Dago

[skater]

Re: Dago

Suffice it to say that there were potential buyers out there with every intention of returning the a/c to its former racing glory. For various reasons, however, it just wasn't meant to be. Sad, but true...

SA

Were those who wanted to race it not offering as much money? Or was there some other issue?

[Hawkeye]

Re: Dago

Were those who wanted to race it not offering as much money? Or was there some other issue?

The one who made the highest offer was the one who bought it. The bank is not about to sell Dago to a lower bidder, so it would stay as a racer. Simple economics, my racing friends.

[wyhdah]

Re: Dago

The one who made the highest offer was the one who bought it. The bank is not about to sell Dago to a lower bidder, so it would stay as a racer. Simple economics, my racing friends.

It would have been nice if all avenues had been explored and I know they were not. I'm also on the board at a bank and I know how these work as well so I have no illusions of what the bank expected. It's just strange that the bank was at one time wanting 2 mil for the heap, then a racer was close to a deal, and now someone has bought a pile of parts.

My distain has nothing to do with weather someone who was willing to race the plane was the highest bidder or not but rather not everyone, some willing to race the plane, was given the chance to make an offer. I don't expect the bank to care but they should care about their stockholders and seek all offers.

Was this a sealed bid process?

[Hawkeye]

Re: Dago

It's just strange that the bank was at one time wanting 2 mil for the heap, then a racer was close to a deal, and now someone has bought a pile of parts.

My distain has nothing to do with weather someone who was willing to race the plane was the highest bidder or not but rather not everyone, some willing to race the plane, was given the chance to make an offer. I don't expect the bank to care but they should care about their stockholders and seek all offers.

Was this a sealed bid process?

Your post mentioned that a racer was close to a deal. What happened? Did the bank sell it to a higher bidder? Or, did the racer put conditions on the deal which the bank could not live with?

The aircraft has been available for quite a while. What about these other interested parties you mentioned? Why did they wait so long before they tried to deal with the bank and make an offer? If you think something was done by the bank that was not legal or ethical, then maybe you should report this information to the proper banking regulators.

[wyhdah]

Re: Dago

No I don't think the bank did anything illegal or wrong except sell their stockholders a bit short by not shopping the plane as parts but rather trying to recover the entire amount of the loan with the sale of the plane. That was clearly unrealistic. That price was well over the worth of the plane and I am sure more than they finally took for it.

As far as what happened to the deal with the Racers I don't know but it is probably just more money as has been stated. What is really too bad is the original price had some legitimate "parts" buyers standing off. I think if it were made more public that the plane was being offered as a heap then more players would have been involved an it is possible a group of racers would have been in play.

There is nothing illegal about not looking after the stockholder especially when the regulators you mentioned are on the banks case to move the asset.

[stuntflyr]

Re: Dago

I must have missed it. Which one of you posters was the principal bidding on this airplane?
Chris...

[Big_Jim]

Re: Dago

I must have missed it. Which one of you posters was the principal bidding on this airplane?
Chris...

I\'m sensing the faintest hint of sarcasm............

[stuntflyr]

Re: Dago

Yes,
Lighthearted and fanciful.

[wyhdah]

Re: Dago

I must have missed it. Which one of you posters was the principal bidding on this airplane?
Chris...

If you mean by principal the winner I don't believe they have posted, if you mean someone who would have bid on a pile of parts and did bid on the plane I think you would be surprised who on here was willing to......or maybe you wouldn't be....

[race9]

Re: Dago

I must have missed it. Which one of you posters was the principal bidding on this airplane?
Chris...

It was me. I bid a dollar. I figured everyone else was going to overbid.






/Where's Bob Barker when you need him?

[mrcraigarcher]

Re: Dago

It was me. I bid a dollar. I figured everyone else was going to overbid.






/Where's Bob Barker when you need him?

I did actually bid on Dago a few years ago when it was on Ebay. So did my cousin. I was pretty early in the bidding so, I didn't even come close. Too bad, huh? Although if I had won, I would've had to file bankruptcy, too.

[N22252]

Re: Dago

It was me. I bid a dollar. I figured everyone else was going to overbid.






/Where's Bob Barker when you need him?

Did anybody else see the episode of The Price is Right when the next-to-last bidder said "One Dollar, Bob!" ??? Of course the next bidder was in for "Two Dollars, Bob!!!"