<table cellspacing="0" cellpadding="0" border="0" ><tr><td valign="top" style="font: inherit;">Really? That just seems odd to me I guess (and I have a bachelor degree in finance). It's an interesting way to do it if it works. I guess we'll see after Tim gives us more info..<br><br>Yes, that's what I meant - find who is actually interested about it. So Steve is doing the survey. Ok, good. I'm glad someone is paying attention when I'm not!<br><br>Thanks<br><br><br>--- On <b>Fri, 4/10/09, James Carlson <i><carlsonj@workingcode.com></i></b> wrote:<br><blockquote style="border-left: 2px solid rgb(16, 16, 255); margin-left: 5px; padding-left: 5px;"><br>From: James Carlson <carlsonj@workingcode.com><br>Subject: RE: Garmin 430W and notes from 4/08/09 meeting<br>To: toddmbs@yahoo.com<br>Cc: eefc-core@workingcode.com<br>Date: Friday, April 10, 2009, 4:05 PM<br><br><div class="plainMail"><a ymailto="mailto:toddmbs@yahoo.com"
href="/mc/compose?to=toddmbs@yahoo.com">toddmbs@yahoo.com</a> writes:<br>> I think it was the "act as a bank" part that was confusing me. Other than just making the payments on an existing note, I didn't see how EE could play the bank when there is a lot of work to do on 976 and it has to be paid for. Tim is just going to have to spell out exactly how this transaction can work. And Tim usually gets right to the point.<br><br>It seemed easy enough to understand to me: the aircraft would be ours,<br>and we would pay Tim monthly as though the equity he has in it right<br>now were a debt that we owed him. Maybe numbers will make it more<br>obvious:<br><br> Current state:<br> Bank holds note, ~$15000 remaining to pay (to bank)<br> Tim owns plane, pays bank monthly<br> Tim has 40000-15000 = 25000 in equity<br> We have nothing<br><br> Desired
state:<br> Tim holds "note," ~$25000 remaining to pay (to Tim)<br> We own plane, pay Tim monthly<br><br> End state:<br> Tim has equity back as though he sold the plane<br> We own the plane<br><br>To get from "current" to "desired," we pay off the bank's remaining<br>balance (~15000) now, and begin paying on the equity that Tim has in<br>the plane (~25000). The two things combined end up buying us the<br>plane.<br><br>Maybe a simpler way to look at it is: if we take the plane, the bank<br>is owed $15000, and Tim is owed $25000. We need to pay each one.<br><br>(Of course, substitute in refined numbers when we get those. His<br>equity might not be as large as 25000, and the remaining balance might<br>not be that much either.)<br><br>> Also, I will propose a meeting on Wednesday again. It seemed to work easily for us last week. I am available. I
have a few scenarios for how to set up the initial club buy-in. They mostly depend on the number of interested members and the financing options available.<br><br>Wednesday seems ok for me.<br><br>> Bob, perhaps when you send out the first e-mail introducing yourself to the interested group list (on the next clear sunny flying day), you can ask them respond so we can get a solid number of potential members.<br><br>I thought we agreed that was the purpose of the survey that Steve is<br>working on.<br><br>We already have a list of potential members -- they're the people on<br>Sean's original list. The answers to the survey will tell us who is<br>actually interested. Those who don't respond or who don't want what<br>we're considering are likely not interested.<br><br>-- <br>James Carlson 42.703N 71.076W <<a ymailto="mailto:carlsonj@workingcode.com"
href="/mc/compose?to=carlsonj@workingcode.com">carlsonj@workingcode.com</a>><br></div></blockquote></td></tr></table><br>