to the option of buying something. But buying something presents a whole new set of issues. </SPAN><SPAN style="COLOR: black"></SPAN></P>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">Tim is out of town but Sean promises to get back to me. We’ll see. </SPAN><SPAN style="COLOR: black"></SPAN></P>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">Gentlmen,</P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">I have to say that this may the fastest combined effort that I've seen on anything in a long time. This is great, I like what I'm seeing.</P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">I would say that having an agenda is definitely needed at some point. We should probably develop a time line and goals to expect. Things will be defined the further we get obviously. At the minimum, what we have right now for certain is 7 pilots hho want an airplane to fly as much as possible at a reasonable cost. </P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">Mike, good spreadsheet. Those numbers are closer to what I was expecting. Going under my philosophy of "assumptions x 2" the cost would still be within my expectations.</P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">Bob, we need to get Tim to give us what his exact plan is with 976. I'm sure he wants to make money on it because it's only costing them at this point, and I'm guessing that there is owed more on than it is worth. It is the path of least resistence, however, a 15 year mortgage on a $50k plane that is ready to go will cost less per month than basically leasing 976 at $650/mo (if that is the option here).</P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">I'll bring my financial calculator tommorrow, any material I can find about setting up by-laws, etc, and a sample flyer that we can post.</P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">Jim, I don't know how you have this network set up. Am I double sending these e-mails?</P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">Todd</P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><BR>--- On <B>Mon, 4/6/09, Bob Irving <I><rhirving@verizon.net></I></B> wrote:</P></DIV>
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<P class=MsoNormal style="MARGIN-BOTTOM: 12pt; mso-margin-top-alt: auto"><BR>From: Bob Irving <rhirving@verizon.net><BR>Subject: RE: Agenda for Wed evening<BR>To: williammccann@comcast.net, "'mike lysik'" <mike.lysik@comcast.net><BR>Cc: eefc-core@workingcode.com<BR>Date: Monday, April 6, 2009, 3:19 PM</P>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="FONT-SIZE: 11pt; COLOR: #1f497d; FONT-FAMILY: 'Calibri','sans-serif'">I’m in the process of trying to do that but Tim is out of town until tomorrow. I will catch up with him before the meeting and get answers.</SPAN></P></DIV></DIV></BLOCKQUOTE>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Tahoma','sans-serif'">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Tahoma','sans-serif'"> eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <B>On Behalf Of </B>williammccann@comcast.net<BR><B>Sent:</B> Monday, April 06, 2009 3:14 PM<BR><B>To:</B> mike lysik<BR><B>Cc:</B> eefc-core@workingcode.com<BR><B>Subject:</B> Re: Agenda for Wed evening</SPAN></P></DIV></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">I'm in agreement with Mike , we should treat this as a pilot program with six people. The price that Eagle East is asking , and all of the upgrades</SPAN></P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">needed , will determine ( speaking for myself ) if I would be interested. If you are looking to add on an Instrument Rating in the future , or just for situational awareness , 976 needs a new avionics package.Why not negotiate a firm price with Tim so we no where to start with the numbers . </SPAN></P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Thanks,</SPAN></P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Bill McCann</SPAN></P></DIV>
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<P style="MARGIN-BOTTOM: 12pt"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'"><BR>----- Original Message -----<BR>From: "mike lysik" <mike.lysik@comcast.net><BR>To: "Bob Irving" <rhirving@verizon.net><BR>Cc: eefc-core@workingcode.com<BR>Sent: Monday, April 6, 2009 2:21:51 PM GMT -05:00 US/Canada Eastern<BR>Subject: Re: Agenda for Wed evening</SPAN></P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">I like the thought of having an agenda, but some of the items may be premature. Maybe we keep the hit list short and just determine if the total cost of doing this is acceptable with the six of us, and if so, agree on our next steps.</SPAN></P></DIV>
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<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Thanks</SPAN></P></DIV>
<P style="MARGIN-BOTTOM: 12pt"><SPAN style="COLOR: black; FONT-FAMILY: 'Arial','sans-serif'">Mike <BR>----- Original Message -----<BR>From: "Bob Irving" <rhirving@verizon.net><BR>To: eefc-core@workingcode.com<BR>Sent: Monday, April 6, 2009 1:22:25 PM GMT -05:00 US/Canada Eastern<BR>Subject: Agenda for Wed evening</SPAN></P></DIV>
<P class=MsoNormal style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="FONT-SIZE: 11pt; COLOR: black; FONT-FAMILY: 'Calibri','sans-serif'">Attached is a proposed agenda. Do we need to add anything?</SPAN> </P>
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