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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'>Exactly.
I told him I didn’t think we could raise the money to pay him $33,000 down. But
he needs to convince Bill to let us finance the cost of the engine with EE. Let’s
see what the result of their meeting is.<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'><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>williammccann@comcast.net<br>
<b><span style='font-weight:bold'>Sent:</span></b> Saturday, April 11, 2009
7:16 PM<br>
<b><span style='font-weight:bold'>To:</span></b> Eagle East Flying Club Core
Team<br>
<b><span style='font-weight:bold'>Subject:</span></b> Re: Saturday meeting with
Tim<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'><o:p> </o:p></span></font></p>
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<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'>Bob,<o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'>Why can't we offer Tim $ 33,000.
for 976. Let them put in a new engine at their cost, and clean up the
squawks noted by Jim.<o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'>The engine is timed out and I
don't think Tim wants to add another $ 10 to $ 15 thousand to the $
18,000 he already owes.If 15 members <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'>buy in at $1200 each we could
clean up his $18,000. We could finance the balance with Tim , and if
the club folds the plane goes back to Eagle.<o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'>We should treat this as a
business decision , let him take the risk so there isn't a problem with any
individual being held responsible.<o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'>$ 20,000 for the plane ,$ 13,000
for the engine , he's off the hook and we have a plane. They will profit from
the annuals ,maintenance, fuel and any <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'>add ons that I'm sure we will
want to include. It's a start !!!!<o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'> <o:p></o:p></span></font></p>
<p><font size=3 color=black face=Arial><span style='font-size:12.0pt;
font-family:"Arial","sans-serif";color:black'><br>
----- Original Message -----<br>
From: "James Carlson" <carlsonj@workingcode.com><br>
To: "Eagle East Flying Club Core Team"
<eefc-core@workingcode.com><br>
Sent: Saturday, April 11, 2009 5:36:19 PM GMT -05:00 US/Canada Eastern<br>
Subject: Re: Saturday meeting with Tim<br>
<br>
Bob Irving writes:<br>
> I met again today with Tim and Sean. First, if we wished to purchase<br>
> something other than 976, Tim can NOT guarantee that purchase.
(That's just<br>
> a business decision on his part - he doesn't want to risk using any<br>
> remaining credit he might have with his bank because he might need it for<br>
> operating capital). Since none among us would be willing to provide
the<br>
<br>
Yep; I think that's what we all understood, and it makes sense that he<br>
wouldn't be interested in guaranteeing anyone else's plane.<br>
<br>
> personal guarantees necessary to finance the purchase of a used plane -<br>
> further consideration of the 40k/50k/60k options is an exercise in
futility.<br>
<br>
That seems a shame.<br>
<br>
> 15k additional cost (probably a low estimate), EE is expecting that we
would<br>
> pay the current note balance (18,000) plus the cost of the new engine<br>
> (15,000) as the "down payment". That's a total of $33,000 or
more in down<br>
> payment . ($2,200 each for 15 members/$3,300 each for 10 members/$4,700
each<br>
> for 7 members). He would be willing to take a note for the balance
owed -<br>
> whatever that might be. They will have the hard number for us on Tuesday. <br>
<br>
Ouch. Maybe there's some wiggle room in there. I realize they want<br>
to get the $18,000 debt itself off the books in case they need to<br>
borrow, but if we were to just take over the payments for that note<br>
instead, then that'd help their immediate cash position.<br>
<br>
$3000 would be a lot to ask for a down payment, but I might be able to<br>
manage it if things ahead look brighter, and especially if we can<br>
figure out how to return that money over time.<br>
<br>
> I will hold off on any survey until we get these latest issues figured
out.<br>
> Personally, I might go for $2,200 but more than that is a stretch under
this<br>
> form of ownership. Comments ????<br>
<br>
Maybe we need to talk with a bank. Depending on the exact liability<br>
involved, I would probably be ok with signing for a loan. (It seems<br>
that BoA requires insurance on the loan itself, but I'm not sure who<br>
is liable first, and that makes a big difference.)<br>
<br>
-- <br>
James Carlson 42.703N 71.076W
<carlsonj@workingcode.com><br>
_______________________________________________<br>
eefc-core mailing list<br>
eefc-core@workingcode.com<br>
https://www.workingcode.com/mailman/listinfo/eefc-core<o:p></o:p></span></font></p>
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