Hi Maury:

Well, a lot of beer has passed through, under and over the dam since I
stored the information in my memory, so I cannot guarantee accuracy.

I should preface my comments with a note that I am a lawyer, so I would have
paid a bit more attention than most, probably, and the fact that it is hazy
is pretty much an assurance that there was no direct communication or
written representation that I relied upon.

I know at some point there was a newsletter that did mention the funds would
be in escrow. But, I am not certain whether it was before or after I
purchased my kit. I knew the whole thing was not the best investment, and I
knew I was providing the funds to pay for the kits and that I might lose the
money - but the whole idea of a kit airplane seemed to be a good idea and it
was my way of encouraging such kit airplanes. That the idea was a success
is proved by the many successful kit built airplanes.

I did not come out too bad on the whole venture. Although I did not get the
engine and transmission that I paid for, I did build the rest of the
airplane. When I realized the engine was questionable, and that with this
particular design a less than perfect engine was a hazard, I donated it to
the local community college, where a number of college students got to work
on it. Because the company was still in business, I took the full amount of
the purchase price, and a lot of clecos, as a charitable deduction. So, the
government taxpayers helped fund about 40% of the my loss.

Frankly, it was not the worst investment I ever made, and Bede had honorable
intentions.

Colin