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36 minutes ago, cybersnyder said:

It would make sense that someone said earlier that the instruments were on "loan". Food truck and equipment truck could be an issue, but I think those are the biggies. Didn't the Cadets run a bus company, Cadets Coach or something like that? There was mention of it in a 990 but I couldn't find anything else on it. Possibly a way to get cheaper transportation costs by owning the buses and doing tour groups during the off season. I couldn't find anything else after searching.

Cadet Stagecoach no longer exists. 

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8 minutes ago, njthundrrd said:

Cadet Stagecoach no longer exists. 

Seemed like a good idea in theory. If it worked, if not it would be more costly. 

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11 minutes ago, njthundrrd said:

Cadet Stagecoach no longer exists. 

Maybe it was a management issue? 
 

(rhetorical) 

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7 hours ago, George Dixon said:

Cadexit 

not quite as messy

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15 minutes ago, Jeff Ream said:

not quite as messy

As long as no one named Boris takes over at Cadets. :laughing:

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3 hours ago, IllianaLancerContra said:

If so may need a name change.  Cadets sounds too 'army-ish' for Annapolis

Well... as long as they refer to themselves as just "Cadets" and not "Corps of Cadets".... they might be able to co-exist. However, the Cadets' staff might want to stay out of the bars at City Dock, especially during Army-Navy Week.  :tongue:

Edited by Fran Haring
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3 hours ago, Barneveld said:

Under this new management plan, what happens to the alleged debt that exists? I say "alleged" because I have no clue as to the finances of the organization.

Best of luck to the Cadets, going forward!!

This is my guess and only a guess, but this move most likely allows Cadets to begin fresh from a financial point of view. YEA as the parent company is still responsible for the debt but can restructure it. This would protect Cadets assets and guarantee donations to Cadets go to Cadets. YEA can come up with payment  plans that would not jeopardize Cadets. The challenge would be for Cadets to finance itself. The question for me is whether US Bands will be part of YEA in the near future or will it be transferred/sold and YEA dissolved.

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5 hours ago, George Dixon said:

Yes - I believe USB will be sold and then YEA! will use that $$ to satisfy debt prior to dissolving YEA! -- or perhaps the USB income is used to satisfy debt. Either possibility exist

They're not going to get high six figures for US Bands.  

Most likely, they file Chapter 11, try to shed most of the debt that has built up, and continue USB for a few years hoping they can turn it into a self-standing business. There's no need for them to be non-profit, per se, for the reasons cited previously (individuals have no reason to support it,  and corporations and foundations aren't looking to give money to concert promoters, which is what they functionally would be). I'm not sure there's a viable path forward for YEA without the drum corps that justifies their existence as an umbrella company for anything else.

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1 minute ago, Slingerland said:

They're not going to get high six figures for US Bands.  

I agree. 

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9 minutes ago, George Dixon said:

I agree. 

I see what you did there George lol

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