Financial Dispute and Unjust Exit Terms
At 8:05 in
GROUNDED! Airplane Partnership is DONE! | True Story of Greed v/s Friendship
What happens here
Upon expressing his desire to leave, the original owner of the plane (referred to as Ricky), who purchased the plane in 1972, initially refused to let the new, fifth partner buy out his share at its current value of $31,875. Ricky insisted that the speaker would only receive his initial $22,500 investment back, completely disregarding the additional $7,000 the speaker contributed towards painting the plane (which the other partners hadn't wanted to pay for) and the appreciation in value from the upgrades. The speaker tried to negotiate, offering to settle for $24,000 (keeping $1,500 for the paint contribution), but Ricky remained steadfast and belligerent, stating that the extra money was 'his money' and that the speaker would be 'lucky' to get his initial investment back. This highlights a critical lack of formal agreements regarding asset valuation and partner buyouts within the partnership.
Goal: Illustrate the financial injustice faced by the speaker due to informal agreements.
Tools and materials
- Cash Investment N/A — Initial investment in the plane
- Paint Work Contribution N/A — His share of the cost to repaint the airplane
What they say
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What they say
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