Monday, February 23, 2009

Catching a break

With all of these personal issues swirling around I feel myself even more motivated to get a deal on the books so as to sense the relief that my business plan is actually going to result in income. As Belmont Downs is really the only piece of business that is any where close at hand, the next morning I call Bill B, the President of the bank to see where we are. Again, I'm anxious as I can possibly be dialing his number as I just know that he's going to growl that they're not going to proceed but, yet again he takes my call, is polite and agrees to take a meeting in 2 days. Wanting to pull all of the pieces together even closer, I suggest that we meet at the big accounting firms office, fingers crossed that it will work out with Rick B's schedule. In any event, it gets Bill off of his home court and the accountant's offices are big and beautiful with 180 professionals rushing around I thought that it would lend us some badly needed street credibility. Well, to my surprise and delight everybody agreed but the day of the meeting Bill's office called to say that he'd gone home sick and would have to call into the meeting. This was not as good a deal but what choice did I have. But at the appointed time, we all pulled up into a sleek, glass conference room, got Bill on the phone and proceeded to work toward a deal. We rehashed many of the increasingly familiar process details which I can now articulate easily but with the accountants on the phone I am encouraged that we're not missing anything. Then, what seems like a very important point arrives. Toward the end of the 45 minute call, Bill asks to speak directly to Rick (who he actually knows from a transaction years before) and asks him pointedly if hiring us to solve the huge problem that he has with the non-performing loan on Belmont Downs is what he should do. Rick tells him that "its the only thing he can do and that he is squarely behind these two guys." Encouraged, Bill tells me that he will deal with the developer, Tim and his reluctance to provide us with the information we need and we finish the meeting more confident than ever that we're about to close our first deal. But, significantly - its still not completely decided

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