Position deposit insurance??

Have any of you Cirrus customers found a way to insure your $15,000 deposit against risk of loss in the event Cirrus was to go under? I understand the $15K is held as an asset of the company and not in an escrow account. – Many Thanks.

Have any of you Cirrus customers found a way to insure your $15,000 deposit against risk of loss in the event Cirrus was to go under? I understand the $15K is held as an asset of the company and not in an escrow account. – Many Thanks.

Trust me…I wouldn’t worry about them going under…if worse came to worse they could have an IPO…with over 500 orders on the books Wall Street would be clawing to get a piece of this company…IMO.

Although public financing probably is a ways off…It would be there if they needed it.

Have any of you Cirrus customers found a way to insure your $15,000 deposit against risk of loss in the event Cirrus was to go under? I understand the $15K is held as an asset of the company and not in an escrow account. – Many Thanks.

Trust me…I wouldn’t worry about them going under…if worse came to worse they could have an IPO…with over 500 orders on the books Wall Street would be clawing to get a piece of this company…IMO.

Although public financing probably is a ways off…It would be there if they needed it.

Check this out …this is from December…

Cirrus Design receives $5 million loan
Ian Swanson

12/15/1999
Grand Forks Herald
Page 1A
Copyright © 1999 Bell & Howell Information and Learning Company. All rights reserved. Copyright Grand Forks Herald Inc. Dec 15, 1999

Cirrus Design plans to hire up to 50 new employees at its Grand Forks plant by the end of 2000 to speed production of its single-engine airplanes from one plane a week to one plane a day.

On Tuesday, the company announced it would use a $5 million loan guaranteed by the U.S. Department of Agriculture Rural Development to buy machinery and equipment and hire new workers to build airplanes. The lender is US Bank.

“Without these programs, companies like ours couldn’t exist,” said Bill King, Cirrus’ vice president of business. King said Cirrus’ next job is to hire more people to put its planes together at a faster pace.

Of Grand Forks, he said, “We’re excited about being here because it’s a talented work pool and people want to work.”

King said Cirrus has a backlog of 446 plane orders worth about $80 million. If you ordered a plane from the company today, King said, you’d probably wait for it until 2001.

A plane a day

But with the loan, King said, the company hopes to step up production from one plane a week to one plane a day by the end of 2001.

The company is already hiring new employees, King said. The USDA Rural Development guaranteed loan will be used to help Cirrus hire and train employees. Employees in Grand Forks manufacture a variety of parts for the planes, which are later assembled in Duluth. In the future, more parts will be built in Grand Forks.

Employees at the Grand Forks plant start at $8 an hour, with benefits, and top out at $13 per hour. Dave Dickson, the manager of Grand Forks operations for Cirrus, said the company has a meritpay system, so employees can increase their salaries at a steady pace.

Duluth-based Cirrus moved into a building in Grand Forks’ Industrial Park in 1997. It currently has 44 employees in Grand Forks and 325 overall.

In 1994, the company introduced the SR20, a four-seat, single-engine airplane that weighs 1,950 pounds. It is modeled after a luxury car and is designed as a personal transportation vehicle.

Cirrus began producing the plane in April 1997 in Duluth, and the first production prototype made its maiden flight in January 1998. The company delivered its first SR20 last July. The SR20’s price starts at $179,000.