| Author | Message | ||
     Brian McKinney New member Username: Bmckinney Post Number: 94 Registered: 05-2000 |
Allyn, Are you guys going to try and have anything for OSH or maybe just come out with the plane? I think we are still going to try for the informal gathering at Jason Day's tent on Saturday night to just talk about the Express. Brian  (Norris leaving Lakeville,MN last weekend) | ||
| Allyn Roe (Unregistered Guest) Unregistered guest |
I'm not sure if I will be there or not. There will not be any display this year, simply because this is coming online far too late for the Oshkosh deadline. If I do fly out, I will be attending on Saturday so I can make the meeting to help answer questions. The new owner has other commitments, otherwise he would love to be out there as well. To expand on the above posts, we've been putting together a list of people that are owed, and the new owner will be contact everyone personally on this list. This will be done after we take care of all start up issues. Thanks Allyn | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 30 Registered: 11-2003 |
I have just returned from a two-week long builder's assist session in the state of Washington. It was hosted by Darrell Peterson at his brand new beautiful hanger located at the Toledo, WA Airport. He was most gracious to allow me to use his tools and facilities (for a price). My "professor" of aircraft construction was the former B.A. supervisor at the Express Aircraft Co., Dan Roundtree. Dan really knows his stuff when it comes to building airplanes. He has over 25 years in the industry including time at Boeing, Lear Jet and Phoenix Composites. Although it was just the two of us working, we nearly completed both wings while I was there even though we had to start from scratch. The spars were delivered slightly twisted and not bonded to the upper skins as advertised. I had not received the ribs for any of the wings or control surface structures. But fortunately, Darrell had a set of everything that we needed that had not yet been installed in his aircraft. So before I arrived to work on the project, Dan had manufactured all of what we needed to start assembly. After bonding the spars to the skins, we started the assembly process. I don't know how you guys that are doing this at home are getting through the process. The manuals are so incomplete and even incorrect in places, I would have been screwed without Dan's knowledge and experience. While I was in Washington, I e-mailed Allyn Roe (with no published EAC phone number yet, this is the only way to contact anyone) and invited him to come and meet with Darrell and me at the hanger in an attempt to clarify the sale/purchase arrangements of EAC. Allyn didn't respond or show up so it seems that we are still left with some nagging questions regarding the post that I had made earlier in the week. Although Roy and Nancy had "sold" this transfer of the company to several of our builders as a complete sale of the company (assets and liabilities) I, along with several others builder/creditors, am not yet convinced that this is actually the case. I would like to see a published statement from the new owners (not the GM) that they intend to make good on the debts and transgressions of the previous owners before the 90 days (from the date of the transfer) runs the limit and we all end up holding the bag for parts that disappeared, missing engines, and avionics that were never ordered after deposits were placed with EAC. I will be looking forward to meeting as many of you that can attend the meeting at Oshkosh this coming weekend. It will be interesting to see if Allyn or someone else from Exosphere will show up and give us a full explanation of what their intentions are with respect to where we all stand as builders and creditors. GHW | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 32 Registered: 11-2003 |
I returned yesterday from the so called "Express Owners-Builders" meeting at Oshkosh over the weekend. There were about a dozen of us that gathered at the Vesta booth on Saturday evening. As soon as the building was closed at 5PM, we took our meeting to one of the eating establishments on the airport and continued our discussion. There were only four of us at this meeting that are creditors of EAC. Although two of us held proxy votes from other builders, so we could say that there were six votes present. Those six votes decided to "sit and wait" to see if the new owners include us in their "business plan" that Mr. Roe had mentioned in his previous post. We felt that a "solid position" (Allyn's words) should be available and made public by the 1st of September before we (builder creditors) would as a group attempt to motivate the new owners to share their plans with us. That would still give us about another 30 days to mobilize our efforts if need be. Since Nancy had told at least two of our builders (I am not one of them) that the business had been sold, and since the web site is still up in the name of EAC, LLC, (not Exosphere)it does appear that as of this date the entire business (assets and liabilities)were sold. If that is the case, then those of us that are still waiting for undelivered parts, avionics, and engines, should be in line for these items at no additional cost to us. To do otherwise would be unwise and immoral if not against the law. Although with EAC promises not having been fulfilled completely in the past, there is still a fair amount of skepticisim regarding what will really happen, we felt that in all fairness to the new owner, Mr. Henthorn, he deserves an opportunity to show us his stuff and make us all happy supportors of the Express Aircraft Company again. It is still possible that he or we could put the company into bankruptcy. In his case, that would be to clear the debt from the previous operations. In our case, that would be to allow us to bid on the assets at auction(along with him and anyone else that has interest) on the open market. One of our more astute business owner/builders made the observation that it was odd that there wasn't some sort of a business plan in place before the company was purchased. So we are all waiting to see what becomes of the "draft form" of the business plan (again Allyn's words) before we jump to conclusions. The clock is ticking down now for the last time. The good news is that I am now not the only guy that is working for a fair resolution to our financial interests. That should help matters out considerably. GHW | ||
| Norm Avery (Unregistered Guest) Unregistered guest |
