ranintothedoor Posted December 16, 2022 Share Posted December 16, 2022 With SCV's announcement, I thought I'd put out the question: How're The Cadets doing financially? Will running a 2023 season break the bank? I know debt and debt service have been big issues in the past... are they planning on operating at a loss this year? 1 1 Quote Link to comment Share on other sites More sharing options...
fsthnds Posted December 16, 2022 Share Posted December 16, 2022 1 hour ago, ranintothedoor said: With SCV's announcement, I thought I'd put out the question: How're The Cadets doing financially? Will running a 2023 season break the bank? I know debt and debt service have been big issues in the past... are they planning on operating at a loss this year? Debt Service is a troublesome issue! With rising interest rates, this number could easily double or triple this year. If there is say $1 Mil. in outstanding credit card/debt from 2022 with current interest rates you could possibly be looking at $100,000 to $200,000 in interest payments in 2023. Hopefully the $$$ is there to avoid issues with the corps. Otherwise the debt will continue to rise as we are seeing with SCV over the last 5+ years! 3 Quote Link to comment Share on other sites More sharing options...
Terri Schehr Posted December 16, 2022 Share Posted December 16, 2022 53 minutes ago, fsthnds said: Debt Service is a troublesome issue! With rising interest rates, this number could easily double or triple this year. If there is say $1 Mil. in outstanding credit card/debt from 2022 with current interest rates you could possibly be looking at $100,000 to $200,000 in interest payments in 2023. Hopefully the $$$ is there to avoid issues with the corps. Otherwise the debt will continue to rise as we are seeing with SCV over the last 5+ years! I don’t know anything about this kind of loan but I was told that SCV had a balloon loan. I couldn’t tell you what that is but you seem to know what you’re talking about. I don’t know if it’s true. I was told second hand. Quote Link to comment Share on other sites More sharing options...
Jeff Ream Posted December 16, 2022 Share Posted December 16, 2022 38 minutes ago, Terri Schehr said: I don’t know anything about this kind of loan but I was told that SCV had a balloon loan. I couldn’t tell you what that is but you seem to know what you’re talking about. I don’t know if it’s true. I was told second hand. Balloons aren’t good 4 Quote Link to comment Share on other sites More sharing options...
Terri Schehr Posted December 16, 2022 Share Posted December 16, 2022 2 minutes ago, Jeff Ream said: Balloons aren’t good What little I know from Google, doesn’t sound good. 1 Quote Link to comment Share on other sites More sharing options...
KVG_DC Posted December 18, 2022 Share Posted December 18, 2022 Yiiiikes. A balloon loan? They're a risky proposition in most cases but in particular for something variable and unpredictable income streams as a Drum Corps, they are an exceptionally risky move in my view. If this wasn't a truly "last option decision" it was a very bad one on the part of any corps taking one. 1 Quote Link to comment Share on other sites More sharing options...
2000Cadet Posted December 20, 2022 Share Posted December 20, 2022 (edited) Happy Holidays!!! Jingle Bells Edited December 20, 2022 by 2000Cadet Quote Link to comment Share on other sites More sharing options...
DAYGO Posted December 20, 2022 Share Posted December 20, 2022 Looking forward to a great summer from The Cadets! 😃 2 Quote Link to comment Share on other sites More sharing options...
kdaddy Posted December 25, 2022 Share Posted December 25, 2022 So the Cadets are potentially relocating to Erie? This is from the Facebook of a disgraced former director... *** Just after the summer , I addressed the “word on the street” that the Cadets were relocating to Erie, Pa. I also included that the Blue Devils would be acquiring the Cadets as part of the Blue Devils Pagentry Association . Pretty much the airwaves have been silent I did hear that attendance at the early camps were poor , we have seen the internal adjustments to staff and leadership but … nothing of any substance. Until now …. Attached is the relocation update. It’s interesting that a move 460 miles from the original Garfield , NJ address is not illiciting the commentary and hate my partners and when we moved out offices a short stretch to the Eastern home of DCI ,Allentown , Pa As for the Blue Devils , info is hard to find but such an acquisition would be the ONLY way the Cadets survive . There is no income source . No bands . Limited interest . Minimal Fundraising . As a point of reference the Santa Clara Vanguard closed the doors with a 1.5 million dollar net bingo . The Cadets and YEA! Did have a $400k band program , 300k in corporate assistance —- and more … but now ? Little to nothing . The departure of USBands to the Blue Devils with no known return signals the end of the line … unless there is something dramatic coming ? Merry Christmas to all … And watch for another big shift in the drum corps activity with the New Year *** Quote Link to comment Share on other sites More sharing options...
Jeff Ream Posted December 25, 2022 Share Posted December 25, 2022 1 hour ago, kdaddy said: So the Cadets are potentially relocating to Erie? This is from the Facebook of a disgraced former director... *** Just after the summer , I addressed the “word on the street” that the Cadets were relocating to Erie, Pa. I also included that the Blue Devils would be acquiring the Cadets as part of the Blue Devils Pagentry Association . Pretty much the airwaves have been silent I did hear that attendance at the early camps were poor , we have seen the internal adjustments to staff and leadership but … nothing of any substance. Until now …. Attached is the relocation update. It’s interesting that a move 460 miles from the original Garfield , NJ address is not illiciting the commentary and hate my partners and when we moved out offices a short stretch to the Eastern home of DCI ,Allentown , Pa As for the Blue Devils , info is hard to find but such an acquisition would be the ONLY way the Cadets survive . There is no income source . No bands . Limited interest . Minimal Fundraising . As a point of reference the Santa Clara Vanguard closed the doors with a 1.5 million dollar net bingo . The Cadets and YEA! Did have a $400k band program , 300k in corporate assistance —- and more … but now ? Little to nothing . The departure of USBands to the Blue Devils with no known return signals the end of the line … unless there is something dramatic coming ? Merry Christmas to all … And watch for another big shift in the drum corps activity with the New Year *** no offense, but listening to him talk fiscal responsibility is like listening to my kid tell me she's an adult and can do wat she wants...at age 10. 7 Quote Link to comment Share on other sites More sharing options...
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