Robert Novells’ Third Dimension Blog

June 1, 2015

Good Morning and Happy Monday,

If you have followed the 3DB you know that I spent time in Oregon at the Evergreen Museum last year as well as I was given exclusive photos of the Goose in transit to its new home from California. After the death of the owner of Evergreen International there was a question of whether the museum would survive; however, that question is no longer a question and all is well for the museum to move forward. The article below details the specifics.

Have a good week, take care, and fly safe/be safe.

FAVORABLE SOLUTION FROM THE BANKRUPTCY COURT
HELPS TO STABILIZE THE EVERGREEN MUSEUM CAMPUS

(McMinnville, OR – May 29,2015)

The leaders of Evergreen Aviation & Space Museum, the world-famous home to the Howard Hughes “Spruce Goose” aircraft, are pleased to be moving forward after a favorable decision yesterday in the Evergreen Vintage Aircraft, Inc. bankruptcy case.

The Museum itself operates in the black and is not in bankruptcy. But two of the five major buildings on the Museum campus and 25 of the 140 aircraft on display at the Museum are owned by Evergreen Vintage Aircraft, Inc. In December 2014, that entity filed for bankruptcy protection. “The Museum arranged a global mediation in the Vintage proceedings to craft a big-picture solution to ensure the Museum’s future,” said Justin Leonard, part of the Museum attorney team. “We now have that solution.” The comprehensive deal was negotiated over the last few months with over a dozen parties, including secured and unsecured creditors.

The Museum will continue to lease the Waterpark Building and the Space Museum Building from the Michael King Smith Foundation. The two buildings subject to the Evergreen Vintage Aircraft, Inc. bankruptcy – the Aviation Museum Building and the Theater Building – will be sold to a Museum supporter who will lease them back to the Museum.

Out of the 25 aircraft owned by Evergreen Vintage Aircraft, Inc., at least 16 will be purchased by the Museum to add to its own collection, and 6 will be acquired by the Collings Foundation. The Collings Foundation, which flies WWII aircraft around the nation participating in air shows, will restore the 6 aircraft to flying condition so that they can be displayed at air shows around the country. Of the three remaining aircraft, two will be acquired by an investor and left on display at the Museum for the time being.

The court-approved settlement and sale resolves all bankruptcy issues as they relate to the Museum, including all issues with the Delaware bankruptcy trustee in the Evergreen International Aviation, Inc. case. The bankruptcy trustee had asserted claims to the Museum’s assets, including the Spruce Goose. All of the facilities of the Museum, including the Wings & Waves Waterpark, will continue in operation as before.

“I am very pleased that we have a solution which helps us guide our Museum for the future,” said John Rasmussen, President of the Museum Board of Directors. “This global resolution supports the mission of the Museum and clears the Museum and its assets of any such threats.” Rasmussen added, “We have a world-class facility which Oregonians can be very proud of. Resolving the bankruptcy issues with this debt-free
solution ensures a bright future for the heritage which we house here.”

Larry Wood, Executive Director of the Museum, stated, “We know we have a lot of work to do to continue to build our education program and to maintain these beautiful facilities. We have a solid core of staff and 280 docents who are committed to continuing our tradition of excellence. This solution strengthens our prospects for the future.”

About the Evergreen Aviation & Space Museum – The Evergreen Aviation & Space Museum is best known as the home of the world’s
largest wooden flying boat, the “Spruce Goose,” the SR-71 “Blackbird,” and the Titan IISLV Missile. In addition, there are more than 200 historic aircraft, spacecraft and exhibition display, along with artwork and traveling exhibits. The Museum values its educational partnerships, which include the Academy of Model Aeronautics, the NASA JetPropulsion Lab, the Oregon Space Consortium and the Civil Air Patrol Cadet Program.

In June 2011, the Museum opened the Wings & Waves Waterpark, an educational Waterpark that will include ten waterslides, a wave pool and a children’s museum dedicated to teaching students about the power of water. The Museum facility is located at 500 NE Captain Michael King Smith Way, across the highway from the McMinnville Airport and about three miles southeast of McMinnville,Ore., on Highway 18. The Museum is open daily from 9 a.m. to 5 p.m. Regular visitor admission is required. Call 503-434-4185 or visit www.evergreenmuseum.org for more information.

Robert Novell

June 1, 2015