One key board member was out of pocket. The board member that controlled about 50% of the stock. What did he think? Was this a good plan? The future of the company and myself personally depended on his viewpoint on matters.
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Month: November 2018
PLACE Designers | Into the Abyss
We had clients that owed us money. Two in particular each owed us about $90,000. I was sure that we would be receiving at least one of those soon. Why? Because we needed it to survive.
PLACE Designers | Swim Like a Duck
We were insolvent. Both firms on their own were insolvent. Together, it was a real crises. We were in effect negotiating our own bankruptcy terms individually with each creditor.
PLACE Designers | Introducing Steven Biegel
When you owe the government money, you are a pariah. There are certain projects you no longer qualify for. The government automatically gets first lien position, so you are not eligible for any traditional financing. Your current lenders get really upset.
PLACE Designers | The Noose Tightens
We were insolvent. Both firms on their own were insolvent. Together, it was a real crises. We were in effect negotiating our own bankruptcy terms individually with each creditor.
