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<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>Spoke
to Tim via phone late today. He confirms that the 976 note is about $18,000. He
confirms that EE would act as “the bank” if we decided 976 was the
way we wanted to go. His vision of “the bank” is that we would
raise the $18,000 he owes from members initially and pay that amount to him to
pay off his note. He would then accept a note from the EEFC for the
balance of what we agree to purchase the airplane for – say a total of
$45,000 with 0 time engine. (No figure has been proposed by EE yet –
this is just an illustration). We would, in this example, owe him an additional
$27,000 after the initial $18,000 down payment. With ten members, our
individual initial cost would be $1,800 each. We would probably not take title
to the airplane until it was paid in full.<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>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>Frankly,
I don’t see that we have much choice. If we elect NOT to buy 976,
who among us will offer to personally guarantee a bank loan for the 40k/50k/60k
alternate plan? No lender will finance our purchase as a club without
personal guarantees from one or more officers. If you are willing to
personally guarantee a loan for the club and your credit score is 780/820…
please step forward. <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>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>There
is another option that I will investigate with Tim. I will try to convince EE
to guarantee a non-976 purchase. That is, if we purchase via the 40k/50k/60k example
route. As I envision it, he (EE) would buy the plane and we would make a
down payment and make the monthly payments to him. It might be a pipedream
but I will ask. If the answer is no, I’m pretty sure we are stuck
with 976 … or an ultralight.<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>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>Comments
???? Suggestions ????<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>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>Bob<o:p></o:p></span></font></p>
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