S-H Statement


•	Home
•	Technical Corner
•	Glasair Archives
•	Builder Logs
•	Builder List
•	Image Base
•	File Base
•	Newsletter Archives
•	Builder Hints and Tips
•	Classified Ads
•	Plane Specs and Comparison
•	Aviation Databases
•	Aviation Links
•	What's Hot
•	Events Calendar
•	Contributing Content
•	Member Services

•	Video Base
•	Contact Us

On August 11, 2000, the Bankruptcy Court held a hearing on Stoddard-Hamilton's motion to approve a proposed sale of assets to GlasPlanes, Inc. At the time of the hearing, there was some uncertainty whether Stoddard-Hamilton and GlasPlanes had in fact reached a definitive agreement, and thus some question whether there was a final agreement for the court to approve. The Official Unsecured Creditors' Committee, along with a number of potential purchasers, requested that the hearing be continued to allow more time to evaluate and understand exactly what GlasPlanes was proposing to purchase, and to allow other interested parties to evaluate the assets and decide whether they too would like to make an offer. The Creditors' Committee hopes the continuance will yield other offers and produce (1) the highest price possible for a maximum distribution to Stoddard-Hamilton's creditors, and (2) a viable purchaser who can successfully continue to operate the business and supply parts and kits to customers.

A number of interested parties joined the Committee's request for a continuance, while others asked the court to approve the sale to GlasPlanes. After hearing the arguments in favor and against the GlasPlanes offer, the judge granted a one-week continuance, scheduling the final hearing on the motion for Friday, August 18, 2000, at 1:30 p.m. At that time, the court is likely to approve the highest bid on the table. A number of potential purchasers are in the process of evaluating the assets and determining what they are prepared to offer. Parties with any interest in making a purchase offer should make arrangements ASAP to conduct whatever due diligence review they feel they need.

If you are interested in evaluating the possibility of offering to purchase any of Stoddard-Hamilton's business assets, please contact Mark Bailey, attorney for the Official Unsecured Creditor's Committee, as soon as possible at (206) 622-3150 or at markbailey@dwt.com.

Stoddard-Hamilton Aircraft, Inc. is temporarily closed to complete it's reorganization and inventory evaluation. We are planning to be open again soon and look forward to serving you in the very near future.

During the last several weeks, we have been exploring all alternatives for restarting our operations. We are currently completing our inventory and financial information to provide to interested parties. We hope to come up with a plan of action within the next two to three weeks. We thank you all for your patience and support during this difficult time and we hope to be in back in business before Oshkosh supplying parts, kits, etc.

As you all know, the Northwestern EAA Fly-in is scheduled for July 5th thru the 9th. As has been the tradition in the past, the SHAI grounds will be available to all Glasair and Glastar builders for parking, camping, meeting and reuniting. We look forward to seeing every Glasair and Glastar builder and/or owner who can come to SHAI to not only enjoy this great fly-in, but also show his or her support for the continuation of these two aircraft lines. We will have more specific information about our reorganization efforts for you then.

We are planning a question and answer session at the hangar at Stoddard-Hamilton Aircraft, Inc. facilities on Saturday July 8th at 9:00 AM. Bring a chair if you like. Weather permitting we will either meet on the grass outside or in the hangar. We will do our best to answer your questions and concerns at this time. There also will be a builders banquet on Saturday the 8th at the EAA Fly-In Hangar at 6:00 PM on the west side of the field.

As you all know, the Northwestern EAA Fly-in is scheduled for July 5th thru the 9th. As has been the tradition in the past, the SHAI facilities will be available to all Glasair and Glastar builders for parking, camping, meeting and reuniting. We look forward to seeing every Glasair and Glastar builder and/or owner who can come to SHAI to not only enjoy this great fly-in, but also show his or her support for the continuation of these two aircraft lines. We will have more specific information about our reorganization efforts for you then.

Stoddard-Hamilton Aircraft, Inc. is temporarily closed to complete it's reorganization and inventory evaluation. We will soon be reopening and look forward to serving you again in the very near future. Thank you and have a great day!

Many of you, I am sure, are wondering what is going on presently. We are still fighting to save Stoddard-Hamilton Aircraft. We continue to talk to interested parties, but nothing solid has materialized yet. I am still hopeful and yet I cannot offer any false hope. I sincerely appreciate the many letters of encouragement I have received from so many of you. The prayers for support have meant a lot. We are definitely battle worn and reaching our limit. The amount of work this has been is beyond measure. By faith I am still trusting the Lord for the best outcome.

Please pray for the customers and vendors that through God's grace they can get their kits and the money owed them, and that the business can continue on in some new form of reorganization. I am still working hard to do this. We have talked to literally hundreds of people. There have been many miracles. I am thankful for these. Continue to pray for Stoddard-Hamilton Aircraft. I am truly sorry for the all the problems this has caused many. As further news becomes available I will update this web site. Again, I appreciate your patience in this situation.

