Seminole Lake Gliderport for sale

2G
Who cares who is the current owner, unless you want to be the new owner...
Are you ?

Dan
On Wednesday, August 21, 2019 at 10:21:47 PM UTC-4, 2G wrote:
On Wednesday, August 21, 2019 at 10:05:25 AM UTC-7, Rich Owen wrote:
Burt,

Thanks for the kind words about Seminole-Lake Gliderport. The owner is still trying to return to the US this upcoming year. He has the gliderport up for sale or an interested investor could buy a portion of it. There is zero debt and we have done extensive work on the Pawnees and the facilities. Two have recently overhauled engines with the third due in 2021 (a reserve for the overhaul is 100% funded now). Training is doing great but we want to acquire 2 new trainers. We were hoping to buy 2 new ASW-21B’s from Williams Soaring this year but it would have cut into our cash reserves too far. We are always looking for land to acquire adjacent to the gliderport for expansion opportunities. This is a business that was 50 years old last year. I don’t see us going away. Construction is about 30% complete for a turning lane into the gliderport and the turn to get on Highway 461 to Clermont. This will significantly improve the safety of our pilots and staff going to/from the field. Thanks goes to our elected representatives who recognized our concerns at this dangerous intersection. Hope to see you all at the Seniors March 13-20, 2020 for our 30th Anniversary edition.



2G






Rich Owen
Vice President
Seminole Flying & Soaring

Hi Rich,

By "owner" are you referring to Mihai Tanjala? Perhaps you can enlighten us to WHY he hasn't been able to return to the US.

Tom

On Thursday, August 22, 2019 at 9:10:12 AM UTC-7, wrote:
2G
Who cares who is the current owner, unless you want to be the new owner....
Are you ?

Dan
On Wednesday, August 21, 2019 at 10:21:47 PM UTC-4, 2G wrote:
On Wednesday, August 21, 2019 at 10:05:25 AM UTC-7, Rich Owen wrote:
Burt,

Thanks for the kind words about Seminole-Lake Gliderport. The owner is still trying to return to the US this upcoming year. He has the gliderport up for sale or an interested investor could buy a portion of it. There is zero debt and we have done extensive work on the Pawnees and the facilities. Two have recently overhauled engines with the third due in 2021 (a reserve for the overhaul is 100% funded now). Training is doing great but we want to acquire 2 new trainers. We were hoping to buy 2 new ASW-21B’s from Williams Soaring this year but it would have cut into our cash reserves too far. We are always looking for land to acquire adjacent to the gliderport for expansion opportunities. This is a business that was 50 years old last year. I don’t see us going away. Construction is about 30% complete for a turning lane into the gliderport and the turn to get on Highway 461 to Clermont. This will significantly improve the safety of our pilots and staff going to/from the field. Thanks goes to our elected representatives who recognized our concerns at this dangerous intersection. Hope to see you all at the Seniors March 13-20, 2020 for our 30th Anniversary edition.



2G






Rich Owen
Vice President
Seminole Flying & Soaring

Hi Rich,

By "owner" are you referring to Mihai Tanjala? Perhaps you can enlighten us to WHY he hasn't been able to return to the US.

Tom

Because Tanjala stole the money he used to buy Seminole, and his victims will demand restitution from this international fugitive. I wouldn't touch this deal with a 10,000 mile pole.

Tom

Tom,

Sorry didn’t see the second part of your question. Mihai was on a visa that expired after 5 years. He returned to Romania a few years ago to settle some differences with the government. He also has several businesses in Romania that needed his attention. He has been in the process of getting an E2 visa which is an investor’s visa that will be good for 5 years (I believe). Our office manager and one of the directors of the company have been working on permanent resident status for about a year. She was just approved to enter a one year waiting period before being offered permanent residency. Immigration is a very complicated process if you do it legally. Just ask any individual who has gone thru the process. My next door neighbor is a naturalized US citizen originally from Moscow. Her daughter, son-in-law and baby daughter have been trying to immigrate to the US for over 7 years. She and her husband were both educated in the US (post graduate degrees), he works for Visa, and their child was born in the US. Adele (their child) is a citizen of the US. However, they are still waiting for approval for their immigration. Rev Aviation Soaring is a great venue to discuss aviation subjects. Please don’t use it to discuss politics. Whatever your stance, let’s just agree immigration is a complex topic that would be better left out of this thread. Thanks to the many of you who have flown with us. We are looking at doing another XC Camp in 2020 that would be over a long weekend. For those of you that still work, it might help getting some education while your family enjoys the local sights.

