Primarily for general aviation discussion, but other aviation topics are also welcome.
By riverrock
FLYER Club Member  FLYER Club Member
#1872925
We recently had a member who was pushed out of our group. We said we would give him back the money he bought his share with. He insisted on instead getting money based on value of aircraft plus kitty.
He ended up getting less cash in his pocket - and we as a group realised we needed to put more money into the kitty!
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By Flyin'Dutch'
FLYER Club Member  FLYER Club Member
#1872927
We once had a similar issue-te and offered to get the aeroplane sold via a well known broker to establish 'true market value'

After the epiphany the willingness to accept our generous came remarkably quick.
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By Peter Gristwood
FLYER Club Member  FLYER Club Member
#1872933
Leaving and taking your fraction of the kitty with you despite having run the engine down towards its TBO is the same as going drinking with your mates and each of you shoving a tenner in an empty glass and buying the drinks from that, and then pulling your tenner out again when you decide to leave after the sixth round.


As neat a description as I've seen. My understanding is that the kitty (or more often, the engine fund) doesn't belong to an individual but to the group. It isn't a loan to the group but payment for using the aircraft and hence non-refundable.
T67M, Rob P, Rich V liked this
By ROG
#1872935
Our syndicate rule says any "big" decisions are made by majority vote. Generally the administrator would phone around for minor purchases--just to make sure all happy.
We"ve only had a couple of events where a vote has been taken, one was on a new or recond engine--the other ref expulsion of a member who did not advise members of significicant damage he had done to the aircraft.
A majority vote decision is in our rules which members sign on joining.
If this guy doesn"t agree with the rules-vote him out with a refund for his share.