. . . pretty pic would be wasted here . . .
“Reason for emergency:
This is a special meeting of the PNB called mainly to discuss the loan and Pacifica’s plans in relation to it.” https://kpftx.org
The knowledge displayed by Pacifica’s directors, breathtaking.
The ideas detailed by Pacifica’s directors, captivating.
The energy expressed by Pacifica’s directors, inspiring.
The future, secure.
Quite a few recent Pacifica meetings don’t have audiofiles in the Archive. Given this, & because this evening’s proceedings are so reassuring, a recording is here:
https://mega.nz/file/UVsCRa5R#EXGnA_eR3vrPc5-ZWqdAyQx4xc130qAoS8ITtvd45uY (2:00:41 – missing is almost all of the reading of the proposed agenda, & the stream stopped 57:53-1:00:11). [UPDATE: the audiofiles, 2 no., were posted Tu2Mar2021, https://kpftx.org/archives/pnb/pnb210225/pnb210225a.mp3, & the ‘b’ file. The recording is complete, unlike that of the livestream. (However, still not in the Archive is the audio of the Th4Feb2021 PNB.)]
Yes, on tonite’s evidence, as before, any reader of this blog has a better understanding of Pacifica’s predicament. Sad, but true.
The audio stream went down and then came back up. The full meeting will be uploaded at some point in the near or maybe not so near future. You missed the best part: the reading of and voting on a so-called “Strategic Plan” that I believe was largely written by Grace Aaron. You gotta hear it to believe it.
Yup. Ignorance is bliss.
Reinforced by CFO Sims . . . In the previous blogpost, I mentioned what she told the Th4Feb2021 PNB, bookended with editorial comment: “[s]o everything’s under control; as Anita said, ‘I feel very good about everything […] I’m feeling very, very good’ (0:35, 1:11). Insincerity or the delusional attitude, it hardly matters” (audio of that meeting still not in the Archive, but, like here, it’s ‘clouded’ at the PacificaWatch mega.nz account).
(I think the audio on The Glorious Plan is included in the linked audiofile, coz what’s missing is the end of Ron Pinchback & the start of ED Lydia.)
Re FJC President Lorin Silverman’s attitude to extending the loan, as explained in another post, FJC’s Agency Loan Fund is ‘undersubscribed’, only 54.0% being lent out as of 31Mar2020, their last audited year-end: FJC can’t find enough borrowers for the available money provided by donor-advised accountholders, striving for those extra percentage-points of income. So, the accountholders providing the loan from FJC will be happy to carry on ‘earning’ their 6¼% from Pacifica, $204 062.50 a year, rather than taking a lower rate from stocks & bonds. https://fjc.org/wp-content/uploads/2020/12/2020-06-FJC-Audited-Financial-Statements.pdf ($34.977m loans receivable of the $64.746m fund – page 24)
It’s only if Pacifica can’t make their quarterly $51 015.63 interest payment that FJC will deem the loan “potentially impaired” (the phrase cited from FJC’s policy by their auditor, Grant Thornton), causing them to sell the loan, without discount, to the larger Marty & Dorothy Silverman Foundation. FJC *never* pursue debtors: that’s left up to the deceased parents’ private foundation. In a recent four-year period, FJC sold on more than nine loans, two comparable in size to Pacifica’s: “FJC sold to MDSF more than nine loans, totalling at least $6.712m, in the four years FY2013 through 2016. Two were comparable to Pacifica’s $3.265m: one of $2.676m in 2013; the other, $2.1m in 2016. These large sales were only disclosed by reference to post-balance sheet events described in the corresponding prior auditor’s report (FY2012, page 10; FY2015, page 15).” This is a quote from a set of three articles sent to all 120 of Pacifica’s delegates in November 2018. Whether the local station board gatekeepers let it thru to the delegates, that’s another matter.
In 2018, at Chris Albertson’s blog, I made the obvious point that the then ED needed to exercise due diligence (not even foresight), presenting to the PNB scenarios of how the loan could be paid back. More recently, the point has been made repeatedly: 31Mar2020, almost a year before maturation date; 4June2020, with 10mths to go; & 2Oct2020, 6mths to go. As I pictured it on that last occasion . . . Vladimir & Estragon, sitting silently, gazing out across the ocean (I provided the necessary accompaniment, https://youtu.be/uQuqO0MJslI) . . . https://pacificaradiowatch.home.blog/2020/03/31/pacifica-now-has-365-days-to-pay-fjc-its-3-point-265m-dollars-unless-fjc-or-the-current-owner-of-the-loan-decides-otherwise/, https://pacificaradiowatch.home.blog/2020/06/04/two-months-down-ten-to-go-yet-the-zombies-keep-shuffling-on-to-the-abyss-but-where-is-pacifica-s-karen-will-pnb-instruct-ed-brazon-to-identify-the-fjc-loan-options-qm/, https://pacificaradiowatch.home.blog/2020/10/02/pnb-and-ed-refuse-to-tell-us-how-fjc-will-be-paid-its-3-265m-dollars-by-2apr2021-6-months-away/
Also note, re the Houston land & buildings, no director has explained to the Pacifica members that if it’s sold then FJC immediately take their cut from the proceeds – and not simply a third, the inverse of the collateralisation ratio, but the sum specified in the *valuation* that FJC *currently* holds, which is almost certainly higher than one made today, given The Invasion of the Mutant Mould. (And KPFT having to rent will worsen Pacifica’s cashflow – there won’t even be a cash hillock coz the net proceeds will evaporate instantly: paying NETA their money (~$200k as of Dec2020, per Grace Aaron’s report to the 20Dec2020 KPFK LSB, & growing $27 500 each month); upcoming legal fees; placating sundry creditors amidst ongoing station deficits; etc., etc.; plus paying for the 2021 LSB elections & the two referenda (listener-members, staff-members) thanks to the New Day Pacifica comrades.) The increasing costs of a dynamic RealWorld impinging upon PacificaWorld, exacerbating the war of attrition waged from within by the breakers, the personification of wave upon wave of righteous righteousness.