[grc] [Fwd: Jan Goodman, King Reilly and Jackie Goldberg : HELP PACIFICA RADIO with a SECURED LOAN at 8 1/2% INTEREST]

[taproot at lmi.net]

Sent: Sunday, December 31, 2017 11:41 AM
Subject: Fw: KING REILLY SAYS THIS IS A REVISION. PLEASE SEND THIS ONE OUT
INSTEAD. HELP PACIFICA RADIO with a SECURED LOAN at 8 1/2% INTEREST



Hello dear friends,  this request is very hard to make.  I cannot add
anything to what King Reilly has said below.

I am hoping any questions you have will be referred to King and not to me,
as I do not have other than what is below.  --Jackie



(Me too- please read to the bottom for vital information. Ed)



  _____

From: King Reilly <kingreilly at roadrunner.com>
Sent: Sunday, December 31, 2017 10:12 AM

Subject: KING REILLY SAYS THIS IS A REVISION. PLEASE SEND THIS ONE OUT
INSTEAD. HELP PACIFICA RADIO with a SECURED LOAN at 8 1/2% INTEREST



Hi Jackie, THIS IS A REVISION. PLEASE SEND THIS ONE OUT. Best,  King



Dear Friends of KPFK and the Pacifica Foundation Radio Network,

            I regret to tell you that Pacifica is in grave danger.   The
Empire State Building (ESB), the landlord of Pacifica's New York station
WBAI, has obtained a $2 million judgment against the Pacifica Foundation
(which threatens all 5 stations).   The ESB is now in the process of
collecting, and may force Pacifica to file bankruptcy to stop collection
efforts.  Bankruptcy is extremely dangerous. Pacifica may well be broken up
with several stations sold off.

            Fortunately, Pacifica has tremendous assets, including real
estate worth over $10 million and radio signals which may be worth way over
$100 million.   These cannot be accessed immediately, or quickly enough to
prevent collection and bankruptcy.

            Therefore, the Pacifica National Board of Directors is in the
process of borrowing $ 3.5 million from a foundation secured by the various
Pacifica buildings, including the KPFK building in Studio City, which has an
appraised value of about $4.5 million.  However that loan will not fund soon
enough to prevent disaster.

            Thus, we are trying to put together a short-term "bridge" loan
of $2,000,000 to pay off  the Empire State Building, secured by the KPFK
building.  The $ 3.5 million loan from a foundation will then pay off our
short-term bridge loan. The security trust deed on the KPFK property will be
released when the bridge loan is paid off.

            Now the hard question.   I, Jan and other KPFK / Pacifica
supporters have committed to put up at least $1,000,000. We need some
additional Pacifica supporters that will lend $50,000-$300,000 each. Given
the short time frame, handling offers of less than $50,000 would be too
unwieldy.

            The terms of the loan would be approximately:

1.    6 months at 8.5% interest, then an extension of 6 months at 9.5%
interest.

2.    The 1st 6 months of interest is deferred & will be due at 12 months.
During the 2nd 6 months, interest-only payments will be due monthly. All
principal & interest due in 12 months or whenever the larger loan is funded,
whichever occurs first.

3.    1.75% origination fee will be payable at the end of the loan. This fee
would pay for an outside lawyer to create a legal entity to hold funds. The
legal entity would probably be a trust or LLC. The outside lawyer would not
be Jerry Manpearl or Jan Goodman.

3b. No prepayment penalty.

4.    Late payment charge of 10% (during the 2nd 6 months).

5.    Loan secured by KPFK building in Studio City, appraised at $4.5
million. It is free and clear.

Risk:  the $ 3.5 million foundation loan does not materialize, Pacifica
Foundation has to file bankruptcy, and the lenders do not get paid
immediately, but will be well secured by a 1st Trust Deed. As bankruptcy
proceedings can last up to 2 years, this has to be money that you will not
need to use for up to 3 years.

            Please consider participating.

Regards,

Jerry Manpearl and Jan Goodman    jan-pi at mindspring.com

Post script by King Reilly:

As you may know, Jan and Jerry are retired lawyers who do a lot of pro bono
work for Pacifica. Jerry has considerable experience with real estate
transactions. He says that a loan secured by a 1st Trust Deed guarantees
that the lender would receive at the conclusion of any bankruptcy:

*	the loan principal
*	the full loan interest earned both before and during bankruptcy
*	any reasonable attorneys' fees. You would not have to get your own
attorney. Jan & Jerry would obtain a bankruptcy attorney for our group of
lenders.
*	certain other costs incurred by you, as the lender, during
bankruptcy

There is an imminent danger of Pacifica's bank accounts being seized by the
Empire State Building and subsequent Pacifica bankruptcy.

We would like to wrap this up and present our proposal to the Pacifica
National Board this coming Tuesday, January 2nd or possibly Thursday,
January 4th.

I am asking any interested friends of Pacifica to contact Jerry or me by
Monday, January 1st or by Wednesday, January 3rd, at the latest.

See http://pacificainexile.org/archives/2518
<https://nam03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fpacificain
exile.org%2Farchives%2F2518&data=02%7C01%7C%7C7cd6a425ccb74291e07e08d5507a14
65%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636503407601129074&sdata=0Rz
ZZg3dBd17xz4RzQy1AdbS7IKsj0Yn0mEEd7k3BFA%3D&reserved=0>  for an up-to-date
summary of what has brought Pacifica to this situation.

Jerry Manpearl may be contacted at:   jan-pi at mindspring.com

Warm regards during this holiday season,

King Reilly, Pacifica supporter, 323-839-0985 <tel:%28323%29%20839-0985>
kingreilly at roadrunner.com

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