Glassmen News?

[gbass598]

Okay, yes, there is this surface answer.

But the truth is that there are many opportunities, some of which i personally furnished, for the corps to begin a process of digging itself out of this position.

The Glassmen brand has considerable valuable to this day within our activity. The boards perpetual inactivity, refusal to engage in serious fundraising opportunities, and general all-around malaise was far more responsible for this than the economic situation that was revealed in the fall of 2012.

There were (and are) many individuals who were thoroughly committed to furthering the organization, if only the board had been willing to engage.

It seems to me that there was compelling motivation to file for bankruptcy all along, and the long slide to this swamp of failure yielded only the "Glassmen Twirlers," an organization rendered by an immediate family member of a board person.

Comparing this with a multi-thousand fundraising opportunity, partnerships with scholastic and charity organizations willing to assist the organization, leaves me with a sick feeling in my stomach.

I am mystified why so little was done in the effort to prevent this ultimate, abysmal fate. The board clamped down, quietly, did next to nothing for two years, and did not actively engage at any point the myriad opportunities that members served up on a silver platter.

Things did not have to end this way. I am mystified as to why the board let it happen. I am mystified as to why more was not done. I am, truthfully, angry and the board for squandering the efforts of hundreds of alumni who created cookbooks, reached out to their resources for the sake of this corps, only to have the board continue to fiddle-fuddle and let a 60 year legacy that meant so much to so many go out with a whimper.

The only good thing I can glean from this occurrence is that the board will no longer be able to send its alumni down misguided paths and wild good chases. For shame.

The hope still exists, as faint as it may be, that all of the people who had resources to help get the corps back on the right track and and were ignored bound together to from a new organization to at least salvage the Glassmen name out of these Bankruptcy proceedings to move forward.

There is nothing preventing anyone from taking advantage of this opportunity to salvage the corps. In fact, this creates an opportunity for someone to do it.

[Stu]

The hope still exists, as faint as it may be, that all of the people who had resources to help get the corps back on the right track and and were ignored bound together to from a new organization to at least salvage the Glassmen name out of these Bankruptcy proceedings to move forward.

There is nothing preventing anyone from taking advantage of this opportunity to salvage the corps. In fact, this creates an opportunity for someone to do it.

The announcement stated that they are filing Chapter 7 (which is complete liquidation of all assets along with dissolving the corporation). The only way for someone to 'salvage' the corps would be for that person to guarantee the courts and creditors reconciliation on the entire $300,000 debt and file to move the bankruptcy over to something like a Chapter 11 (negotiated payment for all debts along with reorganization of the corporation). Anyone want to grab onto that opportunity and take on that commitment? Anyone? Bueller? Bueller?

Edited December 5, 2013 by Stu

[jpaul]

Or you start a new corporation with a different name.

[whitedawn]

[gbass598]

Or you start a new corporation with a different name.

Exactly. With an additional opportunity to buy any assets at auction at a discounted price without the debt.

As much as I love G-west, its a hole and I would certainly advise against any new organization taking on that money pit if they were to attempt it.

Additionally, I just got around to looking on Guidestar at the 2012 fiscal year 990 tax form that covers through 9/30/2012 and filed in May of this year. The reported defict at that time was $441,259.00.

I could only view the last 3 years filings but its pretty easy to see they were racking up close to $100,000 of debt each year. They were $163,000 in debt as of September, 2009. Had they stepped up and decided to do something then, they might very well be around today. That could have been a feasible hole to dig out of.

As an alumni, this whole situation makes me more upset with the more information I find out about it.

[Jeff Ream]

well, some are dead on right. i know it ruins your snarky attempt to put people down, but law is law.

[Slingerland]

In this case, their Board themselves identified their BK as Chapter 7, vs Chapter 11, so liquidation, rather than re-organization (ala Chapter 11), is more or less baked into the cake. Not that much nuance involved.

I'd be curious to see who the creditors are. Someone had to be keeping the boat afloat during the years they were hemorrhaging cash.

[jjeffeory]

Or you start a new corporation with a different name.

Maybe name the organization Glass City Ambassadors or Glass City Optimists?

[Stu]

Or you start a new corporation with a different name.

However…. that is not 'salvaging' the corps and getting it back on the right track, to use the words of gbass598; that is creating a whole new corporation under a whole new name with a whole new ID#.

[Stu]

well, some are dead on right. i know it ruins your snarky attempt to put people down, but law is law.

Ummmm… isn’t being snarky a perquisite to become an attorney?