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<p class=MsoNormal><font size=2 color="#1f497d" face=Calibri><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Todd –
I don’t want to send out a broadcast email until we can provide some hard
numbers and specific options. Steve is working on most of that and I am trying
to get Tim to nail down details of his “proposal” for 976. So far,
I’m not making connections with him. I think we need to have all of that
rolled up before going out to others. <o:p></o:p></span></font></p>
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style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color="#1f497d" face=Calibri><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>I
wouldn’t imply anything from communication difficulty with Tim that
except that I am not known for my patient nature.<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 color="#1f497d" face=Calibri><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Bob<o:p></o:p></span></font></p>
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<p class=MsoNormal><b><font size=2 face=Tahoma><span style='font-size:10.0pt;
font-family:"Tahoma","sans-serif";font-weight:bold'>From:</span></font></b><font
size=2 face=Tahoma><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <b><span
style='font-weight:bold'>On Behalf Of </span></b>toddmbs@yahoo.com<br>
<b><span style='font-weight:bold'>Sent:</span></b> Friday, April 10, 2009 3:34
PM<br>
<b><span style='font-weight:bold'>To:</span></b> eefc-core@workingcode.com<br>
<b><span style='font-weight:bold'>Subject:</span></b> RE: Garmin 430W and notes
from 4/08/09 meeting<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span
style='font-size:12.0pt'>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>
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>
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>
Todd<br>
<br>
<br>
--- On <b><span style='font-weight:bold'>Thu, 4/9/09, Bob Irving <i><span
style='font-style:italic'><rhirving@verizon.net></span></i></span></b>
wrote:<o:p></o:p></span></font></p>
<p class=MsoNormal style='margin-bottom:12.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'><br>
From: Bob Irving <rhirving@verizon.net><br>
Subject: RE: Garmin 430W and notes from 4/08/09 meeting<br>
To: "'James Carlson'" <carlsonj@workingcode.com><br>
Cc: eefc-core@workingcode.com<br>
Date: Thursday, April 9, 2009, 4:13 PM<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span
style='font-size:12.0pt'>Unfortunately, some of the detail is being forwarded
through Sean. As<br>
mentioned, I'm trying to get specifics from Tim but he's off all day today.<br>
We will get to the facts shortly.<br>
<br>
Bob<br>
<br>
-----Original Message-----<br>
From: James Carlson [mailto:carlsonj@workingcode.com] <br>
Sent: Thursday, April 09, 2009 3:58 PM<br>
To: Bob Irving<br>
Cc: eefc-core@workingcode.com<br>
Subject: RE: Garmin 430W and notes from 4/08/09 meeting<br>
<br>
Bob Irving writes:<br>
> As I understand it, the simplest way to do this would to make an
outright<br>
> purchase of 976 from Eagle East. This is how Tim wants to do it as I<br>
> understand. Say the price tag EE comes up with was $45,000. We would
need<br>
to<br>
> finance this amount through an aircraft lender. The lender would
probably<br>
> require a 10% down payment - say $4,500. The balance of $40,500 would be<br>
> financed over a period of time - say 10 years at a specific rate of<br>
interest<br>
> - say 8%. At the closing, Tim's existing note would get paid off
and he<br>
> would obtain and transfer title to EEFC. He keeps whatever
"extra" equity<br>
> comes out of the deal. Most likely, the lender will require either a<br>
> personal guarantee from club officers OR a guarantee from a business<br>
entity<br>
> - like Eagle East. Maybe both. <br>
<br>
That doesn't match my understanding, so we do need to sync up with<br>
Tim. I had thought he was offering to "act as the bank" if we
go with<br>
976.<br>
<br>
-- <br>
James Carlson 42.703N 71.076W
<carlsonj@workingcode.com><br>
<br>
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