Originally Posted by foxmoth
Lets try another way to look at this. A group has a £25,000 aircraft and a £10,000 fund. Those that say you do not include the fund are saying you sell a 1/5th share for £5,000.
Yes
The group now sells the aircraft for £25,000 (its market value) and buys a new one for £35,000 as that is how much the group funds are
Yes
seems to me the new member has done pretty well and the old member who paid in his share of these funds has got a pretty raw deal
$hit happens - kudos to the new member for joining at the right time. You could, of course, ask them if they'd like to contribute £2K and buy a £37K aircraft. But if they choose not to it's the group's own fault for not mentioning the possibility of the aircraft purchase to the new member before they joined, and getting his feelings on the matter.
(I love the way people keep trying to change the question to fit their answers
)