Responses from Sean

[Bob Irving]

Received the following responses from Sean to my questions - see below.
Biggest surprise is TBO on engine.

Had a brief conversation with Tim via phone a few moments ago. He is
interested in working with us. Price of 976 will depend upon what he puts
into it - new PennYan engine? New avionics ? He stresses that he wants to be
fair and I believe him. He will work with us if we buy 976 or if we buy
something else.

 

Perhaps greatest value in buying 976 is that Eagle East will guarantee
whatever loan we need.

 

Bob

 

 

-----Original Message-----
From: Sean O'Leary [mailto:sean at eagle-east.com] 
Sent: Wednesday, April 08, 2009 2:10 PM
To: Bob Irving
Subject: Re: Follow up stuff and spreadsheet

 

Bob Irving wrote:

> 

> Here is the spreadsheet.

> 

> Would appreciate it if you would check to see if we are missing 

> anything major.

> 

> Below is a list of follow-up items you were going to check for us;

> 

>  

> 

> 1 - Use of "Eagle East" in club name

> 

As we discussed; so far as there is no additional liability to Eagle 

East I don't foresee an issue.  Alternately, you could also just call 

the club "Eagle Flying Club"

> 

> 2 - What is the term of the current note? Is $650 the correct amount?

> 

I apparently gave you incorrect information.  Tim envisioned that the 

"club" member's initial investment would pay of Eagle's current note and 

serve a down payment on the new note.  Current payoff is close to 

$20,000.00 -- Eagle would then arrange for new financing that would be 

payed by the club members.  Tim would have to give the final details of 

this before moving forward.

> 

> 3 - What equity, residual value or what "buyout" amount would we have 

> at end of note?

> 

N/A in light of the new information

> 

> 4 - What is airframe time on 976? What is engine time? What is prop 

> time? When is next annual due?  When is IFR certification due?

> 

Airframe time is around 4150hrs and I belive the engine is at TBO (2100)

> 

> 5 - is the engine Lycoming O-320? What are the dash numbers?

> 

Still investigating

> 

> 6 - What avionics upgrades (if any) would EE be willing to do to 976?

> 

None in light that the "lease" option being discussed this weekend has 

changed.

> 

> 7 - Would EE be willing to execute the agreement on 976 with a fresh 

> annual ? IFR Certification?

> 

Open for negotiation.

> 

> 8 - Notify original meeting participants that they will hear from me 

> shortly with cost info. Contact me if any questions.

> 

Email going out today.

> 

>  

> 

> Bob

> 

 

 

 

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