Phantom Regiment Puts Debt Behind It, Looks Toward Future
As many of you are aware, Phantom Regiment has struggled financially over the years. At the start of the millennium, the organization needed a consolidation loan to stay afloat. Unfortunately, we had difficulty with principal payments and in 2003, it was turned over for collection. The board of directors has been attempting to resolve the issue for several years.
And now the good news: The day before Thanksgiving, Phantom Regiment reached a settlement with the note-holder for a fraction of the amount that was owed, reducing our liability from $470,000 to $122,000. Even better news is that the board of directors and several donors have already paid the majority of that $122,000.
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