SMCCRAY,
Good Questions.
1A. The money left over from selling shares is for; the maintenance reserve, to invest and repay the share owners after the 4 year term, to reinvest in the business and this is a for profit business so some will also be used for profit.
1B. We are looking to purchase the first in the fleet in late May 2014.
2. The monthly Fee for hangar, maintenance (both scheduled and unscheduled), Insurance, Subscriptions, cleaning and management is around $1400 for 1/7 (75 flight hours per year).
3. Wings of Eagles will schedule and pay for all maintenance both scheduled and unscheduled.
4. Wings of Eagles pays for engine overhaul.
5. This is a lease not a rental so the 75 allotted hours will be tach time.
6. The residual value is determined by the fair market value agreed upon by the participant and Wings of Eagles. If we can not agree then we will select an Accredited Senior Appraiser to conduct a desktop appraisal and the participant will be paid back based upon the evaluation. This is in the contract and therefore protects the participant and Wings of Eagles. You will get a fair buyback price.
7A. This program is a part 91 lease and Wings of Eagles will hold the title. The participants/Lessees are the only pilots authorized to fly the plane and there will be no renting the plane out.
7B. I intend to fly the plane for management purposes and for some coincidental personal use. I will be a participant as well and will lease a small share (less than 1/7 share).