sudo-discuss

sudo-discuss@sudoroom.org

6 participants
7536 discussions

Omni Assets, or "don't throw the baby out with the bathwater"

by Taylor Alexander

(sending to sudo because I don't think I am on other lists, please forward as needed) Just had a conversation about the current situation. It sounds like People's Programs essentially want to completely take over legal and administrative control of Omni Commons. I would be against this as it seems it would spell the end of Omni Commons. I also want to put up front that Omni's Lawyer has made clear we have more than 90 days to resolve this as foreclosure cannot take less than 90 days. But what I wanted to talk about was the assets of the Omni Commons organization, specifically the building. Using very rough numbers, Omni Commons owes $900k on a property worth roughly $3m (I am told). It seems to me that would mean that Omni Commons has $2 million in assets by way of the property. Even if the bank foreclosed on the property, the value of those assets does not disappear! If the bank foreclosed on the property and sold it, one would expect that after they take their $900k and some fees, they would have to pay the balance back to Omni Commons. This would leave the organization with no building BUT with $2 million dollars in cash. That seems to me the worst case scenario we should accept! Worst case Omni vacates the property and then looks for where to spend its $2 million for a new property. So we have a few scenarios ahead. One option is to find a new single large lender to give us a 5 year bridge loan to continue in this property, or to do the same with an LLC and multiple smaller community lenders (low risk bridge loans from a number of supportive community members). Or we could let People's Programs spend $900k to acquire a $3 million property, essentially giving away Omni's $2 million in assets?? That seems like a terrible idea. We absolutely should not give away $2m to any organization for any reason, and any support we receive must be contingent on Omni Commons maintaining legal and administrative control of our assets. It seems the best path forward is to form an LLC and seek low risk bridge loans from community members, with the backstop option of taking our $2 million somewhere else and setting up a new location. -Taylor Alexander aka Sequoia

2 years, 8 months

proposal: lawyer help to create LLC structure for lending

by Paige P

Sudo Room has been discussing the possibility of securing the $876k by pursuing multiple lenders, rather than just one. The idea proposed is below, but the proposal for the delegates is to ask our lawyer to help us write up some sort of structure like this, to present to potential lenders. LLC idea We create an LLC who's charter says it exists solely to buy this building with the money of its lenders, and collect interest on that loan. We try and get enough people to buy in, before Omni's foreclosure begins. Right now, Jake says they knows of 5 people interested in putting up 5 digits amounts, so in the $50k range. Proposed would be to have a minimum $10k requirement to join LLC, with option for individuals to join together and pool money to get a share. If all goes well and Omni pays off the full loan + interest, those who are part of the LLC will have received back the money they put towards paying off the mortgage, along with interest (and then the LLC would dissolve?). But if the borrower (Omni) fails to pay, then the LLC forecloses on the property, and the LLC can then choose to liquidate the property to pay back members or do something else with the building. If some but not all LLC members decide to do something else other than liquidating, they have ability to buy out other members. One concern is our lawyer would say that it would be inappropriate for them to create an org that would then lend to Omni (should have more separation). Another idea proposed to get around this was to issue bonds instead, since this would not require a separate entity, and we could work with our current lawyer on setting that up. Another concern is potential sabotage of the system, by getting overwhelmed with lenders wanting and working to get Omni to foreclose, in order to get control of the building. To work around that we might require anonymous lenders to be vetted by known trusted lenders. There is more discussion on this idea in sudo room's meeting notes: https://sudoroom.org/wiki/Meeting_Notes_2023-12-13 Paige

2 years, 8 months

People's Programs Proposal

by Paige P

2 years, 8 months

What’s the status on the Omni

by Romy Ilano

I just got back from Argentina and. Is there a quick summary of what’s going on? I cannot make it this Tuesday because I have to go to a Noisebridge meetup to ask for collaboration with another engineering group. Is there a Wednesday meeting after 7:45pm

