Agenda for Wed evening

Tue Apr 7 17:33:54 EDT 2009

Hi Mike – just a comment on how we end up on the 976 deal at the end. That has not yet been determined. I’ve asked Sean to get Tim to be specific about what happens at the end of the note. He thinks Tim would likely propose a buyout $$$ number – something like a lease deal where you have an option to buy the car at the end of your lease.  

From: eefc-core-bounces at workingcode.com [mailto:eefc-core-bounces at workingcode.com] On Behalf Of mike.lysik at comcast.net
Sent: Tuesday, April 07, 2009 5:29 PM
To: eefc-core at workingcode.com
Subject: Re: Agenda for Wed evening

Liability insurance is a good topic, and a lawyer should be consulted.  Maybe someone knows a lawyer that would offer to help.  A friend at work belonged to a flying club/group at one time, and they had a policy on the plane(in the situation where it damaged something or someone), and then each member had his/her own add-on policy if they wanted or needed extra coverage.  The extra coverage was on their own dime.

For tomorrow night...I think that if we each bring any necessary fixed or variable costs that we don't yet have, and then work them into the spreadsheet, we'll have a pretty good understanding of what it will cost to run the club.  Then we can start communicating with the others that are interested.  Buying vs. leasing from Eagle could also be brought to the entire group while we show the pro's and con's of each.

I may not be able to make it tomorrow night, would someone be able to bring the spreadsheet with Steve's updates, maybe on a laptop so you can make changes on the fly?

It may be too early, but I'm a little hesitant on the Eagle deal because the club doesn't end up owning the plane after paying Eagle's note.

Mike
----- Original Message -----
From: williammccann at comcast.net
To: "Bob Irving" <rhirving at verizon.net>
Cc: eefc-core at workingcode.com
Sent: Tuesday, April 7, 2009 5:01:40 PM GMT -05:00 US/Canada Eastern
Subject: Re: Agenda for Wed evening

Bob - I did a little research on the Garmin 430W GPS, /nav/com with Glideslope and moving map.Pricing is about $8,100.00 and around $2000 to install. The cost for an annual is more like $ 2200.00 ,  so maybe we can hold Eagle @ the $1500 estimate.Purchase options and length of lease are addressed .Can you ask Tim if the current lien-holder allows sub - leasing of their aircraft. Also, is the pilots liability insurance included in the $4500.00 fixed cost or should the individual be responsible to carry additional renters insurance.   Does anybody have any objections to a $ 250.00 initiation fee and a returnable $ 250.00 security deposit required when joining the club.

Thanks

Bill McCann

----- Original Message -----
From: "Bob Irving" <rhirving at verizon.net>
To: toddmbs at yahoo.com, williammccann at comcast.net, "mike lysik" <mike.lysik at comcast.net>
Cc: eefc-core at workingcode.com
Sent: Tuesday, April 7, 2009 1:57:48 PM GMT -05:00 US/Canada Eastern
Subject: RE: Agenda for Wed evening

Todd – I agree that “there is owed more on it than it is worth.”  So – I have asked Sean to get Tim to specify the deal and I have asked them if they would be willing to do an avionics upgrade, a fresh annual and an IFR certification – all before we take over.  I’ve also asked for a specific residual number or buyout fee once the note is paid off.  976 may not make sense financially when compared to the option of buying something.  But buying something presents a whole new set of issues.  

Tim is out of town but Sean promises to get back to me. We’ll see. 

Bob

From: toddmbs at yahoo.com [mailto:toddmbs at yahoo.com] 
Sent: Tuesday, April 07, 2009 1:11 PM
To: williammccann at comcast.net; 'mike lysik'; Bob Irving
Cc: eefc-core at workingcode.com
Subject: RE: Agenda for Wed evening

Gentlmen,

I have to say that this may the fastest combined effort that I've seen on anything in a long time.  This is great, I like what I'm seeing.

I would say that having an agenda is definitely needed at some point.  We should probably develop a time line and goals to expect.  Things will be defined the further we get obviously.  At the minimum, what we have right now for certain is 7 pilots hho want an airplane to fly as much as possible at a reasonable cost. 

Mike, good spreadsheet.  Those numbers are closer to what I was expecting.  Going under my philosophy of "assumptions x 2" the cost would still be within my expectations.

Bob, we need to get Tim to give us what his exact plan is with 976.  I'm sure he wants to make money on it because it's only costing them at this point, and I'm guessing that there is owed more on than it is worth.  It is the path of least resistence, however, a 15 year mortgage on a $50k plane that is ready to go will cost less per month than basically leasing 976 at $650/mo (if that is the option here).

I'll bring my financial calculator tommorrow, any material I can find about setting up by-laws, etc, and a sample flyer that we can post.

Jim, I don't know how you have this network set up. Am I double sending these e-mails?

Todd

--- On Mon, 4/6/09, Bob Irving <rhirving at verizon.net> wrote:

From: Bob Irving <rhirving at verizon.net>
Subject: RE: Agenda for Wed evening
To: williammccann at comcast.net, "'mike lysik'" <mike.lysik at comcast.net>
Cc: eefc-core at workingcode.com
Date: Monday, April 6, 2009, 3:19 PM

I’m in the process of trying to do that but Tim is out of town until tomorrow. I will catch up with him before the meeting and get answers.

Bob 

From: eefc-core-bounces at workingcode.com [mailto:eefc-core-bounces at workingcode.com] On Behalf Of williammccann at comcast.net
Sent: Monday, April 06, 2009 3:14 PM
To: mike lysik
Cc: eefc-core at workingcode.com
Subject: Re: Agenda for Wed evening

I'm in agreement with Mike , we should treat this as a pilot program with six people. The price that Eagle East is asking , and all of the upgrades

needed , will determine ( speaking for myself ) if I would be interested. If you are looking to add on an Instrument Rating in the future , or just for situational awareness , 976 needs a new avionics package.Why not negotiate a firm price with Tim so we no where to start with the numbers . 

Thanks,

Bill McCann

----- Original Message -----
From: "mike lysik" <mike.lysik at comcast.net>
To: "Bob Irving" <rhirving at verizon.net>
Cc: eefc-core at workingcode.com
Sent: Monday, April 6, 2009 2:21:51 PM GMT -05:00 US/Canada Eastern
Subject: Re: Agenda for Wed evening

I like the thought of having an agenda, but some of the items may be premature.  Maybe we keep the hit list short and just determine if the total cost of doing this is acceptable with the six of us, and if so, agree on our next steps.

Thanks

Mike  
----- Original Message -----
From: "Bob Irving" <rhirving at verizon.net>
To: eefc-core at workingcode.com
Sent: Monday, April 6, 2009 1:22:25 PM GMT -05:00 US/Canada Eastern
Subject: Agenda for Wed evening

Attached is a proposed agenda. Do we need to add anything? 

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