Just recently happened across the EAC blog, and because I know some of the senior folks at E-clips, elected to read through all of the posts. I have been a GA pilot and aircraft owner for 40 years, and a private equity investor for the last 20 years.
Despite my connections at E-clips, I cannot offer compelling arguments against the bulk of the criticism posted here. In fact, many of these same ideas have occured to me as I did my own informal due diligence on the Company periodically over the last 8 years.
Occasionally, a company in deep trouble is able to pull back from the brink (usually as a result of a just-in-time financing, such as at FedEx in the early days) but this is rare.
Management appears to be engaging in a very troubling pattern of deception/misrepresentation going back almost to the inception of the Company. This is characteristic of what is called by some grandiose entrepreneur syndrome, something we see frequently to varing degrees in the private equity business.
While I wish the Company well, the currently available information suggests a less than happy outcome. In any event, this story has the ingredients for a best seller book 2-3 years from now.
Grandisose:Psychiatry. having an exaggerated belief in one's importance, sometimes reaching delusional proportions, and occurring as a common symptom of mental illnesses, as manic disorder.