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15 hours ago, Slingerland said:


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.

The operative phrase is "try to shed".

A few years ago one of my clients went Chapter 11.

He was a developer ,with a number of  what he thought were independent "companies".

Just like YEA/the Cadets,they had to figure who owned/owed what,what their value was and

how the assets would be distributed to creditors.

It was complicated and  took years to get hashed out.

He also found out that,based on how bankruptcy laws are written,a number of what

he and his bankruptcy  lawyers thought were "separate" companies,from the ones  that went Chapter 11,in most

cases they weren't.

In his case,he retired,so it didn't matter who got "burned".

With YEA/the Cadets,they may still need to do business with some of the

companies that would be hurt by them going Chapter 11.

That could be an issue down the road.

 

 

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3 minutes ago, rpbobcat said:

That could be an issue down the road.

I would tend to agree. I also wonder if, in spinning off Cadets, the marquee-name in the YEA portfolio, they might have made it more difficult to reach a successful BK settlement if the creditors see the move as having damaged the long term viability of YEA to actually raise enough revenues to satisfy any proposed Chapter 11 repayments. 

Interesting times. 

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Evidently, I’ve been under the wrong impression. Reading here, it seemed the USB component provided a substantial, significant part of the Cadets’ operating budget.

Now, I read the USB revenue will no longer be available to Cadets.  Wouldn’t this make operation of the Cadets more difficult, and any outstanding debts of the Cadets harder to satisfy?

Despite this, a path forward for Cadets has been identified.  Glad to hear it!

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1 hour ago, fsthnds said:

And where is the Cadets brass camp this weekend?????

FLA.

And your point is? And if you really think the Cadets are going to be a feeder corps for anyone, you obviously have not been to any camps this year. The current Cadets are far from a feeder corps for anyone.

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10 hours ago, Terri Schehr said:

Are the Cadets at Lakewood Ranch in Bradenton this weekend?  I’m in the area and thinking of dropping by Sunday. 

https://yea.org/events

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32 minutes ago, dans said:

And your point is? And if you really think the Cadets are going to be a feeder corps for anyone, you obviously have not been to any camps this year. The current Cadets are far from a feeder corps for anyone.

The point of this is the irony of what was said when another corp from the northeast had camps in Fla.

A large departure from their NJ /PA. roots and history!

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11 minutes ago, fsthnds said:

The point of this is the irony of what was said when another corp from the northeast had camps in Fla.

A large departure from their NJ /PA. roots and history!

Don't know what was said about another corps from the northeast having camps in Florida...don't really care either. All I care about is that the Cadets are finally headed in a positive direction and they are starting to move past the Hopkins crisis!

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29 minutes ago, fsthnds said:

The point of this is the irony of what was said when another corp from the northeast had camps in Fla.

A large departure from their NJ /PA. roots and history!

With cheap airfare and instantaneous global communication, roots and history really are just that - roots and history.

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13 hours ago, Terri Schehr said:

Are the Cadets at Lakewood Ranch in Bradenton this weekend?  I’m in the area and thinking of dropping by Sunday. 

Yes 

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1 hour ago, fsthnds said:

The point of this is the irony of what was said when another corp from the northeast had camps in Fla.

A large departure from their NJ /PA. roots and history!

OR it could be that the Cadets have tons of FL based people on their instructional and captions team. Boston doesn’t own FL (yet)

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