At best this is a most difficult time for everyone affected, the customers who have money on deposit, the vendors who have invoices not yet paid and the employees who have lost their livelihood. The outpouring of support has been tremendous from almost everyone! Of course there are a few who have not helped the situation, but we understand their frustration.

The amount of e-mails, faxes, long nights, analysis, negotiations, research, etc. is overwhelming, but we are making headway! As far as the e-mails and Bills of Sales are concerned we are asking for your patience and will process these as we get the time. People who are ready to fly we intend to process first. If this is the case please clearly let us know this on your request. We only ask that you don’t expect an immediate reply or become upset because they are not processed yesterday. The first onslaught of Bills of Sale requests are finished and awaiting mailing. We have a copy of every request.

Unfortunately, we have not been physically able to process all of the many requests and correspondence. Currently, there is only Julie and myself in the office handling vendors, customers and interested investor parties. We have had sporadic help from some of the employees and this has been greatly appreciated, but it has not been enough lately. The letter that was promised to customers and vendors has been in the works for two weeks now. Half of the vendor letters are still in process.

Our main focus has been on evaluating unsolicited business proposals. Our time is spent gathering financial information, talking with interested parties, analyzing solutions and working with legal and financial counsel to insure all issues are considered. We are doing the best we can to try to get SHAI back on its feet in some new form and this has to be our most important task.

Our plan is to turn this company around for its customers, vendors and employees, but I cannot give you any false hope. For those of you who truly care and wish to see SHAI strong again, we thank you. Again, your patience in getting a reply to your requests is greatly appreciated.

Thank you for the many encouraging comments, proposals and continued support. We are receiving your Bill of Sale requests and will process these in a timely manner. We'll keep you posted. Please stand by for any future developments.

Things are looking up! Thank you for the many encouraging comments and your continued support and patience. We are receiving your Bill of Sale requests and will process these in a timely manner. We cannot sell any parts to customers at this time. Our goal is to fulfill our commitments to our customers and vendors. We'll keep you posted . Thanks for your continued support and prayers.

Stoddard-Hamilton Aircraft, Inc. needs your help. I am writing to you today in sincere earnest to request your prayers and support of Stoddard-Hamilton Aircraft, Inc., its customers and it's vendors. On May 8th the entire staff was laid off. Our doors are currently closed for business. We are reorganizing the company and looking for outside investors/capital to fund a turn-around of Stoddard-Hamilton Aircraft in some new form. The remaining board members are, of course, working for free, being tried to the maximum, and need your prayers for wisdom, focus on developing a new business plan, stamina and, frankly, a miracle. We are standing at the shores of the Red Sea and by faith are awaiting the waters to part. We have nowhere to turn except to ask the Lord to work a miracle. This doesn't imply that we are idly standing by, for we have worked fervently for the last two weeks on a solution. I believe we have one and now are working out the financial and legal details. Several have said we will go bankrupt; I just cannot accept this. I have decided to pick myself up and fight!!! Our products are amazing! Our customers are the best! My new airplane design, by the Lord's will is awesome! They just need a different environment to survive and prosper.

It is easy to sit back and criticize and wonder what went wrong. At this point the past doesn't really matter, what matters now is what we do in the future. The company can be saved and I think we have a solid plan. However, many small details need to be put in place and we will need the trust and cooperation of all our customers and vendors. Many of you know me as a friend and business associate and know that my sincere desire has been to make Stoddard Hamilton Aircraft a success, a company with integrity and a witness of the Lord's grace. Some of you may not hold the same convictions that I do about religious matters, but I am still asking you for your support in whatever capacity that means to you.

We are being slandered on the Internet and in the media by misguided vendors, customers, journalists, etc. I understand their frustration for we have been somewhat quiet, mainly because we have literally been in temporary emotional shock over the possible loss of this business. We are being inundated daily with so many issues. It has been very stressful, but I am not looking for your sympathy for we have disappointed many people. I sincerely apologize for the inconveniences we have caused so many. Bankruptcy, however, is the very last option in my plan. It is a lose/lose for everyone involved, but many do not realize that if they force us into bankruptcy they will never get their kits and the vendors will only get pennies on the dollar. I personally could stand to lose much of my family's worldly possessions. The Lord gives and the Lord can take away, and our lives and possessions are not really ours in the grand scheme of things. I trust him for the outcome in this.

We have counseled with legal experts, financial wizards, etc. and now are actively pursuing investors. We have found seven interested parties so far. The Stoddard-Hamilton web site is our current means of disseminating information to our customers and vendors.

Again, I sincerely cherish your prayers and support. I truly believe there are workable profitable solutions to this temporary situation. There is a silver lining in every cloud and with every problem an opportunity arises. By faith, I am confidently looking forward to a successful future for our customers, vendors and employees. Thank you in advance for your prayers and support.