4 Oct
2022
4 Oct
'22
2:15 p.m.
speaking for myself, I feel that it would be wrong for us to delay paying this
amount even though we would like to have more money in order to be in a better
position to get a loan, etspeaking for myself, I feel that it would be wrong
for us to delay paying this amount even though we would like to have more money
in order to be in a better position to get a loan, etc.
It's just not our money. It belongs to Safer DIY and we've been holding onto
it. It's not much different from if we were to go out and steal it out of
their account because we happened to have access to it, in my opinion.
So as an individual, i'm in favor of paying it immediately. I'll put this
question on the Sudoroom meeting agenda so that I can get a proper
representative position from Sudoroom.
If the above argument is not enough to convince whoever is reading this, I'd
like to point out that Omni wouldn't exist right now if it weren't for the
significant contributions of Sarah and David, well above and beyond what this
actual loan pays for. Considering we have a fire inspection coming up, we
really would be better off if we had a better relationship with them and were
able to ask for help with it.
-jake
On Tue, 4 Oct 2022, Yardena Cohen wrote:
Sarah, we really appreciate DIY's help and good
faith here. We
understand you cannot extend the maturity date. If Omni does fall
apart and lose our building, we want you to be first in line among our
creditors for getting paid back. You WILL get paid back, but perhaps a
bit late and with 6% interest. I think we all know that, and
maintaining this firm date is part of making sure you get paid back.
Unfortunately, this means Omni may be in default to you for a few
months.
Please know this is not personal, it's not because we don't value or
respect you. I really hate the awkwardness of defaulting on a debt to
our friends. I do hope that you all understand and respect our
reasoning in turn.
That said: Omni folks, we need to make a decision about this. We have
enough unrestricted funds to cover this, but not by much. Paying DIY
back on time would come with a steep opportunity cost - we'd have much
less flexibility and much less to reinvest into shoring up our loan
application. In particular, we could be using it to build more rooms,
draw higher-paying events, and pay more people to fill major gaps in
our finance & bookkeeping teams.
We also have money in "restricted funds": 13k left over from the 2018
kitchen fundraiser and 23k from the current gofundme which we
explicitly told people would go towards the principle of our $1M loan.
We could probably make legal/moral/ethical arguments in favor of
spending either of those funds towards DIY. But I think that's
something the whole community should be clear-eyed about. Thoughts?
On Tue, Oct 4, 2022 at 11:34 AM Sarah Lockhart <sarah.ee.el(a)gmail.com> wrote:
Dear Omni Comrades,
I wanted to remind you, prior to the upcoming delegates meeting on Thursday, that this
loan is due in less than a month. While we (collectively) did not stipulate a schedule of
regular payments, we (Safer DIY) had hoped that Omni would have begun making payments by
now. We also have received no communication about this debt, and no payment arrangements
have been made yet.
The $7500 was fronted by Safer DIY at a time when Omni's cash flow was more limited.
Safer DIY did so in good faith and solidarity. Please put the repayment of this loan on
the agenda for the upcoming delegates meeting, and let me and David Keenan know when we
can expect payment.
We expect to be paid in full, the full $7500, by the due date of November 1, as per the
attached promissory note, signed by Omni.
Respectfully,
Sarah Lockhart
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