[Kzyxtalk] Amount and timing of debt

[doug mckenty]

Tim,

I am shocked by this information!  I was told by John Coate when I became a
board member that the NPR debt totaled 160k when he became manager.  During
my tenure, the total debt started out at about 120k but was reduced to
around 80k when the deal with NPR for retroactive rural status kicked in.
 As I trusted Coate, I never bothered to look up the info and always
wondered how the previous board allowed Belinda to accrue such a massive
debt.

If what you say is true, then John C. must have got the station further in
debt for his first two and a half years as manager, then managed to pay off
that debt via the NPR deal and cutting the news department.  Yet he saved
50k per year by laying off Christina four years ago and and should have
saved money after Hanson left but still increased the debt load until he
got rid of Brookshire, who was only making about 35k including benefits.

If what you say is true, that radically changes what the present and past
boards have been lead to believe.  Jane Futcher was actually on the board
back then and it is her statement that references the 200k number.  I fear
her past board philosophy was a little too "hands off" and advocate for
Patricia Kovner from district 3.

Doug Mckenty

On Wednesday, February 26, 2014, <sako4 at comcast.net> wrote:

> Coate says it was $200,000 -- and it's an important part of the mythology
> that he "saved" the station. Regardless of the exact amount of debt, it
> wasn't one guy -- Coate -- who saved the station. It was the more than 100
> volunteers who host programs, and it was our 2,300 members. We worked our
> asses off.
>
> As a footnote, MCPB's line of credit at the Savings Bank of Mendocino
> County is currently $75,000. MCPB just applied to have it renewed. I know
> thiis for certain.
>
> Finally, there have been no draw downs on the line of credit at this time.
>
> On March 18, I hope to be meeting with MCPB's former banker, Marty
> Lombardi. Marty is now retired and living in Grass Valley. He will be in
> town speaking with potential donors, including myself, about making a major
> gift to upgrade the Emergency Department and Intensive Care Unit at UVMC.
> Marty still sits on the UVMC Board.
>
> On the 18th, I also hope to ask Marty a few questions about MCBPB's
> fiances ending June 28, 2013, when Marty retired from the bank. He's the
> "answer man".
> ,
> ------------------------------
> *From: *"Tim Bray" <tbray at wildblue.net<javascript:_e(%7B%7D,'cvml','tbray at wildblue.net');>
> >
> *To: *kzyxtalk at lists.mcn.org<javascript:_e(%7B%7D,'cvml','kzyxtalk at lists.mcn.org');>
> *Sent: *Wednesday, February 26, 2014 5:39:42 PM
> *Subject: *[Kzyxtalk] Amount and timing of debt
>
> I keep seeing a figure of $200K thrown around, and Beth Bosk's recent
> missive alleges that Belinda Rawlins ran up a bank draw in that amount.  In
> the General Manager's reports (available on the KZYX Website), the bank
> debt is reported as $55K in October 2008, shortly after John Coate became
> GM.  In the December report, he lists bank debt of $52K and NPR debt of
> $45K.   I haven't gone through every report, but from memory, the total
> debt went over $100K for a while, but never reached the $200K level I've
> seen in several messages here.
>
> The facts are bad enough - why exaggerate?  Especially when the facts are
> so easily researched.
>
> Tim Bray
>
>
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