I'm 99.9% certain Cat will not go broke but with the global mining and oil / gas economy now taking a dive big time the sale of new machines and parts will obviously change dramatically downwards, dividends are only paid on actual profit not potential, so there is no point using historical data to forecast where the dividend might be in 2016 and 2017 if a company is in survival mode, yes, the shares might have increased in value if nothing happened to the world economy but that would still not have supported the decision to put all our eggs into that one investment basket. Let me give you another good example, our 2 Australian Directors Lance and Trish could have suggested at that time ACMOC put the money into a Cash Deposit here in an Australian Bank like the old and secure Commonwealth Bank who have branches in the USA, money up to $1,000,000 is guaranteed safe by the Government and interest rates have been up to 4.8% in recent years (right now 2.8%) on even just 90 day deposits, plus the Australian dollar has devalued by 30% against the greenback in that time so the $US200,000 would be worth about $US270,000 plus interest right now, in just over 18 months, but would I have suggested they do that with the entire $200,000, no, but for the sake of this discussion it could have been part of the risk spread, for example just a $20,000 parcel, because money sitting in a good Bank is a lot more secure for a non profit like ACMOC that I'm assuming operates under different laws to private companies.
I think the ACMOC Board possibly believe probably not too much is wrong right now and that most the decisions taken in the past couple of years have turned the ship away from the rocks, and that discussions like this are a kick in the guts after all the hard work they have put in, so that is why I'm being positive and throwing up ideas for discussion like the Technical Library once again, just like we did a few years back, and that Old Magnet did 10 years back, because it was agreed by everyone we needed to act on it ASAP to save the collections held in private hands by Eddie Bedwell here in Australia and Old Magnet in the USA, plus other smaller collections held by others. We are already losing access to this vital resource because Eddie and Pete keep telling us they are sick and tired of uploading the same info to the same questions every few months, sick and tired, now I've been listening to them, but have the entire Board because I suspect only one or 2 Directors actually visit this Bulletin Board regularly and they rely on Garlic Pete to be the only communication link, so it is absolutely critical in my mind we get a questionaire drafted up so that our 2,800 financial members can provide their thoughts and opinions on how they want the Club to be run and where we want to be in 5 years time.
99.9% of our Financial Members say nothing either here on the Bulletin Board or via the magazine yet they all have opinions, and I'm going to guess only about 15% of those Financial Members are active members of Chapters, let's say about 300 people worldwide attend Chapter meetings on a regular basis, so that leaves 85% of our Financial Members with no voice, but more importantly no sense of ownership, and I think that is why we, meaning the Club, struggle to find even one candidate to step up and offer to become a Director, as was the case with our latest vacant seat of Lance Jones. I've said it plenty of times already that I think we are lucky to have the many great volunteers step up and offer to serve as Directors and Committee members, all I've been trying to say here the past 41 pages is that we need to help them better in deciding where we go from here.
To get off that topic for a second I was thinking about Joe Black who I believe set up this ACMOC Bulletin Board originally, I'm a member of another antique Cat Forum he owns and runs called ACME and I believe he has a couple of other Forums he owns, I was wondering if he is the Expert we could ask for advice on how to evolve this Forum and create the Technical Library once we have the BOD onside, I know he works in the aircraft industry now but is obviously no dummy around computers and software, and more importantly he is a old Cat person.
Anyway, they are my thoughts for now, I appreciate everyone chiming in as this can only help our Directors who use this Forum like Garlic Pete and B4D2 with their decision making.
Regards
Mike