Sincerely,
Rich

On Thursday, August 22, 2019 at 2:06:50 PM UTC-4, Rich Owen wrote:
Tom,

Sorry didn’t see the second part of your question. Mihai was on a visa that expired after 5 years. He returned to Romania a few years ago to settle some differences with the government. He also has several businesses in Romania that needed his attention. He has been in the process of getting an E2 visa which is an investor’s visa that will be good for 5 years (I believe). Our office manager and one of the directors of the company have been working on permanent resident status for about a year. She was just approved to enter a one year waiting period before being offered permanent residency. Immigration is a very complicated process if you do it legally. Just ask any individual who has gone thru the process. My next door neighbor is a naturalized US citizen originally from Moscow. Her daughter, son-in-law and baby daughter have been trying to immigrate to the US for over 7 years. She and her husband were both educated in the US (post graduate degrees), he works for Visa, and their child was born in the US. Adele (their child) is a citizen of the US. However, they are still waiting for approval for their immigration. Rev Aviation Soaring is a great venue to discuss aviation subjects. Please don’t use it to discuss politics. Whatever your stance, let’s just agree immigration is a complex topic that would be better left out of this thread. Thanks to the many of you who have flown with us. We are looking at doing another XC Camp in 2020 that would be over a long weekend. For those of you that still work, it might help getting some education while your family enjoys the local sights.

Sincerely,
Rich

Rich, what a flattering portrayal of the Mihai situation! When I die would you please write my obituary.

Originally Posted by Rich Owen[_2_]

Tom,

Sorry didn’t see the second part of your question. Mihai was on a visa that expired after 5 years. He returned to Romania a few years ago to settle some differences with the government. He also has several businesses in Romania that needed his attention. He has been in the process of getting an E2 visa which is an investor’s visa that will be good for 5 years (I believe). Our office manager and one of the directors of the company have been working on permanent resident status for about a year. She was just approved to enter a one year waiting period before being offered permanent residency. Immigration is a very complicated process if you do it legally. Just ask any individual who has gone thru the process. My next door neighbor is a naturalized US citizen originally from Moscow. Her daughter, son-in-law and baby daughter have been trying to immigrate to the US for over 7 years. She and her husband were both educated in the US (post graduate degrees), he works for Visa, and their child was born in the US. Adele (their child) is a citizen of the US. However, they are still waiting for approval for their immigration. Rev Aviation Soaring is a great venue to discuss aviation subjects. Please don’t use it to discuss politics. Whatever your stance, let’s just agree immigration is a complex topic that would be better left out of this thread. Thanks to the many of you who have flown with us. We are looking at doing another XC Camp in 2020 that would be over a long weekend. For those of you that still work, it might help getting some education while your family enjoys the local sights.

Sincerely,
Rich

Nice to see a couple of bucks being spent on the tow planes. I remember having to argue with someone over ordering a mixtue cable a couple of weeks after the request was made. Two NEW ASK21s? WOW. Thank you, I needed a good chuckle this morning. Very entertaining post.

Walt

On Thursday, August 22, 2019 at 11:06:50 AM UTC-7, Rich Owen wrote:
Tom,

Sorry didn’t see the second part of your question. Mihai was on a visa that expired after 5 years. He returned to Romania a few years ago to settle some differences with the government. He also has several businesses in Romania that needed his attention. He has been in the process of getting an E2 visa which is an investor’s visa that will be good for 5 years (I believe). Our office manager and one of the directors of the company have been working on permanent resident status for about a year. She was just approved to enter a one year waiting period before being offered permanent residency. Immigration is a very complicated process if you do it legally. Just ask any individual who has gone thru the process. My next door neighbor is a naturalized US citizen originally from Moscow. Her daughter, son-in-law and baby daughter have been trying to immigrate to the US for over 7 years. She and her husband were both educated in the US (post graduate degrees), he works for Visa, and their child was born in the US. Adele (their child) is a citizen of the US. However, they are still waiting for approval for their immigration. Rev Aviation Soaring is a great venue to discuss aviation subjects. Please don’t use it to discuss politics. Whatever your stance, let’s just agree immigration is a complex topic that would be better left out of this thread. Thanks to the many of you who have flown with us. We are looking at doing another XC Camp in 2020 that would be over a long weekend. For those of you that still work, it might help getting some education while your family enjoys the local sights.

Sincerely,
Rich

The truth is that Tanjala can't come back to the US because he faces extradition back to Romania for his many crimes.

Tom

Ignoring all of the issues around the current owner, surely the focus of the conversation is around maintaining and improving an excellent Gliderport / Gliding site that can benefit both the international visiting community to Disney as well as US pilots that like the winter sunshine?

I personally would leave it to the lawyers to resolve and ensure clear title can be achieved and ensure the money is in escrow and not handed over until free and clear title is in hand.

So getting back to the sale of the gliderport - how about an international syndicate?
Class A shares $5,000 USD each
Class B shares $1,000 USD each

Raise sufficient capital across the international gliding community to include sufficient working capital and fleet renewal for 2 x K21 and maybe 3 x Discus

I know of a great deal of UK pilots especially in the winter who would love to achieve their Bronze / Silver soaring qualifications and FLA and Disney is a perfect location for Europeans to fly to have a bit of winter sun.

I'm happy to organise if there is any interest... Let's focus on gliding, not the stuff that is not very important and should be left to lawyers?

