Send Clowns,
I appreciate your optimism, I would be in the same position given the current state of the job market. I am however suggesting caution regarding the " worthwhile assets" it may well be that the debts of SFT exceed the value of the assets which you mention. Your offer to "work for nothing" is very noble and in the absence of alternative employment, may be better than sitting at home. What I puzzle over is your statement that "The problem is of cash flow, and that is being worked on now by a dedicated team of administrators and directors." You see, in my experience, cash flow is a problem caused by a flaw in the basic business equation which should read:- money in is greater than or equal to money going out. An example of an equation spelling disaster is:- money in is less than money going out. Generally, flight schools do not have money owing to them since the source of income is from students who pay as they go or up- front as in many cases. If students are paying up-front then the cash flow would be healthy and in fact the company would appear richer than it actually is because of advance payment. Now, what I and others would like to hear is how a profitable company can possibly have cash flow problems when sales payments are up-front ie: no debtors?????
You say "if the money comes through, which we all expect to happen, SFT will keep up their reputation as perhaps the best flight training provider in the UK." now where is that money likely to come from? Finding somebody to throw money into a bottomless pit seems highly unlikely but indeed possible.
So, do you know the book value of SFT? I have in front of me a copy of the SFT accounts to 31 Dec 2000 and I would wildly guess that there will be a nil dividend to creditors at the end of the day!! The profit for the year to Dec 2000 was actually exactly NIL and that was before the Sept 11 crisis. There is also a complication with the fact that SFT Aviation Ltd had at 31.12.200 Secured creditors owed £183,930 now that means that these creditors cream off the first 183,930 before the others ie: students paying up front etc even get their nose near the trough!!
If anybody wants a copy of the accounts, e-mail me with a fax number or I can try sending as an e-mail attachment!
I hate to be the prophet of doom but if SFT have your money then don't hold your breath to receive the goods other than from kindly folk like Send Clowns who will deliver the goods to you at no charge to SFT!!!