exitmusic

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exitmusic last won the day on February 20

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  1. Again -- who taught you corporate law?! A corporation literally cannot exist without having a board of directors in place. It's a legal impossibility. If a corporation has no board, there is literally no corporation. The way you start a corporation -- and we know now that they have not -- is to file the Articles of Incorporation with the relevant state Secretary of State. In those Articles, you are required to name the initial board of directors. There is no way around this. What we have here is a loosely associated group of people with a "plan" that they won't share, who seem to be repeating past mistakes.
  2. Denise Bonfiglio literally said last night that they were not.
  3. They decidedly did not raise a ton of money last year. They didn't even have the money to buy horns this year. A generous person bought the horns from Yamaha and is lending them to the corps for the summer.
  4. but why wasn't the board already in place?! that alone makes me think this is a bit of a banana republic. one of the main criticisms that haunted GH was that the board worked for him (and enabled him), rather than the correct way around. if you're gonna start fresh, DO IT RIGHT, and we have not done that.
  5. Recap: Introduce the leadership team - Denise, Justin, Brad, Ron March 31 transition to a new organization 501 c 3 not yet handled but definitely will by March 31 "Most" copyrights to show music have been obtained Guard is 50% contracted Percussion full Brass "down to single-digit holes" Brass knows 33% of the show Things are "going great" WRT the corps and the show Spring training site TBD "95%" of sponsors are "the same;" Denise "can't disclose" the few changes New board TBA March 31 No new fundraising initiatives; same stuff: M&G, Power the Cadets; March-a-thon forms Commentary: What are they doing? In any organization the BOARD is first and the BOARD hires the management team, not the other way around! The managers work FOR THE BOARD. The COO has a "consulting company" that "supports non-profits." Uh.... what? No spring training site?! IT'S LESS THAN 90 DAYS AWAY! I feel exactly zero confidence in donating to this organization which hasn't provided any clear answers about whether it is a non-profit charity or not ####
  6. Because Greg Pych shouldn’t be in charge of anything, even an ice cream stand in July. What a joke.
  7. Do not confuse reorganization (aka bankruptcy) with successor liability, where a creditor sues on a contract.
  8. I have to say... as an alum, the presentation that was made this weekend and live streamed on facebook left me incredibly... disappointed? I feel more pessimistic now about our chances of making it than I did before I saw the video.
  9. You're looking at this the wrong way. YEA ran up some huge bus bills for The Cadets over the past few years. YEA also borrowed a bunch of money from banks over the past few years. Spinning the Cadets out as its own entity does not absolve the new Cadets entity of its liability to pay those debts, to the extent that the new Cadets entity is a "successor" of YEA, which under the law it certainly is. You don't just get to abandon debt by moving a business unit out the back door. If that worked, the law of obligations would not exist.
  10. Not true. A distressed entity doesn't get to just shed assets without paying the debts. The legal concept of successor liability is often applied by courts to the receiving entity where the transfer was effectuated for the purpose of avoiding obligations. In this case, it is likely that YEA can't just jettison The Cadets without The Cadets absorbing any liability, such as old bus bills, etc. And YES, GH absolutely could be so stupid.