Oh man--last post was july 23--way too long.
I have missed August, September and Ocotber. I will blast thru what has happened. On the business front--Pinnacle Realty and my buddy Tim Eppler formed a new company COF capital and we did a 10MM bridge loan in Aug and another 12.2MM bridge for Nehemiah in September. With the interest earned from those last 2 months I hit my yearly nut--thank you Nehemiah.
As you know I have been in talks with Dr. Horsepower to take the CEO spot. Sometime late August I told them that I would take the position. I spent a lot of time in between working on the cabin re-thinking a lot of what they had already done. re-doing company focus and realiging corporate structure. Everybody was pumped and we even went to the firm's law firm to announce that I would be taking control. Right at the last moment when I had decided that we needed to raise 5MM for first year operations----I started asking them for all the details on the deals they have done and are in the works---two weeks go by and I dont get the information. I was thinking something was a little weird and when I started pushing them they got a little screwy and started saying that we needed to close my deal before they gave me the details. And then it happened----they changed the deal. These crazy guys wanted to give me the company for 3.7MM dollars and 50% of the net profits. They even asked for a board seat! I was shocked that these guys turned a start-up into a sale. They were getting nervous that if they put me into the drivers seat that somehow I would eventually push them out----so they were trying to put this huge collar around my neck so that they could always ensure thay they got paid. Needless to say I walked away and then they started to get a little nasty. I will tell you that without me or someone like me they are sunk. They are too old and too late for the market.
On the cabin---I have been working feverishly to get my combo inspection which will allow me to start doing drywall. I finally got it last week October 26. Drywall is going in now and I hope to have the cabin done (or mostly) by the end of November.
In november I am going to spend the bulk of my time on the cabin and focusing on legally reducing my taxable income. I need to spend some time with my accountants.
In december I am going to be figuring out what I am going to do in terms of business for 09'. The building market is still doing poorly and that will not change in 09. I will keep BNT erosion control corp. open; although it costs me about 100K a year to keep it operational. I am hoping some of my competitors will be going under and I hope to capitalize on their failings when that happens. Pinnacle and COF has been talking with me about joining the firm as an investment banker working on distressed portfolios----In the next few weeks I am going to start looking at that option more intently.
Thats it! Its halloween and we are having some people over tonight---we were late in telling people so we will see how it comes out.
