The LMA is drained, we are coming up to the time of the year where USCF has
the least cash, and our ability to borrow is tapped out.

So how will we make payroll in the coming months?

Well, the rumor is that the building has been sold, and that the new owner
has agreed to do renovations and to lease back the basement for us to move
into. The reason for the sale and so on is not just to help with the shift
of B&E to Chess Cafe, but also to clear space more quickly so that they can
move into the basement.

Can anyone confirm this?

And is a basement in NY really better than Crossville, TN?

- Der Wiesel

Goichberg can walk down the stairs.

Of course it's better than Crossville.

Are you nuts?

Jane
http://users.lvcm.com/jadams
"I'm a supporter of the USGF"
---bumper sticker seen on Brenda's car

"Altes Wiesel" wrote in message
...
The LMA is drained, we are coming up to the time of the year where USCF
has
the least cash, and our ability to borrow is tapped out.

So how will we make payroll in the coming months?

Well, the rumor is that the building has been sold, and that the new owner
has agreed to do renovations and to lease back the basement for us to move
into. The reason for the sale and so on is not just to help with the
shift
of B&E to Chess Cafe, but also to clear space more quickly so that they
can
move into the basement.

Can anyone confirm this?

And is a basement in NY really better than Crossville, TN?

- Der Wiesel

"Altes Wiesel" wrote in message
...

The LMA is drained, we are coming up to the time of the year where USCF
has
the least cash, and our ability to borrow is tapped out.

So how will we make payroll in the coming months?

Hannon is giving us a $15,000 advance.

Well, the rumor is that the building has been sold, and that the new owner
has agreed to do renovations and to lease back the basement for us to move
into. The reason for the sale and so on is not just to help with the
shift
of B&E to Chess Cafe, but also to clear space more quickly so that they
can
move into the basement.

Can anyone confirm this?

That's what I hear.

And is a basement in NY really better than Crossville, TN?

Just temporary until Don gets us a location in Florida.

StanB

In article , StanB says...


"Altes Wiesel" wrote in message
.. .

The LMA is drained, we are coming up to the time of the year where USCF
has
the least cash, and our ability to borrow is tapped out.

So how will we make payroll in the coming months?

Hannon is giving us a $15,000 advance.

How much is monthly payroll these days?


Well, the rumor is that the building has been sold, and that the new owner
has agreed to do renovations and to lease back the basement for us to move
into. The reason for the sale and so on is not just to help with the
shift
of B&E to Chess Cafe, but also to clear space more quickly so that they
can
move into the basement.

Can anyone confirm this?

That's what I hear.

And is a basement in NY really better than Crossville, TN?

Just temporary until Don gets us a location in Florida.

StanB



Kevin L. Bachler

"Kevin L. Bachler" wrote in message
...
In article , StanB says...


"Altes Wiesel" wrote in message
.. .

The LMA is drained, we are coming up to the time of the year where USCF
has
the least cash, and our ability to borrow is tapped out.

So how will we make payroll in the coming months?

Hannon is giving us a $15,000 advance.

How much is monthly payroll these days?

Roughly 200K.

StanB

"StanB" wrote in message ...
"Altes Wiesel" wrote in message
...

The LMA is drained, we are coming up to the time of the year where USCF
has
the least cash, and our ability to borrow is tapped out.

So how will we make payroll in the coming months?

Hannon is giving us a $15,000 advance.


He's guaranteeing $385,000 over the next year and giving an advance of
only $15,000?! I wish I could have put such little money down when I
bought my house.

On 13 Mar 2004 06:33:37 -0800, (Roger) wrote:

"StanB" wrote in message ...
"Altes Wiesel" wrote in message
...

The LMA is drained, we are coming up to the time of the year where USCF
has
the least cash, and our ability to borrow is tapped out.

So how will we make payroll in the coming months?

Hannon is giving us a $15,000 advance.


He's guaranteeing $385,000 over the next year and giving an advance of
only $15,000?! I wish I could have put such little money down when I
bought my house.

Are you complaining? I think this is wonderful. I am sure Tim Hanke's
friend Malcolm Pein would not have given a penny in advance.

Sam Sloan

At this point, it's necessary to make a number of clarifications:

1) The building: The USCF accepted an offer to sell the building. Since, this
transaction is not completed yet, further details will be provided to our
memberships upon finalizing the agreement.

As part of this deal, the USCF can utilized the space down stairs at no cost
for one year. We are thinking to complete the move by May 15, 2004. This
arrangement it's particularly attractive because the lease for the building
next door, where the publications department is expired on May 2005. Therefore,
we can move all the operations to a new location by June 2005.

2) The merger between USCF B&E business and Chess Cafe will be effective
starting on April 1, 2004. The administration of the B&E will be handle by
Chess Cafe.

3) Now, we are in the process of liquidating the B&E inventory.

4) The most important aspect of being able to complete the implementation of
this plan is to reduce the expenses. Bill Goichberg, USCF Executive Director
has been instructed to downsize the office payroll and consultants expenses to
a total of $650,000 (including benefits and taxes.) I will not provide more
detail information about the reorganization of the office, since personnel
matters are involved.

The top priority right now it's to stabilize our financial situation. This
fiscal year, it's likely that the USCF will lose money again, since we started
the year with a lost of $300 K in the first quater. However, we are taking
decisive steps to improve the situation.

I would like to take this opportunity to thank all our volunteers across the
country, who are working hard in the promotion and development of chess, this
component of our organization cannot be underestimated.

Have a good weekend!

Beatriz Marinello
USCF President

"Roger" wrote in message
m...

He's guaranteeing $385,000 over the next year and giving an advance of
only $15,000?! I wish I could have put such little money down when I
bought my house.

You didn't buy your house from a bunch of shoemakers.

StanB

"Beatchess" wrote in message
...

At this point, it's necessary to make a number of clarifications:

1) The building: The USCF accepted an offer to sell the building. Since,
this
transaction is not completed yet, further details will be provided to our
memberships upon finalizing the agreement.

As part of this deal, the USCF can utilized the space down stairs at no
cost
for one year. We are thinking to complete the move by May 15, 2004. This
arrangement it's particularly attractive because the lease for the
building
next door, where the publications department is expired on May 2005.
Therefore,
we can move all the operations to a new location by June 2005.

Does the board have the approval of the LMA committee to sell the building?
If I'm not mistaken, that is required.

2) The merger between USCF B&E business and Chess Cafe will be effective
starting on April 1, 2004. The administration of the B&E will be handle
by
Chess Cafe.

Do we have a signed contract? Did our lawyers comment on it?

StanB