07/13/2004 10:30:15 AM,
Serialize complete at 07/13/2004 10:30:15 AM
Greetings All and Commiserations,
I have no facts, only opinions based on my four years of
association as a customer with Europa.
OPINIONS Follow:
Bankrupcy is no surprise, it naturally follows when subcontractors stop
shipping needed parts for lack of payment and customers stop paying for
kits and parts that are late for months to years.
New investors, motivated by profit margin are highly unlikely given
the company's track record. Builders as investors who have faith in the
products are another story. Other troubled kit companies have in fact
been rescued this way.
Keith has been a poor CEO. He as been an absent landlord in many senses,
with little to no communications to customers or even to at least some
of the present investors. No appropriate financial controls. No attention
paid to the new markets in the west. Inadequate investment in R&D, no
new product development for years, etc., etc. Surely no one should be
surprised that he made no public appearance at the recent PFA meeting.
Key staff (from the builder/customer viewpoint) have served well and
beyond
the call of a "day job" but have been shabbily treated. I include John,
Nev and Andy
here.
Builders without a firewall forward kit may not be as screwed as they may
think, fortunately. There are really only two items which are not COTS
(commercial, off the shelf): the cowl and the engine mount. There is
reason
to hope that a well known builder assistance group in the US may produce
such items. I'll leave it to them to announce this at the appropriate
time, but
they read this list and would no doubt be encouraged by positive comments
here. (Don't EMail me about them though)
Opinions off
Does anyone have a glider wing kit they want to sell?
Ira J. Rampil, N224XS test flying
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