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Bob_anderson
Joined: 31 Mar 2008
Posts: 17
Location: Atlanta
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 Posted: Tue Apr 01, 2008 7:22 am Post subject: CZAW aircraft company is going bankrupt. Can Chip Erwin get |
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People need to know the facts. You may remember that Chip Erwin started a company in the Czech Republic years ago called "Nextair". Chip got funding from banks, who lost everything as the company went bankrupt. When Nextair did go bankrupt, he left the company and purchased the assets at less than 10 cents on the dollar. It seems that now he is doing it again. Slavia Capital is the main shareholder of CZAW.
But don't take it from me. Here is the contact info for Slavia Capital.
Frank Nosek
Investment Banking / Director
SLAVIA CAPITAL Praha
Rytirska 13
110 00 Praha 1
Tel.: +420 221 181 062
Fax: +420 221 181 068
Mob.: +420 605 228 570
fnosek(at)slaviacapital.com
www.slaviacapital.com
Ownership of Czech Aircraft Works.
49,45 % of the CZAW owns SLAVIA CAPITAL AERO (SC AERO) LIMITED
Road Town, Tortola, P.O.Box 3161, R.G.Hodge Plaza Virgin Islands
45,15 % owns AIRCRAFT ENTERPRISES LTD., 23,275
Belize City, Albert Street 99
Belize
Note that this is the above company that Chip Erwin owns. He is already hiding his assets in Belize.
5,40% owns Trihold Limited, 64498
1066 Nicosia, Margarita House, Themistokli Dervi Str. 15
Kyper
Here is an official press release from CZAW.
Hello.
I’ve included below the full text of the release written today by Sport Aircraft Works, regarding the March 27 filing by part-owner Slavia Capital. As is always the case, there is a story behind the story, and SAW is explaining its view of the circumstances.
It is good for us to note that shipments have escalated and continue, setting records for both February and March 2008, and that US deposits are held in the US; customer exposure seems to be minimized by prudent work by CZAW and the US Distributor, Sport Aircraft Works.
Danny Defelici (President, SAW) also assures me that he has made no changes in his plans to attend Sun ‘n Fun.
This kind of filing is never good news; but in this case it doesn’t look too bad, either. Do your homework (Czech laws differ from those of many other countries) before putting forward some of the wilder comments they’ve already heard.
This distribution has been delayed deliberately, to allow the company to make contact with customers, first.
Tim Kern
Tim Kern INK / 121five.com
PO Box 30
Anderson, IN 46015-0030
USA
863-651-6095
Below is the verbatim press release.
We feel that it’s important for you to know the facts about the current situation at Czech Aircraft Works.
Here is a brief history from our point of view.
• IN 2006 CZECH AIRCRAFT WORKS (CZAW) TOOK ON AN INVESTMENT PARTNER FOR 49% OF THE OUTSTANDING STOCK FOR THEIR PRODUCTION EXPANSION AND PURCHASE OF NEW FACILITY. THIS INVESTMENT CAME FROM SLAVIA CAPITAL (SC), SLOVAKIA BASED INVESTMENT FIRM.
• AFTER INITIAL HONEYMOON SC DECIDED THAT CHIP ERWIN’S (CZAW CEO) MANAGEMENT WAS NOT TO THEIR LIKING AND THEY PROMPTLY TOOK OVER CONTROL OF THE FACTORY. THE PERSONNEL THAT THEY PUT IN PLACE HAD NO AVIATION BACKGROUND AND BASICALLY STRIPPED THE COMPANY OF VALUED WORKERS BY FIRING THE BEST ONES. (I believe that the investors have a very different opinion on this)
• NOW IT’S CLEAR THAT DURING 2007 THE MANAGEMENT TOOK EVERY OPPORTUNITY TO MAKE THE WRONG DECISIONS AND RUN THE COMPANY FINANCIALLY INTO THE GROUND. TOWARDS THE END OF 2007 SC DECIDED THE COMPANY NEEDED ADDITIONAL FUNDS AND OFFERED GREATER DILUTION AT UNFAVORABLE TERMS TO THE EXISTING SHAREHOLDERS. CHIP ERWIN (PARTIAL OWNER) TOGETHER WITH THE REST OF THE SHAREHOLDERS REFUSED THIS OFFER AND CHIP TOOK CONTROL OVER THE FACTORY AGAIN. (Hard to believe that an investor would want to devalue his investment. I think that an investor would want to make the company more valuable so that the value of the investment would go up). Hard to believe that management would want to run the company into the ground as that is not a good way to protect your job and investment).
