Brian,
a couple of additional points to consider:
you can raise the funds through equity to about 60k. To be honest and perfectly blunt with you, that is going to tap you out, and wont likely cover the additional costs that come up.
what if once he gets his fATPL he needs to cover a TR for 35k to get in line for a job offer ? where are you going to raise that ?
more equity?
call it quits and write off the 60k, time effort, tears and arguments already thrown in ?
60k will allow the ability to fund an fATPL on a modular program, but bear in mind it could be 2-3 years to find a job after that. the licence still has to be kept current !
you can find some overseas schools running JAA programs with JAA instructors/examiners that will allow the ability to gain a JAA fATPL at overseas prices.
the time effort and energy to convert an FAA to JAA is a PITA it takes time and money to do it.
not wishing to p*ss on your or your son's parade, but you do need to go into this with your eyes wide open.
421C and Bealzebub are giving good advice as are all on this subject, i would however adjust 421C's comment of de-risk to minimising the risk. you'll never remove the risk, but you can reduce it. (it's ok golden eagle i know what you meant
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