<quote HiSpeed Tape>
Con Artist warning!
Look, I've been a member since '79. This looks well dodgy to me. Is this Elia bloke going to pay back those of us who donated amounts of money following the pleading letter to help the club recover? Or has that gone down the swannee as well?
</quote>
Hi HST
I think the point to remember here is, that is it's if he chooses to take over the Aero Club as The Newcastle-upon-Tyne Aero Club Limited, or whether an act of taking over the assets by a new company happens, allowing the old company to be closed.
IMHO.. if he takes it over in the former route then technically the liability is still there to pay back the debt unless agreed in paperwork otherwise. If he takes over in the latter route, there is likely no comeback on him to cover the loans made to the Aero Club.
It's not conning, it's just a business fact and it happens no doubt every week in this country.