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3 hours ago, MusicManNJ said:

The "baggage" is all that has gone on with Cadets which led to bands pulling out of events and people not wanting to do business with US Bands. And then there is the use of US Bands revenue t support the corps instead of support... the participating directors and bands. Anyone can start a circuit. But US Bands will be better positioned to be a service organization and not just someones side deal to generate cash. A health, independent, service-focused US Bands is good for music education.

and bands did pull out. TOB had to break NJ into 3 regions from 2, Cavalcade picked up groups in Eastern PA, and NJ and MD have new circuits

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11 hours ago, MusicManNJ said:

The "baggage" is all that has gone on with Cadets which led to bands pulling out of events and people not wanting to do business with US Bands. And then there is the use of US Bands revenue t support the corps instead of support... the participating directors and bands. Anyone can start a circuit. But US Bands will be better positioned to be a service organization and not just someones side deal to generate cash. A health, independent, service-focused US Bands is good for music education.

you already posted all that... And I certainly hope it all works out for the best.

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10 hours ago, George Dixon said:

you already posted all that... And I certainly hope it all works out for the best.

Sorry... I misunderstood your response. My bad.

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On 2/11/2020 at 10:16 AM, exitmusic said:

This is just so, so, so incorrect. 501(c)(3) designation is purely optional. The company could convert to a for-profit entity relatively simply and then sell itself to the highest bidder. This isn't rocket science. What is the purpose of US Bands continuing to operate as a non-profit when the tax code has effectively gutted any incentives for individuals to donate money to charities? Why not make as much money as possible, with no restriction?

And, despite your proclamation, individual charitable donations dropped a whopping 1.1% to just under $300-BILLION.  That kind of "guts" your claim.

See, the issue is that small earners who rarely itemize never really gave that much to charity to begin with, and most taxpayers end up better off with the larger Standard Deduction anyway

The answer to your question is that drum corps have been trying "to make as much money as possible" (oh, and not pay taxes on those earnings) since the activity began.  Just "converting" to a for-profit entity wouldn't change that challenge in the slightest.

 

 

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On 2/12/2020 at 6:56 AM, cixelsyd said:

Maybe that is the point.

My crystal ball shows a couple of key departures from YEA! in the near future (Cadet alumni).  Shortly thereafter, it would not be surprising to see YEA! go down in bankruptcy, with the GH retirement plan going down along with them.

Retirement plans typically are excluded in bankruptcy.  ERISA picks up any slack.  My understanding is that GH's retirement plan is a defined-contribution plan, not defined benefit, so his value would just be rolled to his own rollover IRA.

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On 2/12/2020 at 8:06 AM, rpbobcat said:

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.

 

 

Chapter 11 is a reorg of debts.  Nothing says that any suppliers or creditors necessarily get "hurt"; they'll likely be paid slower, but still paid and probably in full.

 

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Sooooo quick question, when the cadets separate does their debt follow?!? 

 

Because the 67K they owe dci should be accounted for plus the amount of other stuff they owe.... 

 

they need to be held accountable for all of this! 

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3 minutes ago, lifeisaround said:

Sooooo quick question, when the cadets separate does their debt follow?!? 

 

Because the 67K they owe dci should be accounted for plus the amount of other stuff they owe.... 

 

they need to be held accountable for all of this! 

I don't know, but we better have 5 pages assuming they aren't so that people have their chance to ##### about something they don't know about

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13 minutes ago, lifeisaround said:

Sooooo quick question, when the cadets separate does their debt follow?!? 

Because the 67K they owe dci should be accounted for plus the amount of other stuff they owe.... 

they need to be held accountable for all of this! 

Well you’re clearly not going to stop

theres a webinar explaining the arrangement of the new Cadets organization and the path forward

It’s Thursday night night and you should tune in instead of just spreading rumors and asking silly leading questions on DCP 

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43 minutes ago, lifeisaround said:

Sooooo quick question, when the cadets separate does their debt follow?!? 

 

Because the 67K they owe dci should be accounted for plus the amount of other stuff they owe.... 

 

they need to be held accountable for all of this! 

How would anyone here know the answer to that today? Also, as there are a bunch of professionals involved with this process, financial, legal, etc...don't you think that they will do what is necessary. Also, DCI is involved  with all of this as well, so whatever happens I would guess they are part of the process. Those are the people who matter in creating this new organization.

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