BD-5 historical questions

wrote:
Juan Jimenez wrote:

Not nearly as black and white as you think, particularly when you consider
that those people who placed deposits received substantially what they
ordered (the kits). The BD-5D deposits are another story, I don't know what
happened to those. Nevertheless, the implication is that Jim Bede stole the
escrows. He did not. He came out of the bankruptcy damn near penniless. The
company may not have been managed as well as it should have, but there is
zero evidence anyone's money was stolen. It's that simple.


Escrows are VERY, VERY, VERY black and white!

Oh, please, nothing to do with the law, banks, brokerage houses, etc.,
is ever black and white. How naive.


Matt

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Escrows are VERY, VERY, VERY black and white!

------------snip------------

I'm not so sure of that--especially 30 plus years ago.

There may well have been a difference between escrow
held by a third party (broker) and escrow held directly
by a vendor. Add the fact of many partial deliveries to
the equation and you just get more questions.

Add to all of that, the engine development issues cited
in the Contact! article mentioned earlier in this thread
http://www.prime-mover.org/Engines/T.../contact1.html
(thanks to Bob Kuykendall for posting) and you have
the recipe for pretty much what we remember.

It's really a shame--it was such a neat little airplane!

Remember also, as an example, the debacle of deposits
on new real estate (especially condominiums) just a few
years later ...

Peter

Disclaimer: I am not a lawyer, and don't play one on TV.