FJC loan extended 18mths – now what?

. . . the inner circle of directors, capable of organising a new beginning? . . . or a wasted 1½yrs on top of 3yrs? . . .

. . . a coming gloaming? . . . the darkness sweeping in upon the face of the deep? . . .

Report out from the Pacifica National Board (PNB) Executive Session held on March 31, 2021: The PNB met in closed session to approve extension of the FJC loan for 18 months on the positive recommendation of the auditor.

9.16pm EDT, W31Mar2021 (not yet online at either https://pacifica.org/notices_home.php or https://kpftx.org/archive.php)

. . . presumably badly written, in the haste: not “met […] to approve”, intent, the intent of some directors, but met […] and approved’ . . .

[UPDATE . . . guess not in haste: this is what PNB Chair Alex Steinberg read out 8mins into the Th1Apr PNB meeting. Oh.]

. . . &, crucially, the statement doesn’t offer an explanation, with grounds, of why the directors think the business falls within the remit of the closed session provision of the Communications Act of 1934, § 396(k)(4), & its interpretation by the Corporation for Public Broadcasting . . . so hopefully an explanation to the members, & the world (not least the CPB), will be issued within the requisite 10 days . . .

[an update will be given]

~

On the loan, will the PNB be transparent, describing in full the terms of the extension, the commitments they have placed upon the members & the members’ organisation – even better, will the directors publish the agreement, the agreement they are so proud of?

~

. . . 18mths interest charge = $3.265m x 6¼% x 1½yrs = $306 093.75 . . .

. . . the last time Pacifica made an annual net income was FY2006 . . .

. . . 1½ years, 1½ decades . . .

~~~

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