Sam Sloan wrote:
On Mon, 2 May 2005 19:40:17 -0700, "David"
wrote:

"Sam Sloan" wrote in message
...


On the positive side, I think it is important that I pointed out
that
the USCF is insolvent and should not be squandering its limited
cash
reserves building a new headquarters building. Also, it is clearly
illegal that Hanke and Marinello have check signing authority over
the
employee pension plan.

Insolvent means being unable to pay debts when they are due. The
USCF is
paying its bills when they are due. Therefore, the USCF is solvent.
A
negative net worth is not meaningful in this case because of the
deferred
revenue. Solvency is a characteristic of cash flow, not the balance
sheet.

Yes. The USCF is paying bils as they come due NOW. However, that is
because Bill Goichberg put the USCF's financial house in order.
Before
Bill Goichberg because executive director, creditors had to wait
months or years or did not get paid at all. Ever wonder why Chess
Life
was often late? That was because the USCF could not pay the printer
or
had to find a new printer who would print on credit.

Bill Goichbertg paid all the USCF's debts on his way out the door and
left behind a hevty bank balance. Let us see how long it takes for
them to squander that money. It will not take long. The USCF lost
nearly two million dollars between 1999 and 2003.

There are three issues that have led to the current prosperity of the
USCF, 1)The mass layoffs in August 2003, 2) The outsourcing of B&E, 3)
The updates to the rating and membership programs.

While layoffs and program updates were in the works prior to the 2003
election, and outsourcing had been discussed for years as well, it took
Beatriz, Tim, and Don's election to the board to get things done.

You say that the USCF should not be squandering cash by building a
new
building. The USCF is not using cash to buy a new building. The
USCF is
financing the building through a loan, secured by donated land. The
net
result of the transaction is the generation of cash, not the use of
cash as
you imply. The transaction has improved the cash position of the
USCF. It
has improved liquidity.

David

The loan is a loan which must be repaid. It seems that the USCF plans
to use almost all the money received from the sale of the building in
New Windsor which was owned free and clear and spend it all on moving
expenses and expenses for Beatriz. Then the USCF will be left to pay
the mortgage on the new building in Crossville. The USCF will not be
able to pay that mortgage and will be out on the street.

Remember this assumes that the deal will go through according to
their
plan. I doubt their plan will work. I do not believe it is really
true
that a bank in Crossville is going to loan the money secured only by
the "free" land. Has anybody verified this claim?

Sam Sloan

The loan will be secured by the land as well as the building. In my
opinion, the loan should be repaid as soon as feasible.

Grant Perks

"Grant Perks" The loan will be secured by the land as well as the
building. In my opinion, the loan should be repaid as soon as feasible.

Are you lending Marinello your wife too? Is that part of the living
expenses?

In the year of our Lord Tue, 3 May 2005 06:53:54 -0700, "Tom Klem"
wrote:

I have taken a recording of Sam Sloan's praise of Bill Goichberg and played
it backwards with an old victrola device. There are hidden messages in there
that cannot be discounted.

The hidden messages appear to be from another time in Spammy's life.

Clearly heard on one reverse section of "the code" is the statement by Sloan
that there is no problem with USCF finances.

Isn't that amazing?

Playing Sam backwards brings out the inverse of what he says frontwards.

Who'd a thunk it?

Are you sure it didn't just say "Turn me on, dead Sam" over and over?

Tom Klem


"Sam Sloan" wrote in message
...
On Mon, 2 May 2005 19:40:17 -0700, "David"
wrote:

"Sam Sloan" wrote in message
...


On the positive side, I think it is important that I pointed out that
the USCF is insolvent and should not be squandering its limited cash
reserves building a new headquarters building. Also, it is clearly
illegal that Hanke and Marinello have check signing authority over the
employee pension plan.

Insolvent means being unable to pay debts when they are due. The USCF is
paying its bills when they are due. Therefore, the USCF is solvent. A
negative net worth is not meaningful in this case because of the deferred
revenue. Solvency is a characteristic of cash flow, not the balance
sheet.

