Mon, Oct 01, 2007
The president of the "Club Columbia"
aircraft owner's group, Chuck Yanke, has sent a messaage to
affected parties seeking help in organizing an effort to make sure
that their interests are represented in the upcoming Chapter 11
bankruptcy actions involving Columbia Aircraft.
(Disclosure Statement: in which Aero-News
is also a creditor... and got burned for a pretty hefty amount of
cash... ouch).
Yanke states that, "By now most of you have learned that CAM has
declared bankruptcy, Chapter 11, and Cessna has an offer to buy
CAM. This is not a done deal, there will be an auction in November
were anyone can bid. Currently our members have approximately $10
million dollars of products that they have paid for and not
received. This does not include your 3 or 5 year warranty provide
by CAM. We as a group are one of the larger unsecured creditors. No
one on the bankruptcy court is looking out for the owners
interests. Individually we will have no standing in the court but
together we have a fighting chance. The club is blessed with
excellent members in the legal profession and we believe the club
can make a difference and help protect your airplane. The club has
spoken with Jack Pelton, CEO of Cessna and he supports our
position."
Yanke adds that, "To protect the future value of your plane,
your warranty and all the items that you have paid for and not yet
received, we need legal representation. The club has no money, we
only have your $50/year membership fees. We need to raise
$15-20,000 immediately If every member will contribute $300 we can
make it happen. This is a small investment to protect your
$500,000+ asset."
FMI: http://www.lancairpilots.org/payments.php,
Club Columbia Legal Fund, % Richard Page, 1508 Byron Nelson Pkwy,
Southlake TX 76092.
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