Update,from legal expert 1):Please post on RB too.
Greetings all.
I really appreciate the time many of you have spent to write and send me input.
I have not hear from Mario since the day after the hearing. I will have to assume that he is either going down another course or evaluating what his next move should be.
I am going to suggest that the shareholders proceed without him and if he elects to join in our plan will provide an opportunity and place for him in the company. Based on what has gone on here and his limited resources, we need to cover our collective butts.
I talked with the lawyers for an hour on Friday. They feel a plan really could gain some traction with the court and the cost would be minimal (in legal terms) to get one submitted and confirmed for lack of a plan by others, just constant bickering.
I also have not had an opportunity to verify certain aspects of the business and will have to assume certain representations by Mario et al.
I have located office suites we can use that include full secretarial services, a physical address, conference rooms, 1/2 mile from the federal court system, and adjacent to where I work 4 days a week. This would provide for my ability to monitor day to day operations and bring in additional support staff on an as needed basis. It is also located adjacent (300 feet) to an airport served by Alaska Airlines, so this simplifies travel for any of the involved parties.
This space will cost us 250 a month to start with and increase as revenues increase. This will give us professional image so we have a functioning business with someone to answer the phone, forward the calls to involved parties cell etc. It also provides us with server ability for a small additional fee.
I have also located a warehouse that we can reserve space for 200 a month and this will give us the ability to expand into up to 41,000 square feet under one roof. This is located if a "free trade zone" and requires just a simple letter of intent with no liability if we fail to secure orders etc. This also give us a verifiable street address that we can use to market the product and show our potential customers our distribution facility. Pictures are worth a thousand words as they say.
I have a business associate that will help us with marketing strategy and procuring bids in China and Mexico for packaging shipping, for production of product out of the country for cost savings.
I have a funding source that will look at funding up to 1,000,000-1,500,000 for production, distribution and accounts receivable financing. They want it in their backyard so they can monitor with minimal travel and cost.
The facility is located on rail, and only 3.5 hours from the Port of Seattle and close to an intermodal facility. This be extremely beneficial for distribution of products.
I think it is fair to say that the judge would look real hard at enforcing some kind of licensing agreement/ ownership so the plan could be tried.
The exposure to the estate(debtor) is minimal and if we offer up a limited trial period of time, I think all parties would look foolish to object and show their true colors.
The company would have phones, offices, marketing material production area, street address, distribution facility that is verifiable all for less than 500 per month. I doubt even the trustee could object to this. If he needs to come check on us, he can grab an ASA connection flight. I think Alaska even flies out of Texas maybe now.
We might even take a look at a change of venue of the case to the Bankruptcy court in Washington State at some point.
If this sounds of interest to you guys, let me know. We need to get off our butts and do something or I will guess that after December 15, all bets become questionable.
We find out who got the equipment and make sure that the transaction was a true "arms length deal"
We have about 35 million shares of support right now, not counting Mario. We need to at least double that to be viable financially as well as in the eyes of the court.
We will need to raise 15-30k over the next 2-3 months to fund the application and approval of plan.
OK, this is a framework to start better dialogue and get the ball rolling. Be advised that with the holiday coming up, people have things going on and limited time to do things. The courts will also be very busy in light of the recent flood of filings because of the changes in the law.
Go find me more shareholders, lets get off our butts.
Brad
DARE TO DREAM.LISTEN TO IT AT HARD TIMES.
