Project/Necessary changes in involvement in EcoReality

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Contents

Project ID: 136

Project steward

Jan Steinman

Need

To smoothly transition people from the current irreconcilable differences among those invested in EcoReality.

Description

Spring 2010: the directors agreed to put the EcoReality assets up for sale in preparation for dissolving the co-op and paying out the proceeds to debt holders and investors.

July 2010: an investor came forward who was willing to cover about 56% of EcoReality's long-term debt, so we could continue operations and future plans. The directors agreed to seek financing on the balance.

October 2010: together with that new investor, we crafted a business plan in order to qualify for a loan on the balance of our long-term debt. At that time, we assessed EcoReality's finances, and agreed that we had about one year to either make the business plan work, or once again face financial crisis.

October 2011: for various reasons, largely due to differing work-styles, the past year has not seen successful implementation of the business plan, showing a net loss for the year. The members and three major investors have all been made aware of this situation.

November 2011: we are now at a point where EcoReality can no longer service our debt from co-op operations, forcing us to assess site occupants rental fees in order to service debt.

December 2011: one of the three site residents refuses to pay rent or sign a rental agreement (twice) in order to service debt.

January 2012: The three biggest investors agree this is a matter of irreconcilable differences, and seek one of the following solutions:

  1. Someone buy out their full interest in the co-op,
  2. Someone buy out the other investor's full interest in the co-op,
  3. Put the co-op assets up for sale once again, in preparation for dissolving the co-op and paying out proceeds to debt holders and investors.

If we cannot agree on one of these approaches, an unpalatable fourth alternative will occur: foreclosure and forced liquidation of EcoReality assets.

Minutes:20120125: resolution to allow transfer of investment shares upon board approval.

Status

  1. 2011-10-10: Jan verbally informed Ron of the financial situation, and outlined what he saw as the three alternatives cited above.
  2. 2011-10-24: EcoReality retains solicitor Henley-Walden of Sidney to oversee the proper execution of alternatives cited above.
  3. 2011-11-29: vote to approve liquidation of EcoReality assets was defeated by one investor, meaning alternative #3 is not viable unless that investor changes his mind.
  4. 2012-01-06: notification of request to allow transfer of investment shares with approval of Directors.
  5. 2012-03-17: white house rental ads placed on:
  6. 2012-06-01: white house successfully occupied by Geo Morrow.

Goal or deliverable

  • Implementation of one of the three alternatives cited above, such that
    • the solution is legally not challengeable,
    • in the case of alternative #1 or #2, the intention is that the parties eventually recoup their full investment.
  • Implementation to take place in the first half of 2012.

Timeline, schedule, or end date

  1. 2011-10-10: project started.
  2. 2011-11-29: obtain approval for alternative #3.
  3. 2011-12-23: vetting of coop rules in order to implement alternative #1 or #2.
  4. 2011-12-30: notice of any required special resolutions delivered.
  5. 2012-01-25: special resolution election meeting.
  6. 2012-01-26: submission of any required changes to coop rules.
  7. ... and then a miracle occurs...
  8. 2012-06-30: implementation of one of the three alternatives above.

Plan

  • Inform stakeholders of the situation. DONE
  • Retain legal counsel. DONE
  • Seek initial approval for alternative #3, so it doesn't need to happen later in a panic. DEFEATED
  • Seek approval of three members/directors and the three biggest investors for this plan. DONE
  • Make necessary changes to coop rules in order to implement alternative #1 or #2. DONE
  • Seek investors needed to implement alternative #1 or #2. IN PROCESS

Financial budget

Item Expense
Legal $6,000.00
Travel $500.00
Telephone $50.00
Filing Fees $255.00
Total $6,805.00


Labour budget

This project is not expected to incur any compensated labour expense. The following is provided for planning purposes only, to show how much less labour is available for other co-op business.

