From the absorbent mind of Indigopirate

This rather lengthy audio contains some bits of information of possible general interest.

There is indeed both IRS and Department of Labor investigation as to the state of Pacifica pension funds.

The estimate as to the shortfall with respect to those pension funds is ~$750,000.

The estimate as to the funds missing from Pacifica’s Endowment/Restricted funds is ~$640,000.

The full terms of the $3.7m loan to Pacifica are apparently subject to nondisclosure restrictions, which terms will not be made available.

It is known that ERISA violations may trigger default on that loan, but it is thought that that formal violation is not likely to be enforced – the lender has never previously enforced such or comparable terms, as it is explicitly dedicated to the support of public radio.

It is clear that though it’s been low key in many ways, Livingston has already accomplished a good deal of cost cutting, particularly in the area of accounting and finance, the contract being given to META to handle Pacifica’s accounting on a centralized basis represents a considerable saving, monthly, compared to the previous cost of the CFO and his staff.

All in all, the Pirate’s impression is mixed: Some progress is clearly being made and there is at least some degree of increased functionality. Yet cash flow continues to be negative, balance sheets are massively negative, and listenership and the present fund-raising model are clearly negative in the extreme.

As to what may or may not happen next, I have no idea.

As to whether or not it matters to anyone other than present players, the answer is fairly clear.

~ ‘indigopirate’