Rolled up and perhaps fated for the city dump, the curious-looking bottle had not been in the water long when a short December gust sent it to an edge of the Loch, in Northwest Central Park. A lone dog—or was it a wolf?—retrieved it, but soon let it go at the park's 103rd Street entrance. There, moments later, a curious passerby happened upon it, pulled the cork, unfurled the note, and read this message from a sly indigopirate...
A Modest Proposal
Or a Hail Mary Pass, if you prefer. In any event, a modest proposal in the ironic yet non-Swiftian sense.
The iCE and the CFO should file for Ch 11, with or without board approval, and should do so swiftly, without warning.
That will throw the matter before the court.
Once before the court you’re looking at a serious fight, and there will be accompanying serious visibility and publicity given Pacifica’s history and present state.
These are helpful under present circumstances and with the goals here in mind.
The immediate goal is to present the court with a credible survival and transition-to-viability plan along the lines specified in the corporate charter, which was abandoned long ago with the support of a number of previous and existing boards, requiring the court to oversee the replacement of the existing board and structure, the argument being as follows: The existing ‘mission’ as defined by the existing board not only violates the corporation’s charter, but is also demonstrably catastrophically dysfunctional and equally demonstrably catastrophically endangers the ability of Pacifica to fully repay its financial obligations. Any attempt to seek protection or partial repayment within the existing structure and the abandonment of the corporate charter is clearly doomed to fail, leaving debts unpaid. If there is to be full repayment of creditors it requires replacement of the existing board, with a trustee or trustees overseeing that transition, to return to an organization dedicated to its stated, chartered purpose and mission, not the long-failing abandonment and betrayal of that chartered purpose, which has led to the present condition.
Therefore, we seek authority to replace the existing board, in full, with trustees appointed by the court in the interim, relying on expert advice from university media and other departments reflecting the originally defined Pacifica purpose.
This represents the only realistic possibility of repaying existing and presently contractually obligated future financial obligations and will in so doing also represent a return and restoration to the specified organizational goals and purposes.
We will actively seek, under trustee(s) supervision and authority, to fully and frankly communicate and cooperate with those organizations, entities, and/or individuals to whom Pacifica is indebted, our primary goal being full repayment of all debts presently existing and those for which Pacifica is presently contractually obligated for future payment.
We will actively seek any and all available external resources and support in any and all practical and possible forms, under the supervision of the trustee or trustees to return to a contemporary version of the chartered purposes of Pacifica, which were demonstrably successful in the organization’s first years preceding the abandonment of those stated, specified chartered purposes.
We therefore argue that such trustee-supervised board replacement and accompanying return to a contemporary form of the chartered purposes is far and away the best chance for full payment of debts owed and obligated.
It represents a challenge, but it is practical, possible, and with court support has a high probability of satisfying the organization’s financial obligations.
We are fully committed, with court approval, to making this happen, full repayment being our first, and our primary goal.
If this proposal does not meet the creditors’ and the court’s approval, we then seek an orderly dissolution of Pacifica so as to satisfy at least in part to the extent possible Pacifica’s financial obligations.
~ ‘indigopirate’
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