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<div class=Section1>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Todd, I believe the deal includes servicing the transponder and
radios and a fresh IFR certification whether or not we purchase the engine
upgrade.<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal style='margin-left:.5in'><span style='font-size:11.0pt;
font-family:"Calibri","sans-serif";color:#1F497D'>“I met with Sean and Bill
this am. We came up with a 35K price without an engine 50K with engine,and of
course working navs and comms and working transponder.(IFR certified)” –Tim<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><br>
-Steve<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'>
<p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> eefc-core-bounces@workingcode.com
[mailto:eefc-core-bounces@workingcode.com] <b>On Behalf Of </b>Todd Brooks<br>
<b>Sent:</b> Wednesday, April 15, 2009 4:11 PM<br>
<b>To:</b> Eagle East Flying Club Core Team<br>
<b>Subject:</b> RE: 976 price<o:p></o:p></span></p>
</div>
<p class=MsoNormal><o:p> </o:p></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0>
<tr>
<td valign=top style='padding:0in 0in 0in 0in'>
<p class=MsoNormal>All,<br>
I will say that this deal does not make me happy. <br>
<br>
First, N61976 can not worth $35,000 (without an engine) at all. The
$35k + 15k for the engine that makes up $50,000 does not even include the
navs, transponder etc (Bob correct me that is wrong) . We still want to
add upwards of $10-15k to fix it up. We're not talking about $50k,
we're now really talking about $60-65k. But I will say the engine is a good
deal, assuming that it's been rebuilt well.<br>
<br>
Second, I'm not sure where the translation was lost but this clique about EE
playing the bank is just not the case. We will paying off they're loan,
paying for the engine, paying for upgrades and then making payments to EE for
what they consider their equity (or really profit). They a not doing us
a favor. And by tying us to these payments, they're really just
guaranteeing that we will pay them for fuel and work on the plane.<br>
<br>
Third, we went from $30-40k with full financing, to $50-60k with us buying
60% of it and making payments on their profit.<br>
<br>
This is not a good deal. We can buy better for less. I also
thought about it this way - I could buy the plane straight out with my own
equity and sell it back to the club and 'play the bank' myself, but not this
price. $50k, as is, for that plane is just not a good price. It's
a trainer that has been worn out.<br>
<br>
So, I my vote is no on this one.<br>
<br>
Todd<br>
<br>
<br>
--- On <b>Wed, 4/15/09, Bob Irving <i><rhirving@verizon.net></i></b>
wrote:<o:p></o:p></p>
<p class=MsoNormal style='margin-bottom:12.0pt'><br>
From: Bob Irving <rhirving@verizon.net><br>
Subject: RE: 976 price<br>
To: "'Eagle East Flying Club Core Team'"
<eefc-core@workingcode.com><br>
Date: Wednesday, April 15, 2009, 2:49 PM<o:p></o:p></p>
<div id=yiv1986963845>
<div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Yes
– 33k up front is a given unless we offered less than 33k up front</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<div>
<div style='border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;
border-color:-moz-use-text-color -moz-use-text-color'>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <b>On
Behalf Of </b>Steve Gordon<br>
<b>Sent:</b> Wednesday, April 15, 2009 2:32 PM<br>
<b>To:</b> 'Eagle East Flying Club Core Team'<br>
<b>Subject:</b> RE: 976 price</span><o:p></o:p></p>
</div>
</div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Sure
we could offer 30K. I doubt that EE would agree to that. If they
did, then they would stand to take a loss on 3K.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Even
if we offered 40K, I understand that we would still need to pay 33K of that
up front and 7K would be financed by EE. Is that right?</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>-Steve</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<div>
<div style='border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;
border-color:-moz-use-text-color -moz-use-text-color'>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <b>On
Behalf Of </b>Bob Irving<br>
<b>Sent:</b> Wednesday, April 15, 2009 2:20 PM<br>
<b>To:</b> 'Eagle East Flying Club Core Team'<br>
<b>Subject:</b> RE: 976 price</span><o:p></o:p></p>
</div>
</div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>We
could offer any amount we wanted… say 30k for 976 with zero time engine. But
anything less than 33k would need to be paid up front. Of course, EE might
not be willing to sell at 30k total.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<div>
<div style='border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;
border-color:-moz-use-text-color -moz-use-text-color'>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <b>On
Behalf Of </b>Steve Gordon<br>
<b>Sent:</b> Wednesday, April 15, 2009 2:13 PM<br>
<b>To:</b> 'Eagle East Flying Club Core Team'<br>
<b>Subject:</b> RE: 976 price</span><o:p></o:p></p>
</div>
</div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>If
we agreed upon a price less than 50K for the plane, then I would imagine that
savings would come out of the EE financed portion of the price. We
would still have to pay off the 18K loan and pay for the 15K new engine,
totaling a 33K upfront cost. Is that right? </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>-Steve</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<div>
<div style='border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;
border-color:-moz-use-text-color -moz-use-text-color'>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
eefc-core-bounces@workingcode..com [mailto:eefc-core-bounces@workingcode.com]
<b>On Behalf Of </b>Bob Irving<br>
<b>Sent:</b> Wednesday, April 15, 2009 1:55 PM<br>
<b>To:</b> 'Eagle East Flying Club Core Team'<br>
<b>Subject:</b> RE: 976 price</span><o:p></o:p></p>
</div>
</div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Or
we could offer less than 50k for the plane….</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<div>
<div style='border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;
border-color:-moz-use-text-color -moz-use-text-color'>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <b>On
Behalf Of </b>Steve Gordon<br>
<b>Sent:</b> Wednesday, April 15, 2009 12:38 PM<br>
<b>To:</b> 'Eagle East Flying Club Core Team'<br>
<b>Subject:</b> RE: 976 price</span><o:p></o:p></p>
</div>
</div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>I
think we’re up against a wall with the 33K upfront cost. 15K for the
engine is what it is (and I agree with Bill, that’s not a bad price).
