Author Topic: Funding  (Read 88573 times)

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Offline Topsy

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Re: Funding
« Reply #45 on: October 22, 2010, 03:44:37 PM »
Would the money already donated then go to pay off the creditors?   :?:
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Offline PA28

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Re: Funding
« Reply #46 on: October 22, 2010, 04:02:53 PM »
Folks,

Without wishing to speak out of line here: a lot of the Creditors are historical and agreements are in place that satisfy them, so long as the Trust is trading. It does not matter who the creditors are, like all/most businesses - they exist.

The Trustees have a "responsibility" to ensure correct management practices and to ensure legal obligations can be met. That in itself, seems to be why the latest funding Appeal has been instigated - to make sure the Trust operates correctly within the law and has sufficient "cash-flow" to Trade and thus meet committments. The club do not have anywhere near the kind of resources to raise the finance needed.

As to the biggest asset, that is the aircraft herself and as there is a second charge over XH558 in favour of the HLF, it all starts looking very messy if the worst happens. It does not bode well for keeping her airworthy in this country.

Let's not even think about that now and concentrate on making sure we hit this target and move onwards to what looks like an exciting future!

ONWARDS AND UPWARDS^^^^^^^^^^
Ian.
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Offline StAthan lecky

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Re: Funding
« Reply #47 on: October 22, 2010, 05:13:39 PM »
perhaps those Trust members that are financialy secure could take a "Rain Check" on their salarys for a few months and direct the available funding to keep the maintenance team in employment!

 :twisted:

Mike
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Offline minty4371

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Re: Funding
« Reply #48 on: October 22, 2010, 05:35:52 PM »
Quote from: "StAthan lecky"
perhaps those Trust members that are financialy secure could take a "Rain Check" on their salarys for a few months and direct the available funding to keep the maintenance team in employment!

 :twisted:

Mike
I have to agree with the statement quoted.
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Offline minty4371

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Re: Funding
« Reply #49 on: October 22, 2010, 05:41:19 PM »
If the worst happens and she is sold, what happens to the club?  Would that cease to exist, as there will be no aircraft to look after.
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Offline Pujgnie

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Re: Funding
« Reply #50 on: October 22, 2010, 07:34:02 PM »
We still have 9 days to go.

Maybe we should put all chat about receivership etc........ on the back burner. Let's do our bit first - by responding to the appeal in anyway we can.

The fat lady isn't singing yet !  ;)
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Offline dee

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Re: Funding
« Reply #51 on: October 22, 2010, 08:38:38 PM »
Cant afford much but just donated another tenner
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Offline Ronnie

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Re: Funding
« Reply #52 on: October 22, 2010, 08:41:06 PM »
Just set up online banking to send payments. More pennies on their way - hope it helps.
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Offline jangor

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Re: Funding
« Reply #53 on: October 22, 2010, 09:18:34 PM »
Just got the latest email stating the way things are about 558 being sold abroad if we cant raise the funds to keep her here. ;)


Q1. If 558 does get sold to a foreign buyer, who are they going to get to fly her out of the country :?:

Q2. Will `our` crew do it. :?:

Q3. Can 558 fly over so much water or are there sufficient `island hops` to avoid this............. :?:

In my opinion the answers to these questions are........

A1. NO   :D  :D  :D

A2. NO     :D  :D  :D

A3. NO   :D  :D  :D
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Offline leslie

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Re: Funding
« Reply #54 on: October 22, 2010, 09:42:06 PM »
How can you sell something you dont own? 558 is owned by the nation not by the trust as far as I understand.
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Offline bigmike67

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Re: Funding
« Reply #55 on: October 22, 2010, 09:59:49 PM »
There just seem's a lot of confusion about all of this.....the Trust has a Heritage Lottery Grant which  is in the form of a second charge..which is secured by the aircraft as an asset..isn't the lottery money supplied by the general public through the lottery commision in the form of a grant and will the THL allow the aircraft to be sold abroad when it is supposed to be a British Heritage Aircraft..even if it's static in the UK
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Offline Panel 10

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Re: Funding
« Reply #56 on: October 22, 2010, 10:58:19 PM »
There is another option, the administrators need not always liquidate if they are satisfied the company can show profitability in the long term.  Their duties are about saving a company, jobs, etc, liquidation is the last of their options :)
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Offline Gully

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Re: Funding
« Reply #57 on: October 23, 2010, 12:19:30 AM »
In answer to the question at the foot of page 5, the Club continues all the time the aircraft is in this country - our constitution commits us to caring for her beyond her flying life. However, if the aircraft goes abroad permanently, then we would have to consider dissolving the Club.

As for Jangor's point about flying range, DT wrote a piece for Iconic where he calculated '558's range given her current flying restrictions (altitude, speed, fuel capacity) - let's just say a life in the US is perfectly achievable.

Gully
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Offline bigmike67

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Re: Funding
« Reply #58 on: October 23, 2010, 09:04:15 AM »
Quote from: "Panel 10"
There is another option, the administrators need not always liquidate if they are satisfied the company can show profitability in the long term.  Their duties are about saving a company, jobs, etc, liquidation is the last of their options :)
 

     Your right they work with the people to find a solution especially with a Heritage Aircraft....The trouble with what your saying it is not dramatic enough and how many times can you do this before people get feed up with hearing the same old record......... and  stop giving there money and there time....
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Offline PA28

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Re: Funding
« Reply #59 on: October 23, 2010, 10:39:54 AM »
...back onto funding for a while....

I have just checked the electronic donations, and adding in the Auction to date, plus £700+ from the photo competition, together with known income yesterday at Hinckley - £ 28,960 has just been allocated to the appeal - £15,000 of that came in overnight!!!

This does not include cheques that might be in the system as a result of the mail-out and due to hit on Monday.

Given we need just over £30,000 for the next 8 days and we are now entering the "normal" raised awareness period (i.e Deadline is close), we
are far from being beaten!!

Please keep pushing today and over the weekend, getting those posters out to as many supermarket notice-boards as possible.

WE CAN STILL VERY MUCH DO THIS!


Ian.
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