• AT THE SAME TIME SC STARTED A CAMPAIGN TO DISCOURAGE CZAW VENDORS FROM SELLING EQUIPMENT TO THEM AND SPREADING RUMORS OF IMMINENT BANKRUPTCY. ALTHOUGH THIS CAMPAIGN WAS DETRIMENTAL TO THE COMPANY, CHIP ERWIN WAS ABLE TO CONTINUE GROWING THE COMPANY OUT OF THE MESS THAT WAS CREATED. (Again, hard to believe that investors and management would want to hurt the company. Seems that Chip Erwin did not get along with anyone).
• IN THE BEGINNING OF 2008 FOR THE FIRST 3 MONTHS CHIP ERWIN PROVED THE COMPANY WAS VIABLE BY RUNNING THE COMPANY ON CASH FLOW WHILE PAYING SUBSTANTIAL LIABILITIES DOWN AT THE SAME TIME. THIS DEMONSTRATES THAT THE COMPANY IS VIABLE GOING FORWARD AND IS NOT INSOLVENT OR NEEDS BANKRUPTCY PROTECTION. (Not paying debt and vendor obligations is not a way to run a company. CZAW owes a lot of money to vendors and investors. )
• SC, THROUGH THEIR COLLABORATION WITH AN [AFFILIATED?] COLLECTION AGENCY, PETITIONED THE CZECH COURTS FOR BANKRUPTCY AND/OR RESTRUCTURING ON MARCH 27, 2008. IN OUR VIEW THIS WAS ANOTHER DIRTY TACTIC TO MAKE THE SHAREHOLDERS CAPITULATE IN GIVING UP FULL CONTROL OF A VIABLE COMPANY TO MINORITY SHAREHOLDER (SC). (Chip management style does not work well with others. I just does not make sense for a major investor to want to bankrupt a company. SC. It is Chip that wants to get rid of SC so that he can have it all to himself. He did this very well with Nextair years ago. Chip is hoping to purchase the assets of CZAW for almost nothing after it goes bankrupt. He will than have everything to himself which will include the aircraft designs, inventory and factory. Not a bad deal!!)
How does this affect us?
• IT’S CHIP’S UNDERSTANDING THAT IT TAKES 14 DAYS FOR THE BANK TO COMMENT ON THE RESTRUCTURING PETITION, AT WHICH TIME THE COURTS WILL DECIDE WHICH WAY TO GO. IT’S PROVEN FROM OUR FIRST THREE MONTHS OF 2008 THAT WE ARE VIABLE AND WE WILL PETITION THE COURT (IF IT GOES THIS FAR) TO CONTINUE OPERATING AS USUAL UNDER THE COURTS’ PROTECTION. THIS ACTUALLY WOULD BE GOOD FOR CZAW AS IT PROTECTS THEM FROM THEIR OWN INVESTMENT PARTNER. (I would say that Chip knows better than anyone on how the bankrupt laws work in the Czech Rep.)
• DELIVERIES SHOULD CONTINUE AS PLANNED. EVEN UNDER RESTRUCTURING THE COMPANY CONTINUES TO RUN AND MANUFACTURE. WE HAVE HAD TWO STRONG MONTHS (FEBRUARY AND MARCH 0 OF AIRCRAFT DELIVERIES WITH A TOTAL OF 16 AIRPLANES DELIVERED (CZAW SHIPPED 20 TOTAL IN MARCH).
And just to reassure all our customers, we keep all of the deposits on this side of Atlantic. (how do we know that this is true???
To sum this up Chip Erwin has been using all of his resources (what resources? He has no money!) and energy to resolve the problems with Slavia Capital and continue to deliver one of the best LSA aircraft on the market.
Thank you for your continuing support.
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Bob_anderson
Joined: 31 Mar 2008
Posts: 17
Location: Atlanta
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| Posted: Tue Jun 17, 2008 6:32 am Post subject: Re: CZAW aircraft company is going bankrupt. Can Chip Erwin |
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AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
Letter 01
AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
Krajsky soud v Brne
Husova 15
601 95 Brno
Czech Republic
23 May 2008
Dear Sir,
Re: CZAW in liquidation
CASE FILE No. KSBR 44 INS 1207/2008
My name is Leonardo da Costa Sayago and I am the Managing Director and owner of
Aeromarine Lda.
Mr. Erwin offered to sell me 9% of CZAW for the sum of $800,000, but my financial advisers told
me not to invest.
A little later in the middle of 2006 I was given exclusive distribution rights to all products of
CZAW for Portugal and Spain (Atlantic to a meridian passing through the centre of Madrid).
For these rights Mr. Erwin convinced me to send CZAW the sum of $300,100, as a prepayment
of 5 Sportcruisers and deposits on 5 Sportcruisers and 1 Mermaid. This order was increased to
15 Sportcruisers and another $50,000 was sent. Deliveries were promised at a rate of 2 per
month starting March 2007.
In about May 2007 I visited the factory to see my planes and in the presence of Mr. John Mohr
Mr Erwin told me ”Why should I supply you the planes that you have already paid for, just send
another $300,000 “.