If Eagle is firm about us paying off the 18K note, then that also is what it
is. The only way to lower individual upfront costs would be to split
that cost between more members.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>-Steve</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p>
<div>
<div style='border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;
border-color:-moz-use-text-color -moz-use-text-color'>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <b>On
Behalf Of </b>mike.lysik@comcast.net<br>
<b>Sent:</b> Wednesday, April 15, 2009 12:34 PM<br>
<b>To:</b> Eagle East Flying Club Core Team<br>
<b>Subject:</b> Re: 976 price</span><o:p></o:p></p>
</div>
</div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p>
<div>
<div>
<p><span style='font-family:"Arial","sans-serif";color:black'>I understand
that EE is the bank on the remaining 17k, which I don't mind. It's the
amount of initial up front costs that I'm not in favor of. When I
mentioned someone would have to be on the hook, it was for the 33k
portion. I'd still like to be involved if the we can figure how to
lower the up front cost.</span><o:p></o:p></p>
<p><span style='font-family:"Arial","sans-serif";color:black'> </span><o:p></o:p></p>
<p style='margin-bottom:12.0pt'><span style='font-family:"Arial","sans-serif";
color:black'>Mike<br>
----- Original Message -----<br>
From: "Bob Irving" <rhirving@verizon.net><br>
To: "Eagle East Flying Club Core Team"
<eefc-core@workingcode.com><br>
Sent: Wednesday, April 15, 2009 12:09:58 PM GMT -05:00 US/Canada Eastern<br>
Subject: RE: 976 price</span><o:p></o:p></p>
<div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Mike
– this proposal assumes Eagle East is the bank so there is no personal
liability. Im going to record your vote as “no” on 976.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='color:black'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Bob</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='color:black'> </span><o:p></o:p></p>
<div>
<div style='border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;
border-color:-moz-use-text-color -moz-use-text-color'>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:black'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:black'>
eefc-core-bounces@workingcode.com [mailto:eefc-core-bounces@workingcode.com] <b>On
Behalf Of </b>mike.lysik@comcast.net<br>
<b>Sent:</b> Wednesday, April 15, 2009 12:01 PM<br>
<b>To:</b> Eagle East Flying Club Core Team<br>
<b>Subject:</b> Re: 976 price</span><o:p></o:p></p>
</div>
</div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='color:black'> </span><o:p></o:p></p>
<div>
<div>
<div>
<p><span style='font-family:"Arial","sans-serif";color:black'>So we need to
come up with $33k, then pay off an additional 17k. If this is going to
work, as we already know, someone will have to step up and be "on the
hook" for the $33k loan. If that's the case, then there are other
planes out there that are nicer for less $. It doesn't seem to be as
easy/nice a deal as was initially presented to us.</span><o:p></o:p></p>
<p><span style='font-family:"Arial","sans-serif";color:black'> </span><o:p></o:p></p>
<p><span style='font-family:"Arial","sans-serif";color:black'>Just saw
Steve's email regarding the up front costs. If I'm going to join a
flying club, I'd rather not have such a large up front cost. I
just can't justify it. As one of us pointed out during our first
meeting, one can join an existing club at LWM for very
little out of pocket. I think it was $45 per month and $75-$99 per hour
depending on which plane is used. That club may be more restrictive
than we want, but the price is more in line with what I was looking
for. </span><o:p></o:p></p>
<p><span style='font-family:"Arial","sans-serif";color:black'> </span><o:p></o:p></p>
<p><span style='font-family:"Arial","sans-serif";color:black'>Mike</span><o:p></o:p></p>
<p style='margin-bottom:12.0pt'><span style='font-family:"Arial","sans-serif";
color:black'><br>
----- Original Message -----<br>
From: "Bob Irving" <rhirving@verizon.net><br>
To: "Eagle East Flying Club Core Team"
<eefc-core@workingcode.com><br>
Sent: Wednesday, April 15, 2009 10:15:44 AM GMT -05:00 US/Canada Eastern<br>
Subject: 976 price</span><o:p></o:p></p>
<div>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:black'>Spoke
to Tim this morning. The 50k price tag on 976 would require a down payment
from the club sufficient to pay off the note (about 18,000) plus the cost of
engine from Penn Yan (about 15,000) leaving a balance of 17,000 that Eagle
East will finance. No details on rate and/or term.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='color:black'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:black'>So
far only two of you have commented. Please provide some input – we need
to arrive at a consensus on this. Thanks.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='color:black'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:black'>Bob</span><o:p></o:p></p>
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style='font-family:"Arial","sans-serif";color:black'><br>
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