Yes. The USCF is paying bils as they come due NOW. However, that is
because Bill Goichberg put the USCF's financial house in order. Before
Bill Goichberg because executive director, creditors had to wait
months or years or did not get paid at all. Ever wonder why Chess Life
was often late? That was because the USCF could not pay the printer or
had to find a new printer who would print on credit.

Bill Goichbertg paid all the USCF's debts on his way out the door and
left behind a hevty bank balance. Let us see how long it takes for
them to squander that money. It will not take long. The USCF lost
nearly two million dollars between 1999 and 2003.

You say that the USCF should not be squandering cash by building a new
building. The USCF is not using cash to buy a new building. The USCF is
financing the building through a loan, secured by donated land. The net
result of the transaction is the generation of cash, not the use of cash
as
you imply. The transaction has improved the cash position of the USCF.
It
has improved liquidity.

David

The loan is a loan which must be repaid. It seems that the USCF plans
to use almost all the money received from the sale of the building in
New Windsor which was owned free and clear and spend it all on moving
expenses and expenses for Beatriz. Then the USCF will be left to pay
the mortgage on the new building in Crossville. The USCF will not be
able to pay that mortgage and will be out on the street.

Remember this assumes that the deal will go through according to their
plan. I doubt their plan will work. I do not believe it is really true
that a bank in Crossville is going to loan the money secured only by
the "free" land. Has anybody verified this claim?

Sam Sloan





What is now proved was once, only imagin'd. -- William Blake

On Tue, 3 May 2005 11:17:13 -0700, "David"
wrote:

The loan is a loan which must be repaid. It seems that the USCF plans
to use almost all the money received from the sale of the building in
New Windsor which was owned free and clear and spend it all on moving
expenses and expenses for Beatriz. Then the USCF will be left to pay
the mortgage on the new building in Crossville. The USCF will not be
able to pay that mortgage and will be out on the street.

Yes, all loans must be repaid. Otherwise they are called gifts. The
concept that makes this work, Sam, is cash flow. Cash flow: where it's
coming from, where it is going, and when. You argue that the transaction
reduces cash resources when the opposite is true. Time. Consider Time.

You say "It seems..." It doesn't seem that way at all. New Windsor may
have been free and clear, but it was also a money pit with respect to
maintenance, and an obligatory tie to greater operating expenses due to
geography. A cardboard box is free and clear too, but that doesn't mean I
would want to live there. Is it without cost? No, there is a new mortgage.
I will give you the credit of making a factual statement. There is no
reason to think that it cannot be paid. The evidence, provided by the
reduced operating expenses, is that the funds ARE there to make those
payments. You assert otherwise without evidence in support of that
statement.


Remember this assumes that the deal will go through according to their
plan. I doubt their plan will work. I do not believe it is really true
that a bank in Crossville is going to loan the money secured only by
the "free" land. Has anybody verified this claim?

Confirmed elsewhere in this thread by Randy and Grant. Grant clarifies that
it is securred by both the land and the building. Other than the additional
board members, who else would you expect to be in a position to confirm
this? You say you doubt and do not believe, without reason other than your
own incredulity. The evidence, provided as statements by individuals in a
position to know, is that it has taken place.

David

Who are you? Nobody with an ounce of brains believes the Line of Bull
being put out by the Beatriz Marinerllo Gang, so when someone such as
You-Who-Have-No-Name comes in, we know you must be one of their
anymice.

The USCF lost nearly two million dollars between 1999 and 2003 and
during that time many of the people who now support the move to
Crossville were in power.

We have already establised that they are going to spend $300,000 in
moving costs alone. Then, instead of being in a building in New
Windsor which they own and therefore do not have to pay rent, they
will be in a building in Crossville with a $600,000 mortgage which
they have to pay back.

How will they make that $900,000 back? What are the lower operating
costs? I understand that the new hires in Crossville are being paid
the same or more than the people they are replacing in New Windsor.
So, where are the savings and how did you get to be such a great
expert on this subject?

How will it happen that the people who lost two million in four years
will suddenly start making big profits in spite of higher costs? Seven
Executive Directors in a row lost money. Who will be the savior who
will come in and start making money for us?

Sam Sloan