375. Bank accessing property, focusing on dayjob, hearing next week, slowing life down

Chapters

• 1:03 Catching up with former GM
• 1:55 Handling customer refunds process
• 3:45 Potential studio reopening
• 4:31 Interactions with lender's attorney
• 7:00 Upcoming bankruptcy hearing
• 9:24 Moving forward with the day

Transcript

Speaker 1: 0:32

Good morning. Well, it's been about a week actually since the last recording, so Things are kind of slow now that the studio has closed. In the past week I had a chance to cut up. So I cut up with one of my old GMs Not the first one, but the second one, the more recent full-time one and life's good for him and I'm really glad because he's hit some strides in some of his career goals, progressions. He got the income boost he was looking for, and so that's really exciting, and so I'm anticipating that being a longer-term friendship than just an employer-employee one. So that was pretty. That's a good feels one there. What else?

Speaker 1: 1:24

Corporate asked me to send over the funds for handling customer refunds, and I don't know if this is how it's supposed to work, but it's the way that it's going to pan out. Corporate said hey, you got to handle refund, gotta handle refunds. I said, cool, happy to do refunds. Uh, up to the business checking account, like all right, don't forget, you have like a moral obligation to do the right thing. You're like okay, cool, I will gladly send every dollar of the business account to handle customer refunds. I'm on board, uh. And then they tallied up and they did it the right way. So they looked at all of the services sold whether it was like a one-year membership or a monthly membership or like some short-term package or something whatever people had bought and they prorated it on a daily basis and then the amount due of services not rendered or time not rendered, rather, and so that came out to about 28,000 or so, and I had it's like 7,000, 5,000. I don't remember the amount, but the point is not 28,000. And so took screenshots of what I did. Have went to the bank and wired the funds for everything to corporate, because they had documented that they wanted to handle all of the customer refunds after they received the business funds from me. So my attorney said yep, go ahead and do it. That's the right way to do it, that's fine, I'm, I'm okay with that. And so they did that.

Speaker 1: 2:57

And then come like a day later and then, like my franchise rep at corporate, uh, he asked for, like admin, access to the membership Facebook page, so the private members page, not the public one, but the private one. So I gave him access to the public business page, the private members page and two other internal only use groups, and then the rep posted in there that they're talking with one of the members who's looking to reopen the studio and keep it going, and so it was interesting. There was a lot of reactions. Well, probably because permissions had been opened up so people could react and give a thumbs up or a heart or something. So apparently someone wants to buy the assets and keep the studio open. That's great, that's awesome. So then there's that.

Speaker 1: 3:54

And then what else Heard from an attorney. He said hey, nathan, I represent the lender. What is the contact info for your attorney? And I shared that with him. And then my attorney messaged me the other day and said that attorney is looking to confirm the assets and receive access to the property. That's something you can help them with. And I said, yeah, absolutely no problem there. Sorry, I'm driving behind. I'm driving behind like a diesel truck and it smells like an airport in here. Oh man, that's weird, it's hard to breathe. So I said, yep, I can gladly help you with that, no worries, or help tell my attorney, I would help the bank's attorney with that.

Speaker 1: 4:53

I don't know if that means he wants to see the property, he wants the lockbox code or what, but rule of thumb is less is more, so be amicable, be make sure things are accessible to the right people. But it's not my job to commentate or provide extra color or insights on what I see. So what I imagine will happen I don't know, but just making up an example, he says, hey, can you go, can you give me access to the property? I can give him the lockbox code, or I can probably just give him the lockbox code because that's all I have. And then, well, it's the lockbox code that I told my staff. I changed the code the day the studio closed. So only like five people know the code. So if the code changed and someone's doing interesting things behind the scenes, yeah, give it access, the ability to see the property, and yeah, if I go there, I'm not going to. You, don't comment on what you see or what you don't see. This was broken. This was not broken. Something is missing. Something is not missing that kind of thing. It's not needed, it doesn't. It's not beneficial for anybody. And at the end of the day, I already sent over a video to corporate on what the place looked like the last day. So, anyhow, all that to say, we'll see what happens in there.

Speaker 1: 6:29

Things I believe are about to slow down life pace-wise. The day job we've had like our every six month planning sprint. So we basically plot out what we're working on for the next six months Projects, timelines, headcount requirements for it and that sort of thing. So it's been kind of busier. I haven't really enjoyed the the slower pace yet, but that's something that I anticipate will be coming soon, so nothing too much there.

Speaker 1: 6:58

Next week is the bankruptcy hearing. Apparently we were supposed to block off 30 minutes. Our our portion of it will be like 10 minutes or so, and we still have to reaffirm so many things. So for what it's worth, like we want to keep the house, we want to keep our car, like our personal life isn't getting upended because it's the business that failed, not our personal lives. And so our mortgage lender and our auto loan lender are saying, hey, you don't owe anything, you're free and clear, you're good to go, but we're wanting to say nope, we understand that we would like to keep those debts because we would like to keep those assets with it. So we want to reaffirm the loan. Yes, we want that loan, we want to keep it active and going because we also want the assets associated with it.

Speaker 1: 7:51

So with the mortgage note, we have verbally told them. They mail us a thing, we sign the thing and then we mail it off, or they mail it to our lawyer and then our lawyer mailed it off to us. And then for the auto loan, um, we have to tell them like where to send the documents to our attorney. Our attorney will then fill their stuff out and then either our attorney mails it back to the auto loan provider or they mail it to us and then we sign that we agree with it. But either way, like it's kind of.

Speaker 1: 8:23

It's kind of interesting. Like once you declare bankruptcy, like everyone like doesn't want to talk to you or touch you or like hang out with you and if you want them to stay around, like your, our mortgage, we have to like chase them a little bit, to be like no, we want to keep this, we want to keep the house, and so it's kind of intriguing. I thought people would, the institutions would would behave far more begrudgingly and here they're like too accommodating, just surprising. Uh, so that's where we're at time to head inside gonna go. Uh, move on with the next part of the day. It's rock and roll.