<html><head><style type='text/css'>p { margin: 0; }</style></head><body><div style='font-family: Arial; font-size: 12pt; color: #000000'><P>Bob,</P>
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<P>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.</P>
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<P>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 </P>
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<P>buy in at $1200 each we could clean up his $18,000. We could finance the balance with Tim , and if the club folds the plane goes back to Eagle.</P>
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<P>We should treat this as a business decision , let him take the risk so there isn't a problem with any individual being held responsible.</P>
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<P>$ 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 </P>
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<P>add ons that I'm sure we will want to include. It's a start !!!!</P>
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<P><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<BR></P></div></body></html>