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NGB Dispute -- NJ Court Rules in Against USET (Again) BRREAKING NEWS - USET WITHDRAWS CHALLENGE (pg 2)

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  • question about extraordinary expenses related to NBG

    $850k in legal fees
    $150k other expenses - communications and consulting (non legal - Burston Marsteller) and forensic accountant

    I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
    Oscar Wilde (1854–1900)
    \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

    Comment


    • next question - operating surplus ?

      Kathy explains that normal op expenses are maintained separately from extraordinary events like the move, NGB litigation... so these are kept separate so they can understand the NORMAL cost of doing business

      this is what the budget would look like absent the extraordinary issues

      explains also what constitutes unrealized gains/losses

      I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
      Oscar Wilde (1854–1900)
      \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

      Comment


      • AB explains that there was concern that there be transparency with the legal expenses

        Says that the USOC does not understand/appreciate the cost of NORMAL legal bills associated with D&M enforcement etc...

        Did not want there to be concern that the NGB expenses were being buried into regular legal expenses

        I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
        Oscar Wilde (1854–1900)
        \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

        Comment


        • Lori Rawls answered question about the unrecognized revenue,(2.8 of the 4.3 will be recognized on Dec 1) mostly membership renewals that do not become "realized" til the membership is effective

          I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
          Oscar Wilde (1854–1900)
          \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

          Comment


          • Karen O Connor asked if legal fees will be covered by USET per the recent NJ ruling?

            I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
            Oscar Wilde (1854–1900)
            \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

            Comment


            • Roos explains that Mr. Collier will put in an affidavit covering the legal time and expense that he put in on the motion for summary judgement, and it is that work that will be presented ... USET can comment... judge will rule on what is paid. We do not know what that amount will come to yet.

              Not ALL the fees associated with that action will be covered -


              Roos also mentions that USAE proposed that if the USET withdrew the counterclaims, USAE would forego the fees that were awarded by the judge associated with the frivolous claim

              I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
              Oscar Wilde (1854–1900)
              \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

              Comment


              • NHJC numbers are questioned by Dr. Barish

                Revenue that has come in from zones were higher than forecasted and there is a variance

                Bulk of variance is the amount received from Zone 10 - $77k

                Expenses incurred by NHJC were higher than forecasted but most is zone related

                I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                Oscar Wilde (1854–1900)
                \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                Comment


                • There is a question about a line item IRB - what is it?

                  Revenue bond on the building

                  I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                  Oscar Wilde (1854–1900)
                  \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                  Comment


                  • AB says in Q3 they will begin a formal process for revenue planning, necessary because finances are quite complex

                    Not the best use of their time at this meeting to go through each allocation on balance sheet and income stmt.

                    Very important to review and question all the financial documents - ALL board members need to understand the numbers in depth, these questions are welcomed and encouraged.

                    He states again that he is absolutely certain of the integrity of the Fed's financial statements.

                    I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                    Oscar Wilde (1854–1900)
                    \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                    Comment


                    • K. Penniman asks if USAE loses money in fund raising?

                      AB says that this is an investment - they are not a development organization and the USET was designed to be the development component.

                      Now the USAE will have to do this, and once the NGB is confirmed, he has no doubt that the amounts will rise- staff has been hired, preparations made etc. They are ready.

                      AB suggests that if one compared USET expenses to development results there might be a similar pattern. Early investments in development can be expensive, but pay off later.

                      I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                      Oscar Wilde (1854–1900)
                      \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                      Comment


                      • Liverpool - thanks so much for doing this - if it would be at all possible for you to disable your most excellent Wilde quote for the duration, it would make the reading easier

                        Off to catch up on the reading now...
                        http://wildwoodfarmnc.com

                        http://cantersgutenberg.wordpress.co...g-quiet-goose/

                        Comment


                        • KP says why don't we just go after a few wealthy individuals?

                          AB says USAE should do both - but should not depend JUST on a few wealthy individuals

                          Someone else says that USAE's membership's base can be easily grown but that this should be viewed just like starting a business, with an initial expense that eventually produces income

                          I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                          Oscar Wilde (1854–1900)
                          \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                          Comment


                          • Tim Mulligan from Goldman Sachs presents their report.

                            Gives an update on assets held for USAE by Goldman Sachs, makes stmt of importance of clients to Goldman... they are interested in long term clients, very strong financially yadayadayada

                            2002 was bad, equity investors did poorly, no matter what market sector they were in.

                            S&P down >40% Nasdaq even worse...

                            However, asset allocation has been key to preserve and grow assets

                            Discusses performance, total is decrease of $175k (-2.41% return)

                            He feels this is quite GOOD considering climate

                            Overall asset allocation 35% equities 65% Fixed income/cash

                            Other details are on powerpoint

                            I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                            Oscar Wilde (1854–1900)
                            \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                            Comment


                            • Very impressive with your devotion to capturing and providing the activities "live" ... your efforts are highly appreciated.

                              Comment


                              • KJack,
                                You are very welcome... I have always enjoyed the reports posted by others - figure it is my turn this time!

                                I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                                Oscar Wilde (1854–1900)
                                \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                                Comment


                                • AB draws attention and asks about investment income...

                                  Goldman rep explains strategy...

                                  Kathy explains their plan for portfolio mgt. has served them well while investing conservatively...

                                  AB discusses reporting system that is in place at USAE, how sophisticated it is - gives them a DAILY report on cash, gives them $600k cash to work with ... cash flow is extremely predictable - forecast is very sophisticated and carefully watched, very accurate.

                                  More detail will be presented at Sat.meeting which will cover expenses of high performance division, will not be a problem

                                  I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                                  Oscar Wilde (1854–1900)
                                  \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                                  Comment


                                  • Liverpool - are you actually at the meeting or are you eavesdropping via the net?
                                    "The standard you walk by is the standard you accept."--Lt. Gen. David Morrison, Austalian Army Chief

                                    Comment


                                    • Liz, on the net right now (gotta love my T1) will be in Lexington tomorrow

                                      I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                                      Oscar Wilde (1854–1900)
                                      \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                                      Comment


                                      • Question about pension fund... where are they invested
                                        Discussion of which funds are invested in, diversification has been working well

                                        Pension fund is NOT on the balance sheet - is more conservative than balance of the portfolio

                                        I choose my friends for their good looks, my acquaintances for their good characters, and my enemies for their intellects. A man cannot be too careful in the choice of his enemies.
                                        Oscar Wilde (1854–1900)
                                        \"It\'s a funny thing about life: If you refuse to accept anything but the best, you very often get it.\" ---W. Somerset Maugham

                                        Comment


                                        • Liverpool - you are awesome. Thanks!

                                          Comment

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