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<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>I
met again today with Tim and Sean. First, if we wished to purchase
something other than 976, Tim can NOT guarantee that purchase. (That’s
just a business decision on his part – he doesn’t want to risk using
any remaining credit he might have with his bank because he might need it for
operating capital). Since none among us would be willing to provide the
personal guarantees necessary to finance the purchase of a used plane – further
consideration of the 40k/50k/60k options is an exercise in futility. <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'>With
regard to 976, he will meet with Bill Eason and Sean on Tuesday to try to
figure out what they can do – specifically what number they are looking
for. However, there is a developing problem with respect to details of how
would the zero time engine get paid for. Assuming that a new engine is a
15k additional cost (probably a low estimate), EE is expecting that we would
pay the current note balance (18,000) plus the cost of the new engine (15,000) as
the “down payment”. That’s a total of $33,000 or more in down
payment . ($2,200 each for 15 members/$3,300 each for 10 members/$4,700 each
for 7 members). He would be willing to take a note for the balance owed –
whatever that might be. They will have the hard number for us on Tuesday. <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'>I
will hold off on any survey until we get these latest issues figured out.
Personally, I might go for $2,200 but more than that is a stretch under this
form of ownership. Comments ????<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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