So I was one of those that risked $6k and started a new build on an RV 10 during this whole Chapter 11 upset. Having said that, I didn't order directly from Van's but bought a partially built kit from another builder. But still, it's a risk I took. The company may not survive and chances were that I'd be better off keeping the money in the bank. However, I was willing to take that risk based on some very simple facts:Valid point, I hadn't considered that angle. I think it's going to be pretty thin for a while - folks considering starting a new kit are going to have to get used to the new prices and check their numbers, make sure they still want to do this. On top of that, I personally would wait until Vans exits Chapter 11 successfully before starting a new airplane with them.
Most of the 81% of re-order acceptance people will still be buying future kits, only the re-orders that went to the finish or FWF kits are "done". So Vans knows there is good future income on the table for those folks picking up their final kits. But a whole new airplane being started right now? That's going to be pretty scarce until Ch 11 is over, I think.
- Van's has been around for 50 years.
- They've always had great products with excellent quality. (I previously built and flew an RV 7)
- There's a huge, very loyal community of clients so there was no way people were just going to let them down.
- Biggest creditor was Van's himself and I've always been impressed with his manner, e.g. he's humble, non-flashy, community orientated, and seems to be beyond reproach. (unlike some politicians I won't name)
- Van's was also the first to put down a credit line for the company, which told me he was willing to stand by it.