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<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Received
the following responses from Sean to my questions – see below. Biggest
surprise is TBO on engine.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Had
a brief conversation with Tim via phone a few moments ago. He is interested in
working with us. Price of 976 will depend upon what he puts into it – new
PennYan engine? New avionics ? He stresses that he wants to be fair and I
believe him. He will work with us if we buy 976 or if we buy something else.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Perhaps
greatest value in buying 976 is that Eagle East will guarantee whatever loan we
need.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Bob<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>-----Original
Message-----<br>
From: Sean O'Leary [mailto:sean@eagle-east.com] <br>
Sent: Wednesday, April 08, 2009 2:10 PM<br>
To: Bob Irving<br>
Subject: Re: Follow up stuff and spreadsheet<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Bob
Irving wrote:<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
Here is the spreadsheet.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
Would appreciate it if you would check to see if we are missing <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
anything major.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
Below is a list of follow-up items you were going to check for us;<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>1 – Use of
“Eagle East” in club name</span></font><o:p></o:p></b></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>As
we discussed; so far as there is no additional liability to Eagle <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>East
I don't foresee an issue. Alternately, you could also just call <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>the
club "Eagle Flying Club"<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>2 – What is
the term of the current note? Is $650 the correct amount?</span></font></b><o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>I
apparently gave you incorrect information. Tim envisioned that the <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>"club"
member's initial investment would pay of Eagle's current note and <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>serve
a down payment on the new note. Current payoff is close to <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>$20,000.00
-- Eagle would then arrange for new financing that would be <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>payed
by the club members. Tim would have to give the final details of <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>this
before moving forward.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>3 – What
equity, residual value or what “buyout” amount would we have <o:p></o:p></span></font></b></span></font></p>
<p class=MsoPlainText><b><font size=2 color=red face=Consolas><span
style='font-size:10.5pt;color:red;font-weight:bold'>> at end of note?</span></font></b><o:p></o:p></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>N/A
in light of the new information<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>4 – What is
airframe time on 976? What is engine time? What is prop <o:p></o:p></span></font></b></span></font></p>
<p class=MsoPlainText><b><font size=2 color=red face=Consolas><span
style='font-size:10.5pt;color:red;font-weight:bold'>> time? When is next
annual due? When is IFR certification due?<o:p></o:p></span></font></b></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Airframe
time is around 4150hrs and I belive the engine is at TBO (2100)<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>5 – is the
engine Lycoming O-320? What are the dash numbers?</span></font></b><o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Still
investigating<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>6 – What
avionics upgrades (if any) would EE be willing to do to 976?</span></font></b><o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>None
in light that the "lease" option being discussed this weekend has <o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>changed.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>7 – Would EE
be willing to execute the agreement on 976 with a fresh <o:p></o:p></span></font></b></span></font></p>
<p class=MsoPlainText><b><font size=2 color=red face=Consolas><span
style='font-size:10.5pt;color:red;font-weight:bold'>> annual ? IFR
Certification?<o:p></o:p></span></font></b></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Open
for negotiation.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<b><font color=red><span style='color:red;font-weight:bold'>8 – Notify
original meeting participants that they will hear from me <o:p></o:p></span></font></b></span></font></p>
<p class=MsoPlainText><b><font size=2 color=red face=Consolas><span
style='font-size:10.5pt;color:red;font-weight:bold'>> shortly with cost
info. Contact me if any questions.<o:p></o:p></span></font></b></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>Email
going out today.<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>>
Bob<o:p></o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'>><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'><o:p> </o:p></span></font></p>
<p class=MsoPlainText><font size=2 face=Consolas><span style='font-size:10.5pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'><o:p> </o:p></span></font></p>
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