I agree that there were "6 votes" at the meeting, however no vote was taken. Good luck and I hope there is a Santa Clause. Norm | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 33 Registered: 11-2003 |
Technically, Norm is 100% correct. We didn't take a "vote". We had a "discussion" during which time we agreed to "sit and wait" until the end of the month to see what happens. We are hoping for some sort of a published statement from the new owner(s) of EAC as to what their intentions are with respect to reimbursment to those of us that are creditors. So for the sake of symantics, the result is the same.....sit and wait (again/still). I quit believing in Santa Clause while I was in grade school. GHW | ||
| Mike Farley (Unregistered Guest) Unregistered guest |
Correct me if I'm wrong, but wouldn't it be the Davis's responsibility for any and all reimbursments at this current time? I didn't realize that the new owners would be held responsible. Just curious what the legal responsibilities are for the new owners. | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 34 Registered: 11-2003 |
Mike: According to Nancy Davis, the COMPANY was purchased (assets and liabilites), not just the company ASSETS. She had told at least two other builders that the new owners would be taking the responsibility for delivering the remainder of what is due to the guys that have paid their money but didn't get parts, engines, avionics, etc. This would make sense if the company was sold at a reasonable discount. However, since Roy and Nancy have made statements in the past that were not followed through with the results that were promised, only time will tell if the new guys really made a deal like that or not. Since they are still using the EAC, LLC trade name, and none of us have yet been informed that there is a bankruptcy pending, it would seem that the possibility does exist that they will provide the missing parts, etc. as a part of a renewed start up. If this business was run properly, it could actually make money and happy customers all at the same time. The problem in the past (in my opinion) was that the company was always under capitalized and poorly managed. With an improvement in both of those issues at the same time, things could be good for everyone again (somewhere down the road in a few years). The only thing that could put the Davis's back in the soup at this time would be the discovery that what Nancy told these other two builders wasn't true. At that point, I personally believe that the guys that have been "sitting and waiting" will finally realize that they have been had and they may then decide to participate in putting the EAC into an involuntary bankruptcy. At that point, Roy and Nancy would have to return the money to Exosphere and slug it out in court with the builder/creditors along with anyone else that would be standing in line to get paid. At least this way, we would all get to see the numbers. This is something that Roy and Nancy would never share with us in the past. So the clock is ticking down now for the last time. If the new owners are smart and send everyone a letter to let us know what their plan is, all of this speculation and worry could come to an end. That is the way that it has been explained to me. So just "sit and wait" and soon we shall know. Either by action or inaction, one way or the other, they (EAC) will let us know if we are included their plans. GHW | ||
| Exosphere Aircraft Company, Inc. New member Username: Exosphere Post Number: 1 Registered: 08-2005 |
In an attempt to clarify some uncertainties that are understandably present I would like to adress some subjects that I feel we can shed soime light on. 1. The Express Aircraft Company, L.L.C. business was purchased in its entirety at arms length and remains in tact as an entity. This was done assuming all liabilities (which was strongly discouraged by council) specifically so that the intrests of those who were harmed by past dealings would be positioned most favorably. Roy and Nancy are now in the same status as the rest of you and have no specific influence nor liability as we move forward. Yes it is true that an asset purchase would have been much cleaner from a short sided business perspective. The customers/ Express Family are potentially one of its strongest assests as well as potentially its downfall. Yes it it true that from a structural point of view that we could BK the company and have an auction which would eliminate all of the company debt. It is not the intention to do so. The company is in the process of implementing and refining its plan to move forward. We will let you know as much as possible throughout this process. We do need to be sensitive to selective disclosure issues and ask that you understand as much as possible. I encourage e-mails to contact@express-aircraft.com on any subject. 2. Allyn Roe has been an incredible asset from our perspective. It is perhaps worth note that he has given generously his time and knowledge in an effort to allow this company to move forward and to thrive. He has done this on his own dime and is not currently officially on the payroll. If and when we are fortunate enough for his role to be formallized we will let you. Please be sensitive to his current work load and other commitments. 3. Express Aircraft is intended to funtion as the primary base for the other projects that Exosphere is currently or contemplating that it will be involved with. We believe strongly in the future of general aviation and would like to see the Express and or derivatives of such to be a significant contributor to that end. 4. Thank you for your patience. We are all in this together. | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 35 Registered: 11-2003 |
Dear Exosphere Executive(s): Thank you for the clarification of your/our position(s). This is something that we builder/creditors have been waiting for for a long time. Just as a point of reference as to where we are coming from, I would invite you to contact each and every one of us directly for our comments regarding our past experiences with EAC. We have had a very difficult time getting the former owner/managers to communicate honestly with us. We hope to create a better more open path of communications with you, the new owners, from this point forward. If Allyn cannot provide you with a complete list of builders that are still waiting for their prepaid orders to be fulfilled, please contact me at ghw@wolfelt.com and I will help to provide you with the list as best I can. Thanks again for your post today. GHW |