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Cadets 2020


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2 hours ago, fsthnds said:

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

 

The former assistant corps director from Boston is now in the same position at Cadets - if he's able to help facilitate camps in his area, more power to them. Florida for winter camps makes sense for the east coast corps, the same way Texas makes sense for some corps in the central/north region.

 

Edited by Slingerland
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15 hours ago, George Dixon said:

Without Cadets USB is just another band circuit. 

Without USBands and the revenue they brought in, the Cadets debt would have been far deeper than it was. It cannot be overstated how important that band circuit has been to them. Those "shared" bank accounts sure did come in real handy over the years whenever the Cadets had some big bills to pay, make no mistake about it.

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9 minutes ago, seen-it-all said:

Without USBands and the revenue they brought in, the Cadets debt would have been far deeper than it was. It cannot be overstated how important that band circuit has been to them. Those "shared" bank accounts sure did come in real handy over the years whenever the Cadets had some big bills to pay, make no mistake about it.

Yes, the revenue from US Bands helped offset some of the poor financial management for the Cadets. I would be worried if Hopkins was still in charge and they separated from US Bands. With that said, Hopkins is not calling the shots anymore and the current team has a wealth of financial management experience. They are and will use that experience wisely. The Cadets (on and off the field) are on a positive trajectory that will pay off.

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Quote

Google deeper.  You cannot just voluntarily "swap" you status.  The NPO must be dissolved and there are strict limitations in how that works from state to state.  

So you can't do it, but you can do it. Got it.

Quote

Here's just one of many articles that explains how tricky this process could be.  Essentially it requires a completely new corporate entity to be formed and various ways to then find for one to take control of the other.  Key is that the State must approve it, and in my experience that is never an easy thing to make happen.

Yes, and I am telling you that this is not nearly as difficult as you think. It isn't difficult at all. I could have formed three corporate entities today during lunch. Your article relates to the business difficulties, not the legal difficulties, which again -- not significant.

On 2/11/2020 at 12:02 PM, TwoValves said:

As is mentioned other places in the thread... there really is no reason for Varsity to want to "own" USB.  They can support it via Sponsorship and stewardship to make it healthier and more successful, then leverage that to market their products.  

My experience with Varsity and its parent is that they'd want to own it.

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5 hours ago, Slingerland said:

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. 

I am not an expert in this, but I was involved once in a corporate chapter 11 and the bankruptcy trustee has broad powers to claw back transactions into the bankruptcy estate. It's hard to see how YEA's lawyers OK'd this spinoff unless they don't know anything about chapter 11 or YEA doesn't plan to reorganize. (Both equally likely.)

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5 hours ago, Fred Windish said:

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!

shedding all ties to YEA may make fundraising easier. because everything was one pot, were their donations really going to the corps, or to whatever creditor was calling and bugging them the most that week? no one knew

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8 hours ago, fsthnds said:

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

FLA.

Specifically, Lakewood Ranch High School in Bradenton, where assistant director Ron Lambert has been the band director for the past sixteen years.   

It's fortunate that he can open up his school for outdoor brass rehearsals so early in the season.

https://yea.org/cadets/staff/ron-lambert

 

 

Edited by ykw
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1 hour ago, exitmusic said:

I am not an expert in this, but I was involved once in a corporate chapter 11 and the bankruptcy trustee has broad powers to claw back transactions into the bankruptcy estate. It's hard to see how YEA's lawyers OK'd this spinoff unless they don't know anything about chapter 11 or YEA doesn't plan to reorganize. (Both equally likely.)

If they did not separate and either bankruptcy or foreclosure became a reality, there would be no Cadets. YEA is ultimately responsible for the bills and debts and there would be no recognition of the two entities, especially where US Bands was a fundraising arm for the Cadets. My thought would be that the severance agreement allowed the Cadets to take the assets while at the same time leave the debts behind. YEA would still have to pay the debts but payment arrangements could be made, an income would be assured from US Bands, and the whole ugly chapter would end in an ethical and honest manner without jeopardizing the 2020 season.

I would assume that if YEA declared bankruptcy, there is a possibility that a court might not recognize the separation, but that would also mean that Cadets have assets that can be liquidated, and in real world dollars, that may not be the case. 

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