12
Hi Paul,
That sounds good to me. Before anyone sends more money, let me complete the basic
calculations and devise a plan, in phases. Then everyone will have a much better
sense what the money will be for and the chances of getting a return and success of
the project.
Step one) The first big variable will be cost of acquiring the plane. I am guessing
the owner has well over $200k invested, but is certainly not expecting to recoup most
of that, given that he plans to donate it. This will give us a fundraising goal.
2) Will start a gofundme and offer "shares" for sale, probably voting and
non-voting, and start an advisory council like Paul suggests. At that time we can
also start putting out feelers for sponsorship. This will give us an idea of
expected fundraising potential and compare that to the expected needs.
3) Advisory counsel makes a report on the results of steps one and two or current
status. Holders of voting shares will then vote to continue or return everyone's
money. No costs incurred to this point.
4) Form an LLC and make it official. Develop articles of incorporation and bylaws.
Expand fundraising and sponsorship efforts. Starting to incur small costs. Repeat
step 3.
5) Buy the aircraft, push hard for sponsorship, make modifications as necessary,
begin planning record attempt. Serious $ being spent here. Repeat Step 3.
6) Break world record. Retire aircraft according to terms set in the bylaws.
Distribute remaining funds. All shareholders live out their lives sipping Mai Thais
in Phuket.
Paul, keep working on getting me the owners contact info.
Dave Leonard.
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