| Author | Message | ||
     Anonymous |
Any news on anything? | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 2 Registered: 11-2003 |
Yep! A few of us have been thinking pretty seriously about this mess and have detailed what we propose to do on my web site. Please take a look at www.wolfelt.com/express for our recommendations. Move fast in responding. Time is running out. GHW | ||
| Roy Davis New member Username: Royhdavis Post Number: 49 Registered: 01-2003 |
Nancy and I would like to clarify a few things about the process we are going through to dissolve EAC. What we are doing is known legally as an unwinding. We have very strict rules about what we can and cannot do and what we must do. The results are exactly the same as a bankruptcy where all the assets of the LLC are liquidated and the proceeds used to satisfy the debts. There is no opportunity for deals or trades that would take money away from the creditors. The vast majority of the debt in this case is to the customers. We are working closely with our attorney to make sure we are doing what we are supposed to do. We had a choice of using a receiver, at which point we could have walked away from this situation and let the receiver auction off the assets. Putting the assets in the hands of a receiver would leave the sale in the hands of someone without knowledge of the assets or the market to sell to. The best opportunity to transfer the assets to a party that would carry on with the manufacture and sale of the Express is by doing this unwinding ourselves. Also, by doing the unwinding we can do it quickly where a bankruptcy could tie the assets up for a long period. The professional fees of the bankruptcy would also consume the creditor’s proceeds, so the lawyers get paid, not the customers. I spoke the other day with the president of a leading kitplane manufacturer who had purchased the company out of a bankruptcy. He told me that it was very difficult to put it all back together after the assets had been tied up for eighteen months. The knowledgeable employees had moved on to other careers and vendors had found other work. There are a number of parties that have expressed interest in purchasing the Express assets and carrying on as a serious business. Nancy and I would like the opportunity to finish what we have started and that is to obtain the highest return we can for the customer debtors and to transfer the assets as quickly and as intact as possible to allow the purchaser to get back to the business of producing the Express. Roy Davis - Member Nancy Moon - Member | ||
| wayne Unregistered guest |
May I suggest that ANYONE that needs any Express fiberglass parts get of the stick and put in an order for them now. Maybe it will keep things going in the short term and at least you will get what you need. If you keep waiting you may never get them. This is just one more reason to get the job done. If you are going to build an airplane , BUILD IT. Don't be whining about not getting parts for your 15 year old project. I love my plane and would like to see more of them out flying. The Express is the BEST 4 seat homebuilt and would be a shame if others never get the chance to experience it. Maybe "homebuilt" should be the operative word. Now get busy! | ||
| Reinhard Metz New member Username: Reinhard_metz Post Number: 52 Registered: 03-2003 |
Wayne, "If you are going to build an airplane , BUILD IT. Don't be whining about not getting parts..." RIGHT ON!! Many of us, including me, went through Ken Wheeler's bankruptcies - I made a "hit list", a prioritized list of necessary stuff and how to get it, and pursued it with a vengeance, then used the builder/flier "network" for support, and got the thing done. Motivate yourself by the vision of the end result, and "just do it". Reinhard Metz | ||
| CBROS Unregistered guest |
You can do it! I can well remember building our CT empennage from hand drawn sketches - and Ed Bernard's video tape. Be a Bulider - you will enjoy the result all the more! Bill C | ||
| Cyrus Ostowari New member Username: Ostowari Post Number: 3 Registered: 05-2003 |
This message is for Steve Furjesi: Could you please provide me with your email address so that I can contact you regarding availabilty of metal parts for the main landing gear bracket. Thanks Cyrus Ostowari ostowari@optusnet.com.au | ||
| Shawn Kelley Unregistered guest |
Hello, My name is Shawn J. Kelley and I have taken a serious interest in continuing the Express Aircraft Co. I am looking for investors. I throughly believe in the Express and I have a lot of ideas to make the company prosper. First, is to establish stability with a singular purpose. Producing as many quaility Express Aircraft as possible. I have over 10 years experience managing multi million dollar projects and over 60 employees in the telecommunications field. Sun Microsystems, Intel, and Apple Computers to name a few. I have always made my margins. This does not mean that I think I know it all. But what I do know is that I can turn a profit. I have a strong sense of prioritization and the ablity to get the right person for the right job. This year I finished my Express S-90 after 9 years of perseverence and 3, thats right 3 different EAC owners. I now have over 60 wonderful hours flying my bird. For the last 5 years I've hangared with the Coupland Brothers in Livermore, California. My singular vision is to establish credibility, reliability and longevity with keeping quality to the highest level. You can contact me at sechadog@juno.com or the CBROS Hanger at 925-455-1036. Thank You for your ideas & support. Shawn J. Kelley | ||
| Gary H. Wolfelt New member Username: Wolfelt Post Number: 3 Registered: 11-2003 |
Guys (and Gals) please review my most recent post at www.wolfelt.com/express/post2.htm for the most recent developments. Please feel free to comment. And thanks to Shawn (above post) for his positive approach to things. Hopefully we will have a resolution to this mess soon and we can all rest a bit more easily. GHW | ||
| Tom Hutchison Board Administrator Username: Admin Post Number: 10 Registered: 04-2002 |
I have deleted the last two posts from someone(s) named "anonymous". Neither of these posts were of a positive, constructive nature and took the opportunity to cast aspersions about others motivations and character. In my opinion (and I run this board) they violated the second clause of the "acceptable use policy" at: http://www.express-builder.com/old/forum/messages/5/7.html?934138050 While its allowed to post "anonymously", I think if you feel the need to express strong opinions you should also be brave enough to reveal the name behind those opinions. The Express community is going through quite a bit of turmoil right now, lets all try to find positive solutions and leave the grousing in private. If you disagree with my actions or have any other opinions I would be more than happy to discuss this privately off-line at: tom.hutchison@pilot-rock.net Thank you, Tom Hutchison administrator Express-Builder.com |