Changes to a Flying Group
I currently own a 1/10 share of a C150. There are three other 'private' shareholders with the remaining six being owned by a flying school. The aircraft is old and tired, but quite cheap and has been very well maintained.
The school puts the aircraft on their line and there are no charges for parking or landing and all maintenance and insurance is paid for by the club. It's £25 a month and £59p.h wet all in. An arrangement that has worked well for all involved.
The club is trying to sell it's six shares to one of the private shareholders, a chap who is (and apologies if he reads this as i'm guessing) well into his 70's.
Aside from any personal thoughts on this, I'm looking for a bit of guidance on what to expect from this deal. I.e. the engine has 500 hours left, but as the club pays all the maintenance there is no engine fund. As is there no maintenance or prop fund. Essentially we would own all 10 shares between 4 people and be starting from zero with nothing in the pot.
To me, this can't be right as the insurance is due later in the year, a big check is looming and the engine is well on it's way. I'd like to think that everything is above board but am not sure what questions to ask. Without being disrespectful, all my other co-owners are elderly.
Any thoughts either public or via PM appreciated.
Thanks.