378. Haven’t heard anything from new owner or employees, hearing this Friday

Chapters

• 0:00 Bankruptcy Hearing Updates
• 1:58 Studio Reopening News
• 2:36 Financial Settlement Expectations
• 3:25 Equipment Broker Dilemma
• 4:04 Moving Forward Day by Day

Transcript

Speaker 1: 0:32

Hello, all right, well, just giving an update. Not really a whole lot has been happening. We're having the hearing later this week, our personal bankruptcy hearing. We had to provide a statement for a stock account that we have. What else? We've had to work really hard with our auto loan company to get the reaffirmation doc sent over and so we've had to call them like three or four times and basically the reaffirmation. The way they do it is you call them, you tell them and then, like within a week, the loan team will forward it onto their legal team and then, like a week later, the legal team will write up the document and then a week later they'll send it back to the loan team and then they'll fax it or email it to our bankruptcy attorney. So that's been taking a long time, surprisingly. But we're meeting with our trustee later this week on our group Zoom and we'll have our personal case. Proceed from there.

Speaker 1: 1:27

We heard a few days ago that the studio had a soft reopening and that'll include the original management team that was there when I bought the place and no idea how it's going or has gone. Um, no one's really telling me anything. I'm not really asking anything, so it's been pretty quiet. Uh, what else? Still haven't heard anything from the seller. Uh, when he texted me asking if we could have a discussion, uh, we haven't really heard from him. Since I called him back and texted him. I haven't heard anything. Since that's been pretty quiet. Let's see.

Speaker 1: 2:05

What will probably happen that I'm bracing for is the trustee will say okay, things look good, we're going to settle on this amount that I owe, and that would be like the payout towards the creditors, and my attorney has been telling me it'll be about three-fourths or 75 percent of the cash we have in our bank. We have some personal assets, like tangible assets that are that are worth something, and they go into our giveaway pile of things. Some things are worth keeping, so, like we'll pay cash of the funds that we're so like we'll pay cash Of the funds that we're allowed to keep, we'll take some of that to buy back the items from the creditor. It's like family heirloom type things. But there are some things that we're not willing to keep, like I have some collectibles that I'm fine not having, and so those would go towards the trustee as well. That's it for that side. The that's it for that side.

Speaker 1: 2:54

The business buyer or the new owner was messaging me back and forth like, hey, I want to buy the equipment, tell me what to do, tell me what not to do. And I was preparing to tell him like, hey, I'm not your equipment broker. If you want me to negotiate for the bank, happy to sign a broker form, I'll charge you money for it. But I'm happy to facilitate that. But I was getting pulled into something that's not really my, my responsibility anymore. Um, so that's been pretty quiet on that side of things.

Speaker 1: 3:23

Uh, I think at this point we're just looking to move on with life. Um, day job's going pretty well, um, life's progressing onward and we're at. We're like five weeks now since the studio closed and they already have it reopened, so good for them. It was a pretty quick turnaround. That was kind of nice to see. No idea if the more recent manager or members are going to come back to the studio. Not a clue. I'm kind of watching that from afar, but not sure what's going to go down. So sorry, I just blowed a candle, so now I'm like gag if it's going to go down. Sorry, I just blew out a candle, so now I'm gagging a little bit. That's where we're at right. Now we're going to go make some dinner, go enjoy the night and do things one day at a time. That's where we're at, that's where we're going. Let's rock and roll.