3.1 Million at least.....
Found this here:
http://www.star-gazette.com/apps/pbcs.d ... 24001/1001
Museum sells Fuddy Duddy
Wings of Eagles says sale takes away $3.1M debt.
By JEFF MURRAY
Star-Gazette
jmurray@stargazette.com
December 24, 2005
Online
Wings of Eagles Discovery Center:
www.warplane.org
BIG FLATS — The Wings of Eagles Discovery Center announced Friday that it has sold its B-17 bomber, the Fuddy Duddy, and is now debt-free.
The plane, the most recognizable asset of the former National Warplane Museum, was put up for sale in the summer after museum officials realized they couldn’t hang on to the warbird and still survive financially.
The museum has been saddled with more than $3 million in debt since it moved in 1998 from Geneseo to Big Flats where it sits next to the Elmira-Corning Regional Airport.
That debt has prevented the museum from raising funds and introducing new programs, officials said. Trustees agonized over the decision to let their prized possession go.
“It’s an historic moment for the future of the organization, but it really gnaws at you,” said Dr. Lynn Smaha, Wings of Eagles board of trustees president. “It’s sort of like sending one of your kids off to college.”
Fuddy Duddy’s new owner is Martin Aviation, an aircraft maintenance company based in Orange County, Calif.
Wings of Eagles Executive Director Mike Hall wouldn’t disclose the terms of the sale but said it is enough to wipe out the museum’s $3.1 million debt. That advantage outweighed the emotional attachment many people have to the B-17, Hall said.
“It tears your heart out to do this. I loved that airplane and learned so much from it,” Hall said. “If you go to raise funds, the first question is always ‘Let’s see your balance sheet,’ and ‘Why haven’t you straightened out your business?’ When that plane was a successful part of this business, it was a different time and a different place.”
The sale of the B-17 bomber not only enables the Wings of Eagles to raise funds more effectively but also means the museum can finally complete its transition from repository for vintage warplanes to general aviation museum and educational resource, Hall said.
“We’re now ready to lay a brick path to the future over a broader spectrum of aerospace issues, from Glenn Curtiss to Schweizer Aircraft on up through the Hubble space telescope and its connection to Corning Inc. and the space shuttle with Eileen Collins,” he said.
“We intend to now be able to develop our collection in concert with our two themes, inspiration and knowledge. One way to look at that is to say that Fuddy’s last act of service to this organization is to empower the future.”
The museum wanted a buyer that would preserve the B-17 and show it off to the public in a way the Wings of Eagles couldn’t, Hall said. Martin Aviation fit that bill, he said.
The plane was delivered to California earlier this week.
“We love warbirds. We also have an A-26 and a B-25 bomber,” said Martin Aviation President Pat Kenna.
“Our primary business is aircraft maintenance, but we have a deep interest in warbirds and would like to perpetuate the history of the aircraft. We just got (Fuddy Duddy) in Wednesday, and we had 200 people go through it already. Of course we don’t charge for it. It’s more of a labor of love.”
The museum came close to selling Fuddy Duddy once before. The former National Warplane Museum was forced to close in September 2001 because of ongoing financial problems. The museum reopened in April 2002 and considered selling the B-17 to help pay off the debt, but a $1 million state grant helped avert the sale.
Many people close to the museum have mixed feelings about the sale of Fuddy Duddy, but they recognize Wings of Eagles probably wouldn’t have survived otherwise.
“It was a terrible decision we had to make, but it was either that or get out of the business,” said longtime museum volunteer and trustee Lee Robbins of Horseheads.
“We had to get out of debt. This is going to be a real downer for a bunch of volunteers and members, but I hope if they are given the facts correctly, they will understand. There are so many new directions we can go. I think the future is very exciting.”
Chemung County lobbied hard to attract the National Warplane Museum from Geneseo to the Southern Tier, and county officials also worked closely with the board to reopen the museum after it closed in 2001.
The sale of Fuddy Duddy was an unfortunate necessity, but one that was a long time coming, said Chemung County Executive Tom Santulli.
“When the museum was built, it secured substantial debt. Revenues weren’t able to sustain that debt. With the sale of the B-17, the museum is now debt-free,” Santulli said.
“This was their ticket to the future. Now, they can fulfill their vision to become more than a warplane museum, but to become an air museum and a teaching facility. It really ensures their life. Now it’s up to them.”
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