I come in peace!

Cheers

nick

On Tuesday, September 10, 2019 at 9:56:13 AM UTC-7, wrote:
Ignoring all of the issues around the current owner, surely the focus of the conversation is around maintaining and improving an excellent Gliderport / Gliding site that can benefit both the international visiting community to Disney as well as US pilots that like the winter sunshine?

I personally would leave it to the lawyers to resolve and ensure clear title can be achieved and ensure the money is in escrow and not handed over until free and clear title is in hand.

So getting back to the sale of the gliderport - how about an international syndicate?
Class A shares $5,000 USD each
Class B shares $1,000 USD each

Raise sufficient capital across the international gliding community to include sufficient working capital and fleet renewal for 2 x K21 and maybe 3 x Discus

I know of a great deal of UK pilots especially in the winter who would love to achieve their Bronze / Silver soaring qualifications and FLA and Disney is a perfect location for Europeans to fly to have a bit of winter sun.

I'm happy to organise if there is any interest... Let's focus on gliding, not the stuff that is not very important and should be left to lawyers?

I come in peace!

Cheers

nick

Another approach is to buy title insurance, and have the seller's pay for this insurance. If they can't get insurance, run, don't walk, from this deal.. Organizing a syndicate is, however, a good approach. You will need to incorporate, probably in FL. Good task for a lawyer. More difficult is advertising the offer; consult a business realtor.

Tom

Tell us more about the proposed deal! If the selling price is $3 million, and we allow for a modest return on investment of 5%, then the operation must return $150000 per year.

How much additional investment is needed to renew the fleet?
What are the yearly operating costs?
What is the yearly revenue?
Would investors participate with more modest expectations of financial return?

History says that Seminole Lake Gliderport can be operated as a modestly profitable and stable business and as an asset to the global soaring community. However, Knut and Ingrid Kjenslie never had to service a $3 million loan!



On Tuesday, September 10, 2019 at 12:56:13 PM UTC-4, wrote:
Ignoring all of the issues around the current owner, surely the focus of the conversation is around maintaining and improving an excellent Gliderport / Gliding site that can benefit both the international visiting community to Disney as well as US pilots that like the winter sunshine?

I personally would leave it to the lawyers to resolve and ensure clear title can be achieved and ensure the money is in escrow and not handed over until free and clear title is in hand.

So getting back to the sale of the gliderport - how about an international syndicate?
Class A shares $5,000 USD each
Class B shares $1,000 USD each

Raise sufficient capital across the international gliding community to include sufficient working capital and fleet renewal for 2 x K21 and maybe 3 x Discus

I know of a great deal of UK pilots especially in the winter who would love to achieve their Bronze / Silver soaring qualifications and FLA and Disney is a perfect location for Europeans to fly to have a bit of winter sun.

I'm happy to organise if there is any interest... Let's focus on gliding, not the stuff that is not very important and should be left to lawyers?

I come in peace!

Cheers

nick

On Wednesday, September 11, 2019 at 7:14:03 AM UTC-7, Hal wrote:
Tell us more about the proposed deal! If the selling price is $3 million, and we allow for a modest return on investment of 5%, then the operation must return $150000 per year.

How much additional investment is needed to renew the fleet?
What are the yearly operating costs?
What is the yearly revenue?
Would investors participate with more modest expectations of financial return?

History says that Seminole Lake Gliderport can be operated as a modestly profitable and stable business and as an asset to the global soaring community. However, Knut and Ingrid Kjenslie never had to service a $3 million loan!



On Tuesday, September 10, 2019 at 12:56:13 PM UTC-4, wrote:
Ignoring all of the issues around the current owner, surely the focus of the conversation is around maintaining and improving an excellent Gliderport / Gliding site that can benefit both the international visiting community to Disney as well as US pilots that like the winter sunshine?

I personally would leave it to the lawyers to resolve and ensure clear title can be achieved and ensure the money is in escrow and not handed over until free and clear title is in hand.

So getting back to the sale of the gliderport - how about an international syndicate?
Class A shares $5,000 USD each
Class B shares $1,000 USD each

Raise sufficient capital across the international gliding community to include sufficient working capital and fleet renewal for 2 x K21 and maybe 3 x Discus

I know of a great deal of UK pilots especially in the winter who would love to achieve their Bronze / Silver soaring qualifications and FLA and Disney is a perfect location for Europeans to fly to have a bit of winter sun..

I'm happy to organise if there is any interest... Let's focus on gliding, not the stuff that is not very important and should be left to lawyers?

I come in peace!

Cheers

nick

Just because they are asking $3M doesn't mean it's worth that. Make them hire a business valuation expert that can make a realistic assessment of its true value. This would include opening the books for, at least, the last 3 years of operation. Would the same guy (Rich) continue as manager (this is a critical issue)? And don't EVER fall in love with an investment - be willing to walk away if it doesn't make total sense.

Tom