15 Dec
2023
15 Dec
'23
4:42 p.m.
Right! Yes thank you they are loans not donations.
On Fri, Dec 15, 2023 at 4:41 PM Patrik D'haeseleer <patrikd(a)gmail.com>
wrote:
What will make
the LLC strategy any different from our burnt out
operating body?
My understanding is the LLC is a legal entity to protect the donors who
would donate $900k to keep Omni in the current location. The LLC would be
given a guarantee that if Omni defaults on loan repayments, the LLC could
legally recover losses through the sale of the building. The LLC is not to
manage Omni Commons, which would be done by current leadership.
Quick correction: there are NO donations involved in the LLC plan. It's
just a way to bundle a bunch of personal loans. Essentially, the LLC would
take over the role of Mulberry Trust, and people paying into the LLC would
expect to be paid back over time.
Advantages of the LLC over Mulberry is that we can set the terms of the
loan right now (e.g. no massive balloon payment!). And at least we would
know a few of the folks in the LLC, even if some of the other lenders do
prefer to remain anonymous.
Patrik