DATE: November 8, 2004
TO: All Express Builders/Owners
RE: EAC Update Info/Survey Results
Well folks, the results of the survey are in. I received one vote by e-mail to support the bankruptcy; three phone calls from other builders that would sign and support the bankruptcy. And one phone call vote to NOT support the bankruptcy. I received no offers of financial support from anyone. And although it only takes three signatures to proceed with the involuntary bankruptcy, the overwhelming silence from the majority of the builder/creditors that monitor this site and the lack of financial support from the group as a whole has led me to believe that I should just shut up and go away. Since there has only been a total of five votes cast from the other builder/creditors, I feel that I should not stick my neck out and pay the bills for everyone else. I guess that this means that the majority of the group must trust Roy and Nancy to do what they want to do with our money. From my personal experience with EAC and from what I have been able to learn from speaking with the other builders who have basically been forced (so far) to give up their deposits for engines and avionics, I am not so trusting.
But instead of my using my own time and money to carry the ball for the remainder of the group, unless I hear from a whole lot more of you guys with financial and moral support for the cause, I think that I will take a more selfish approach to this mess and use my money to purchase the remainder of the parts that I need for my project.
The attorney with whom I have been doing business in Washington said that he would require a $5,000 retainer to start the involuntary bankruptcy process or to request a court appointed receiver (this is a disinterested person that watches over the collection and distribution of the funds). That would mean that ten of us would only have to come up with $500 each to protect our interests. But I won't be going this one alone from here on out. I would like to wish all of you the best of luck in the completion of your projects. Please feel free to contact me if you feel that I can be of any help in any way. GHW