Summary:
Agarwal says it remains unclear how the monies owed Empire State Realty Trust can be paid. Pacifica is presently exploring loan possibilities, the feasibility of which remains unclear.
The National Office is now turning its attention to preparation of the FY 2016 audit, having previously explored Ch11 options.
Pacifica’s request for an extension of the previously extended deadline for filing its FY 2016 audit has been turned down. The deadline for filing the FY 2016 audit is 14 February.
It looks ‘kind of impossible’ to meet this deadline.
Staff is now ‘fully occupied’ with preparation for this audit.
Staff is also ‘fully occupied’ preparing FY 2015, FY 2016 pension and 403(b) audits, which are ‘very complex’ and are ‘difficult to resolve’ and no one on staff is familiar with the relevant terms and requirements.
Staff is therefore ‘stressed to the limit’.
Q&A
As to the 14 February deadline, the CFO says it can’t possibly be met.
The National Office can’t possibly be expected to work at ‘breakneck speed’ as it had for the FY 2015 audit, because it ‘takes a heavy toll’ and is therefore ‘not feasible’.
The deadline for the FY 2017 audit is approaching, and the workload and backlog are ‘very great’.
As for WBAI, in response to R. Paul Martin:
‘A lot of work has to be done.’
Accounting and reporting continue to fall short.
Information re accruals for monies owed ESRT were never entered.
One person had been sent from the National Office to get information as to a few particular issues, but at present the part-time accounting person’s 3-4 hours per week are insufficient. ~15 hours per week are the minimum necessary.
There is therefore ‘a gap’ as to financial information.
~ ‘indigopirate’
Agarwal's report
And most at Pacifica still don't get it. This is what happens when you play social justice warrior games and ignore economic reality.
ReplyDeleteSDL
It's in-Credico-ble: http://www.motherjones.com/politics/2017/12/roger-stones-go-between-with-wikileaks-takes-the-fifth/
ReplyDeleteCrosier will never publically admit it. But it's not just the debt. It's the decades long horribly toxic image of Pacifica. If you were a mega billionaire, would you want anything to do with Pacifica? I wouldn't.
ReplyDeleteOnly if driven by dementia. You are right, money is an immediate need that could conceivably be met with one transaction. Image? Not so—decades of vandalism has effectively destroyed that beyond restoration.
DeleteI, too, believe that Bill Crosier has become aware of that dead end ahead..