| Author | Message | ||
     Bill Copeland New member Username: Cbros Post Number: 38 Registered: 09-1999 |
The latest word is that the deal is off. Stay tuned! Bill C | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 24 Registered: 11-2003 |
You heard right boys! The deal is off. Now does that really surprise anyone? If the rich Texan was really rich, why would he have to be waiting around on a loan to purchase little ol' EAC? That just didn't make any sense from the very beginning. The story has it that Roy has moved back to southern CA and has taken a real job again. Nancy is reported to still be in the great northwest but is getting ready to run for the hills too. Now ask yourself this. If you were in this mess, wouldn't you call some of the folks that had HARD money to put on the table who had previously expressed interest and see if you could revive one of those "old" deals. I sure would. Remember the guys at Wick's had a pretty reasonable offer on the table. But Roy and Nancy quit returning their calls (because they had a better offer from some rich Texan). Short of something like that happening (or another rich Texan popping up), don't the rest of you that are out some rather serious money for parts, engines, and avionics think that we as a group should end up with the assets of the company in compensation for our kick in the teeth? Mark my words on this guys (I haven't been wrong on this one yet), if EAC is "sold", NONE OF US will EVER get a nickle out of the sale. There isn't ANYONE out there that is going to be so generous to "make us whole" out of their own pocket. Sorry to report, there really isn't a Santa Clause, Virgina! So be prepared, we are all going to be out of pocket for all of the money that is due us unless AS A GROUP (not just Gary) we put EAC into bankruptcy and take the time and trouble of buying the carcass at the auction/sale. At least we will then have access to the records, jigs, and tooling to complete our projects. After we all have what we need, we can sell the entire package for whatever we can get and split the proceeds. GHW (the amazing Kreskin's assistant) | ||
| Jim Oyler New member Username: Midniteoyl Post Number: 100 Registered: 07-2003 |
I have an idea.... people who know whats what PLEASE post what you know (no guessing). Seems others here know a hell of alot more than I. Must be time to abandon ship...... Jim | ||
| Ted Gaston Unregistered guest |
Following is the text of an E-Mail received from a Mr. Don Wheat.. Gentlemen, I received the following email from Nancy. I had offered Nancy and Roy $50,000.00 for the tooling and etc. with no guarantee that everything needed was part of the package. I will have no further interest in pursuing the acquisition of the Express assets. Don Begin forwarded message: From: Nancy Moon <nancymoon@express-aircraft.com> Date: May 28, 2005 8:13:16 AM MST Date: May 28, 2005 8:12:51 AM MST To: donald Wheat <alaskan@alaskancamper.com> Subject: Express Aircraft Company Don, Roy confirmed that there is no way we could accept your offer when we could get $150,000 for the demonstrator alone. We would have serious legal actions against us, and the sale would more than likely be stopped by our creditors and customers. As it turns out, the demonstrator can be reclassified through petitioning the FAA and re registered in the U.S. It would be reclassified as an amateur built experimental used airplane. The only small drawback would be that the new owner would not get the repairman's certificate. And, that's not much of a drawback. The FAA rep at Olympia Airport has been very supportive and cooperative with EAC in the past, so we do not anticipate any problems with this. We wish you well. Have a great holiday weekend and God bless. Nancy That's all I know. Ted Gaston | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 25 Registered: 11-2003 |
Ladies and Gentlemen: There seems to be some interest in having an Express owners meeting at Oshkosh this year. We would like to have a pre registered "head count" of those that will be attending. That way I will know how much ice cream I need to purchase! The plan is to meet at Jason Day's booth (VESTA) at the end of the day on Saturday the 30th. We would really like to have a BIG turn out. Up for discussion is what to do and when to do it re: our "locked up" assets at EAC. There are a few of us that want to push EAC into letting go of what it takes to complete our projects. And there are a few that are for sitting and waiting a while longer. We would like to have an intelligent group discussion so that some decision can be made as to how to proceed. Please send me a personal e-mail (off forum) to let me know if you can attend. Thanks! GHW Gary H. Wolfelt ghw@wolfelt.com | ||
| Brian McKinney New member Username: Bmckinney Post Number: 87 Registered: 05-2000 |
Hi all, An interesting thing occurred a few weeks ago with my business which made me think of the Express situation. A customer of ours who owed us about $5000 for work we completed went under, sort of. They were $3.5 million in debt but didn't go into bankruptcy. Their attorney sent out a simple letter stating that all of the assets were sold to another company, but only secured creditors would be paid back something like 10% of their money based on the purchase of the assets. Unsecured creditors (like me) were just out of luck. They spun it that if the company could start under new management, with a new name, but basically the same product, we would all benefit because they would be able to buy our services and goods from us again in the future as they grow. It must have worked because they opened back up two weeks ago. This Express situation is a bit different because a majority of the creditors are most likely builders, not suppliers. But, it would be interesting to find out if anyone would block an asset sale or would they accept a fraction of their money due if a new group came in to try and make it go correctly? I heard that Express has debt somewhere around $500K. If the assets were purchased for maybe $200K, That's 40% return to the creditors if they are paid at the sale. I think a good business plan that shows the business can actually work, some sort of discount to builders who are owed parts, and COD for products from suppliers might go a long way. Just a thought... I just thought it was an interesting similarity. I fortunately don't need parts to complete my Express, just time! Thanks, Brian | ||
| Anonymous |
HUH! DRIVING PAST OLYMPIA AIRPORT JUST MINDING MY OWN BUSINESS, WHEN WHAT DO I SEE? WHY IT’S AN EXPRESS SPORTING A VERY WHITE PAINT JOB AND EXTREMLY SMALL TAIL NUMBERS. JUST HAPPEN TO BE INFRONT OF OLD EXPRESS OFFICE. IS THERE A BUILDER THAT RESIDES THERE AND HAS WITH NO HELP FROM EXPRESS AIRCRAFT FINISHED? IS IT THE MISSING FACTORY DEMONSTRATOR SPORTING A NEW LOOK AND POSSIBLE NEW REGISTRATION? I WONDER…? | ||
| Brian McKinney New member Username: Bmckinney Post Number: 88 Registered: 05-2000 |
511EA was stripped down to all white and had the small tail number applied before Sun-n-Fun last year (2004). Too bad there isn't real news on something positive happening with the company... Brian | ||
| Jim Oyler New member Username: Midniteoyl Post Number: 101 Registered: 07-2003 |
Agreed... still waiting....and waiting....and... | ||
| Chris M (Unregistered Guest) Unregistered guest |
I think the Express Anon referrs to is a builder airplane and not 511EA with new numbers. It's been visable outside of Gower for months in a state of final assembly. 511EA's probably still in the leased covered hanger at OLM. - Chris |