He proceeded to steal my order OC 3984 and sold it to a client of mine. I said “you have from
Aeromarine nearly $50,000 on this plane and now you are going to receive $75,000 from my
client. Do you want to be paid twice for the same plane? He replied, “What a good idea for my
cash flow “. My $15,000 commission was never paid and he refused to even discuss it.
He also sold another plane to one of my clients, Mr. Pereira, and contrary to our written
agreement he refused to pay my company around $25 000 due on the transaction.
Mr Erwin holds $70,000 in deposits, approximately $40,000 in unpaid commissions, $2,000 in
warranty work on faulty planes which we did not claim as we knew that he had been insolvent
for some time.
After many false promises of delivery, he signed new contracts, now for 7 planes in lieu of 8
outstanding (the stolen OC3984 he does not want to honour) .Deliveries were to start in Feb
2008.But as usual absolutely no deliveries were made. .Recently he promised to refund my
deposits. I asked that he build me one plane. He wrote a document in front of Mr. Robert Miller,
Managing Director, Aeromarine UK Ltd confirming the transfer of my deposits as payment in full
for a plane OC3988 which was to be delivered at the end of April. This plane has been in the
assembly line for 3 months but remains in the same state as the day the document was signed.
AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
Mr Erwin’s response when asked why it had not progressed was “why should I deliver it when it
has already been paid in full”.
I am a 64 year old Naval Architect. I have been in business since 1967. I have dealt with many
businesses from all over the World and I have NEVER come across anybody capable of so
much prevarication, fraud, lies, deception. I know this gentleman has been involved with other
companies that have gone bankrupt and by all accounts he has been able to buy them back
and continue to rob clients of their hard earned cash. I hope this will not happen on this
occasion. I am $112,000 short and he plainly refuses to deliver my goods.
Having sold me the rights to sell in Portugal and Spain he has taken a considerable amount of
my money and failed to supply the goods. I understand he has now given those rights to
another company. I consider this as the worst type of immoral behaviour.
Yours Faithfully
Leonardo da Sayago
C.Eng. FRINA
Managing Director
AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
Letter 02
AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
Kunovice 27th May 2008
Dear Sir,
CHIP ERWIN CAUGHT RED HANDED STEALING AIRCRAFT
Further to my letter of the 23rd of May, I decided to visit Mr. Erwin at CZAW to
collect my fully paid sportcruiser OC3989 (in error referred to OC3988 as I wrote from
the U.K. from memory), first contracted for delivery in middle 2007, then with written
contract for February 2008 and later for April 2008.
To my enormous surprise I found my aircraft OC3989 now being built for a new
client from HUNGARY, although Mr. Erwin did forget to change serial number,
original markings “3989 – RFT PORTUGAL” as can be seen on photograph enclosed.
Exibit 1.
I enclose photo taken on the 18th of March of the same plane with a client on the
background showing clearly whose aircraft this OC3989 is. Exibit 2.
For the avoidance of doubt I enclose several other photos clearly showing the aircraft
being switched from Aeromarine to a new client in Hungary. Mr. Erwin did not even
bother to charge the identity of our OC3989 serial No. 700725.
Already on OC3987 & OC3988 Aeromarine was asked to send extra funds so that
CZAW could buy engines and other fittings with the absolute promise that these items
bought with the extra $ 50.000 would be used for our aircraft. They were not used as
promised. Mr. Václav Kížek, than head of production, did promise me that as soon as
the items came into stock they would go to my 2 planes. After they were fitted Mr.
Erwin ordered him to take them off my 2 aircraft and fit them to other aircraft.
I just found out that without my knowledge and permission he has incorporated an
offshore company named “Aeromarine Consulting” probably with the aim of avoiding
taxes due in the Czech Republic.
AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
The funds I have in CZAW are important to me as they are part of my Pension Fund.
I do hope you will not allow Mr. Erwin to consummate his theft of our aircraft and
determine this should be handed over to us immediately.
Yours faithfully
For Aeromarine lda
Leonardo Sayago
Managing director
P.S. Today is the 28th May 2008 and I am reliably informed that at 15.50 a lorry Reg.
No. KAP-089 driver Mr. Hadinger Passport No. 5214801A left the factory with my
fully paid aircraft OC3989 to a destination in Hungary!
AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
Letter 03
AEROMARINE, Lda Contribuinte nº 507 349 253
Av. Sabóia 401 A - 2765-278 M. Estoril –Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
Kunovice 31st of May 2008
Ref. case file No KSBR 44 INS 1207/2008
Dear Sir,
CHIP ERWIN UNREPENTANT AFTER THEFT OF OC 3989
I was able to meet yesterday Mr. Erwin who did not think it was wrong to sell my
fully paid aircraft OC 3989 RTF PORTUGAL originally for delivery middle 2007, then
contracted for February 2008, then promised for April 2008 and just sold again to
another owner in Hungary and shipped on the 28th of May at 15.50 hours. The local
Police could not act.