Item Hours
Meetings, Phone, Correspondence 200
Writing, Editing 200
Travel 20
Total 420


Time Log

next 25
WhoInOutHoursActivityAccomplishmentPaid
Jan Steinman2015-04-21 20:30:002015-04-22 00:47:004.2833ResearchingWagner v EcoReality researchno
Jan Steinman2015-04-21 12:30:002015-04-21 19:30:007.0000ResearchingWagner v EcoReality researchno
Jan Steinman2015-04-08 09:19:002015-04-08 09:46:000.4500PlanningPlan for JCC Wagner v EcoRealityno
Jan Steinman2015-04-03 09:37:002015-04-03 11:02:001.4167CorrespondingJames C responseno
Jan Steinman2015-03-28 12:39:002015-03-28 13:00:000.3500Telephone/VideoPhone Dad/Mom about financesno
Jan Steinman2015-03-20 14:32:002015-03-20 15:32:001.0000NegotiatingCall Rander about loan, no answerno
Jan Steinman2015-03-20 14:11:002015-03-20 14:32:000.3500NegotiatingMom call about loan.no
Jan Steinman2015-03-19 20:49:002015-03-19 21:56:001.1167PlanningCleome call: strategy for Wagner v EcoRealtiyno
Jan Steinman2015-03-19 18:02:002015-03-19 19:30:001.4667NegotiatingDad call: won't loan me a cent.no
Jan Steinman2015-03-19 12:05:002015-03-19 14:02:001.9500NegotiatingWagner v EcoReality: corresp Carol and lawyerno
Jan Steinman2015-03-18 23:12:002015-03-19 00:42:001.5000NegotiatingWagner v EcoReality settlement offerno
Jan Steinman2015-03-18 19:10:002015-03-18 19:33:000.3833NegotiatingWagner v EcoReality stuffno
Jan Steinman2015-03-18 17:52:002015-03-18 18:36:000.7333NegotiatingWagner v EcoReality stuffno
Jan Steinman2015-03-18 16:36:002015-03-18 17:52:001.2667NegotiatingTry to get a loan from Dad.no
Jan Steinman2015-03-17 09:00:002015-03-17 11:40:002.6667ResearchingWagner v EcoReality researchno
Jan Steinman2015-03-16 00:00:002015-03-16 04:00:004.0000ResearchingResearch Wagner v EcoRealityno
Jan Steinman2015-03-10 00:00:002015-03-10 03:00:003.0000NegotiatingMore Carol crapno
Jan Steinman2015-03-10 00:00:002015-03-10 02:00:002.0000NegotiatingMore Carol crapno
Jan Steinman2015-03-06 13:45:002015-03-06 15:45:002.0000NegotiatingGalambos letterno
Jan Steinman2015-03-02 17:00:002015-03-02 19:30:002.5000ResearchingJCC scheduling researchno
Jan Steinman2015-02-07 22:50:002015-02-08 00:36:001.7667ResearchingJCC research for Wagner v EcoRealityno
Jan Steinman2014-09-17 13:06:002014-09-17 13:33:000.4500Managing InformationREI VISA negotiationsno
Jan Steinman2014-08-15 05:20:002014-08-15 15:50:0010.5000NegotiatingJudicial Case Conference: Wagner v EcoRealityno
Jan Steinman2014-08-14 21:30:002014-08-14 23:50:002.3333PreparingPrep for Wagner v EcoRealityno
Jan Steinman2014-06-26 16:00:002014-06-26 17:00:001.0000DeliveringDeliver Wagner v EcoReality response via Salt Spring Air.no
next 25

Vehicle Log

next 25
WhoVehicleDateDist/TimeCostPurposeNotesPaid
Jan SteinmanBubba2014-08-1525 km$11.000EcoRealityVancouver Supreme Court for Wagner v. EcoReality JCCno
Jan SteinmanBubba2014-06-2625 km$11.000EcoRealitySend Wagner suit response via Salt Spring Air.no
Jan SteinmanBubba2014-06-2525 km$11.000EcoRealityAttempt to mail EcoReality response to Wagner suit.no
Carol WagnerBlue Jetta2012-06-1228 km$10.640EcoRealitycredit union for Ron, grocyes
Jan SteinmanBlue Jetta2011-10-2721 km$7.980EcoRealityDale Henley, Sidneyyes
next 25

Summary

by person

IDWhoHours
2Jan Steinman222.9
2TOTAL:222.9

by activity

IDActivityHours
1Administering1.7
28Consulting16.9
46Controlling Pests48.1
16Corresponding12.5
39Delivering2.5
33Entering Data4.0
19Hospitality4.9
5Managing Information0.5
24Negotiating42.6
20Networking7.0
7Planning16.6
15Preparing20.5
11Researching26.3
31Review5.3
25Telephone/Video3.4
32Writing10.3
32TOTAL:222.9

by vehicle

"Vehicles" with no odometer, such as tractors or stationary equipment, are in tenths of an hour, rather than kilometres.

IDVehicleDistance
1Blue Jetta49 km
5Bubba75 km
5TOTAL:124 km


Final accounting

Item Expense
Total

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