. . . this isn’t a Quinten Massys, 1514 . . .
2Apr2018, Pacifica took out a $3.7m loan (now $3.265m) from the Foundation for the Jewish Community, FJC, a donor-advised funds holder. A week or so later than expected, this is the auditor’s report on their FY2019 financial statements (year-end 31Mar), dated 27Aug2019:
For a summary of what the loan has made Pacifica do, please see https://pacificaradiowatch.home.blog/what-fjc-has-made-pacifica-do/.
P.S. Promise I didn’t get the pic from Patty Lipshutz, MoMA employee, the Museum of Modern Art, NYC, its longstanding chief legal counsel & Secretary – also Vice-President & Secretary of the Marty & Dorothy Silverman Foundation. Perhaps no surprise she’s married to a Silverman, Lorin, who happens to be not only President & Treasurer of the Marty & Dorothy Silverman Foundation but also President & Treasurer of FJC, and founder & President of F. Y. Eye, Inc., an advertising broker, which Pacifica has a $37k contract with for on-air & website advertising, the euphemistic underwriting.
[Analysis will follow by Tu24Sep (apologies for the delay). A focus will be on their Agency Loan Fund, ALF, cited in the 6Apr2018 Pacifica press statement, announcing its loan from FJC, & devoting a paragraph to ALF. This is the KPFK link (it’s also on the WBAI website): https://www.kpfk.org/blogs/kpfk-and-pacifica-news/post/pacifica-announces-settlement-with-empire-state-building-and-empire-state-realty-trust/.
[Note that, despite what some Pacifica directors & others say, FJC do sell on their loans, to the Marty & Dorothy Silverman Foundation. Just ask Patty, or Lorin – or daughter Allison, a director of the Marty & Dorothy Silverman Foundation, and VP, Strategy & Operations of F. Y. Eye, Inc. Selling on a loan happened again in FY2019: “[d]uring the year ended March 31, 2019, the private foundation purchased one loan totaling approximately $1,018,201” (p. 17, my emphases; p. 19 of the PDF). This is as per policy: “[s]ince its inception, any loans that were determined by FJC to be potentially impaired were purchased in full by a private foundation” (p. 11; p. 13 of the PDF). That’s right, folks, FJC never wait for a borrower to default. Pacifica’s loan, & the liens on its properties, may just get sold on without the chance to go to court. Capitalist right is capitalist right, the right to dispose of one’s assets as one sees fit.]