The terms for the supply of 2 Kits are on document dated 30th of May. The alteration
in my handwriting were crossed by Chip Erwin. He made it clear to me that I sign what
he wanted or go home with nothing at all. ‘DURESS’ is the right word for this situation.
The former chief engineer of CZAW advised me the equipment collected is worth at
best US $ 30 000 but quite useless as CZAW will not supply essential parts not
available outside the factory.
The credit in my company’s favour was US $ 112 000 and I have been given goods
worth US $ 30 000.This is how Mr. Erwin conducts business. I should consider myself
lucky I did not loose my US $ 350 100 initial payment because I now understand he was
already insolvent at that time but talking to him nobody would imagine that. I’m sure
there are agents much worse off than myself. A different idea of ‘business ethics’.
Yours faithfully
For Aeromarine lda
Leonardo Sayago
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bryanmmartin
Joined: 10 Jan 2006
Posts: 1018
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| Posted: Tue Jun 17, 2008 9:02 am Post subject: CZAW aircraft company is going bankrupt. Can Chip Erwin get |
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So why do you think any of this is relevant to this list? Zenith and
CZAW terminated their business relationship quite a while ago.
On Jun 17, 2008, at 10:32 AM, Bob_anderson wrote:
| Quote: |
>
AEROMARINE, Lda Contribuinte n 507 349 253
Av. Sabia 401 A - 2765-278 M. Estoril Tel/Fax 242-901234 Email:aeromarine(at)clix.pt
A whole lot of superfluous bulls**t snipped...
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Bryan Martin
N61BM, CH 601 XL,
RAM Subaru, Stratus redrive.
do not archive.
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_________________
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Bryan Martin
N61BM, CH 601 XL, Stratus Subaru.
do not archive. |
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Bob_anderson
Joined: 31 Mar 2008
Posts: 17
Location: Atlanta
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| Posted: Thu Oct 09, 2008 8:09 am Post subject: Re: CZAW aircraft company is going bankrupt. Can Chip Erwin |
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Finance department confirmed that from Sept 4 CZAW is published on insolvent registry of the Czech Court official web site
Final decision about the destiny of the company should be done in December by the Court.
I have been warning people about this, so I do hope that Chip Erwin has not taken more money from others. I am writing about this because the USA aviation press is not. So don't take it out on me.
Link:
www.justice.cz - type in "Czech Aircraft Works"
or
https://isir.justice.cz/isir/ueu/vysledek_lustrace.do?nazev_osoby=Czech+Aircraft+Works&jmeno_osoby=&ic=&datum_narozeni=&rc=&mesto=&cislo_senatu=&bc_vec=&rocnik=&id_osoby_puvodce=&druh_stav_konkursu=&datum_stav_od=&datum_stav_do=&aktualnost=AKTUALNI_I_UKONCENA&druh_kod_udalost=&datum_akce_od=&datum_akce_do=&nazev_osoby_f=&nazev_osoby_spravce=&rowsAtOnce=50
a copy in czech language:
Příjmení/název: Czech Aircraft Works
Údaje platné ke dni: 09.10.2008 - 15.46
POČET NALEZENÝCH DLUŽNÍKŮ 1
1 / 1
Detail Obchodní rejstřík
Spisová značka: KSBR 27 INS 1207 / 2008 vedená u Krajského soudu v Brně
(reference of the case at Regional Court in Brno )
Jméno/název: CZECH AIRCRAFT WORKS spol. s r.o.
IČ: 25110969
Rodné číslo / Datum nar.: /
Sídlo: Kunovice, Na Záhonech 212, PSČ 686 04
Stav řízení: V úpadku (bankrupt)
V úpadku od: 04.09.200
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pavel569
Joined: 21 Dec 2007
Posts: 77
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| Posted: Thu Oct 09, 2008 8:53 am Post subject: Re: CZAW aircraft company is going bankrupt. Can Chip Erwin |
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Don't get me wrong, it's just my opinion, but I don't have any trust in any company that is fully or partially
registered in countries as Belize. However it can be legal, there is always something stinky about it.
do not archive
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_________________
Pavel
CA
Zodiac 601XL
Stratus Subaru EA-81
Tail, flaps, ailerons, wings, fuselage, canopy done ...
"do not archive"
Last edited by pavel569 on Thu Oct 09, 2008 12:04 pm; edited 1 time in total |
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d.goddard(at)ns.sympatico
Guest
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| Posted: Thu Oct 09, 2008 11:41 am Post subject: CZAW aircraft company is going bankrupt. Can Chip Erwin get |
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How very odd. There are those of us who are looking at almost any company
registered in the USA as being pretty dodgy right now.
Do not archive
---
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