2 years, 8 months

considering forming an LLC to collate individual investors to lend to Omni

by Jake

The idea to form an LLC which could represent a coalition of individual sub-lenders to bail out Omni Commons has been suggested by several people. This would make it possible for people to lend an amount less than the total $876K that we need (but not less than $10,000 lets say) to be a co-lender to provide a new mortgage for Omni Commons to keep the building. The LLC would be formed to represent the lenders in a way that they would be paid back (with interest) according to the portion of the loan they put in, and in case the Omni failed to pay its mortgage, the LLC would liquidate the building to pay back the lenders. Or the members of the LLC could agree on an alternate plan, and buy out anyone who didn't agree to the alternate plan. If anyone is interested in helping CREATE this legal structure please let me know. In the meantime though I still think our best bet to keep the Omni is to find a single lender willing to give us a bridge loan right now. -jake

2 years, 8 months

Please look into People's Programs as they seek to take over Omni Commons (in alliance with Community Liberation Programs which was kicked out of Omni Commons)

by Lu Mar

*People's Programs submitted a proposal to take over Omni Commons with their authoritarian group as the leaders of the New Omni Commons.* People's Programs has deep connections with Community Liberation Programs (CLP), as they share very similar politics and end goals, with this specific posted written by *Rafiq Ali of CLP* on the topic of *supporting Iran against all enemies* foreign and domestic (the current Iranian state regime as the model that People's Programs and Community Liberation Programs both support): https://medium.com/@PeoplesPrograms/the-legacy-of-the-iranian-revolution- 2c7de74b3df8 (CLP article published on People's Programs site) *The leaders of People's Programs are Abbas Muntaqim and Delency Parham.* Here is some interesting background info on this group: Abbas and Delency are strongly connected to pro-Iran and pro-Russia propaganda. *Abbas Muntaqim works for PressTV, the English language arm of Iran state propaganda.* https://medium.com/@PeoplesPrograms "He is also a host and producer for Press TV." https://www.famsf.org/events/tales-of-the-town-film-screening-art-exhibit *(description mentions that Abbas Muntaqim works for PressTV, propaganda channel of the Iran dictatorship)* ----- *Abbas Muntaqim, leader of People's Programs, posts from a pro-Russia/pro-Putin perspective (Putinist Russia as allies of the Iranian dictatorship.)* *Abbas views Ukraine as a Nazi Fascist country that is attacking Russia and that Ukraine needs to be "liberated" by Russia.* *This post by Abbas puts forth the argument that** anarchists are working with neo-nazis and Al-Qaeda to attack Russia...:* https://twitter.com/Abbas_Muntaqim/status/1504853626426036226 [image: image.png] *People's Programs, in alliance with Community Liberation Programs as comrades, will quickly remove all groups at Omni Commons that do not submit to their authoritarian patriarchal leadership to bring in groups completely loyal to their Marxist/Stalinist/Maoist model of hierarchy and unquestioned subservience, also known as "Democratic" Centralism <https://www.britannica.com/money/topic/democratic-centralism> !* Lua *Please spread this on any other Omni Commons communication platforms to have a collective of collectives conversation on this important issue !*

2 years, 8 months

HackerDojo newsletter... I guess we should have one too right?

by Romy Mimi Ilano

here's what the HackerDojo newsletter looks like. It's nice! https://hacker-dojo.ck.page/posts/hacker-dojo-newsletter-december11th-2023-… We should try making one too right? I guess I should try ... I'm going to the Noisebridge meeting tuesday night (tomorrow Dec 12). I'll mention our mortgage issues! *Romy Mimi Ilano* *romy.ilano(a)gmail.com <romy.ilano(a)gmail.com>*

2 years, 8 months

first wednesday of the month

by Paige P

meeting tonight? Or do we want to postpone? Proposed Agenda: Save Omni Paige

2 years, 8 months

Jitsi url

by Cere Davis

...for meeting virtually tonight?

2 years, 8 months

Table to replace lab bench

by Jake Watters

Counterculture Labs is asking for one of their lab benches back. Those are the tables with the shelf above them, we have ten of them. We have to give them at least one, but we could give them two... And then get this 4x8 sturdy work table. Is anyone interested in making that happen? "This well built and solid table needs to find a new home. It is on the street on 26th between Magnolia and Adeline. This is a 4’x8’ table."

2 years, 8 months

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