IgnatiusJReilly wrote:sinbad wrote:So how does the hlf agreement fit into all this then.......
I'm not sure anyone is particularly bothered... What can the HLF do? the money has been spent, VTTS will be able to demonstrate that the hangar is a work in progress. In extremis, the HLF could make a claim on the airframe, but then what would they do with it?
I'm not sure they would want to advertise the fact that this has gone belly up or that they have no practical means of enforcing the terms of the grant.
Indeed, its difficult to see how the HLF's charge on the airframe of (at the last time we heard) £450K is actually worth anything. Unless they sold her for scrap metal immediately, they would wrack up more in parking fees than she is worth in scrap in no time. The bigger issue is if this grant is defaulted on, the HLF would be much less likely to agree to fund similar aircraft preservation schemes in the future - even non flying ones.
To be fair to the VttTS they could have just ignored the HLF and dropped 558 anywhere they fancied (Bruntingthorpe perhaps!!), and not even tried to fulfil the 80 year educational commitment, but they didnt want to spoil their own changes of applying for a grant for the Canberra or other people's aviation based HLF applications.
Sadly I suspect we'll end up with the worst of all worlds. VttTS insolvent/gone so HLF commitments unfulfilled, and 558 stuck outside at an unsuitable location for public access or even under threat of destruction, with all the money wasted trying to chase unrealistic dreams.