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[SWalt]

Ya know, bankruptcy is in federal court not some hokey NV court where underhand crap might be allowed with a slap on the back. IANAL and don't know bankruptcy law but I could imagine a federal judge looking at the stalking horse, out of the blue PF bid with its denial that Iggy is part of it but then they file that? I'd be looking at them sideways wondering if they were committing fraud and gaming the court. But then again, IANAL

[-hanko]

Anything and everything even slightly connected with Piazza remains a bald faced lie.

Interesting that when Prarie Fire made their initial announcement it suckered more than a few FS members hook, line, and sinker...big time.

[-hanko]

Wow, that’s a compensation package, not reasonable payment for services. Smells like some backroom dealing.

"Some backroom dealing" is the understatement of the year.

Those who follow the PF announcements deserve to get screwed just as they were screwed by Piazza in the past.

[seeedgar]

No honor among thieves!!
Let it crash and burn!!!
In order to send the loudest message, not one person should step foot on the PF/FS II property for training or any other activities, until an honorable person or group with proven integrity and capabilities takes ownership, if at all possible. Otherwise, let it crash and burn!!

[Matt P]

[surferbum]

I think you've misunderstood. Quoting directly, "As compensation for the Services, Dr. Piazza shall receive annual compensation in the amount of $700,000 (the "Base Compensation")
The Base Compensation and Contingent Payout are not subject to cancellation, termination or offset for 10 years from the Confirmation Date."

That's 10 years @ $700,000/year minimum!

Now that's an expensive consultant.


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[Bralowe]

It’s obvious that IP, and the new entity, are the same.

[Matt P]

Actually I believe you misunderstood.

Next to “No Agency Relationship”.
Consulting agreement to contain provisions that Dr. Piazza does not represent, and is not is an agent of, PrairieFire.

Seems pretty clear in the agreement that IP signed.

Additionally I acknowledged IPs involvement with PF as a consultant at the rate of $700K a year.

Not sure where you get my misunderstanding.

[smoothy8500]

Really? They "need" his consultation for 10 years? I can see 3, maybe 5 years tops get up and running.

I tried looking up Prairiefire' other facilities..... There's almost nothing about them. I really think this group got fabricated by IP to come in as a White Knight and save him.

[LCU1670]

No honor among thieves!!
Let it crash and burn!!!
In order to send the loudest message, not one person should step foot on the PF/FS II property for training or any other activities, until an honorable person or group with proven integrity and capabilities takes ownership, if at all possible. Otherwise, let it crash and burn!!

Again, the members suffer, take the hit. Bear the burden of failure.

[Citizen_B]

So IP would not be a employee of PF. Being a consultant doesn’t necessarily mean a employee.

True, but signing a contract over (minimum) 10 years is essentially an employee just not officially on paper. It's actually a stronger relationship than an employee as employee's don't sign guaranteed employment contracts.

Reads like this paid position for IP is a good faith measure to complete a transition.
My take is this agreement would be the price for IP to release control.

I disagree. Supposedly IP's role is to be limited, and it likely will be. In that spirit, a short consulting period at a fair cost would be reasonable. $700k/year for 10 years is excessive and sounds like backroom dealing.

Despite all that has happened it may not be so easy to dismiss IPs investment into that property.

Supposedly by rumor (so take that for what it's worth), IP withdrew funds from the LLC. I don't believe he invested much if any of his personal money. I believe the opposite is likely true.

The property still has value and the cost is 700K paid out in 10 years.

The value of the property has nothing to do with IP's involvement now - FS is in bankruptcy. It's actually $7m paid out in 10 years, or $700k per year for 10 years (minimum).

[seeedgar]

So, if and when the sale to PF occurs, is the purchase price of @24 mil used to split up between the secured creditors through the BK court??

[Mezcalfud]

Prairie Fire--- more like Dumpster Fire! I am disappointed that IP is even part of the conversation!

[Snoopy47]

So, if and when the sale to PF occurs, is the purchase price of @24 mil used to split up between the secured creditors through the BK court??

I'm guessing the $24M number is the number defaulted on.

So I'm also guessing that it's up to the creditors to accept the PF offer (which is probably something south of $24M, because I can't imagine that entirety of the business model and property/equipment is WORTH $24M) or to just accept the fact creditors will have to acquire the assets themselves and divest them the best they can to recoup what they can get.

It's probably up to the courts and creditors to decide the veracity of the PF offer.

Right now, we have an article from "PewPewTactical" as a media outlet as the source of what is going on. So far, all they have give us is the bankruptcy is $24M, not disclose a buy price offer from PF to the Creditors, nor if that offer has been accepted and approved by the creditors or the courts.

All I see is a bunch of social media hype pushed out to a bunch of key board gun forum rangers with essentially no verification.

My money is on the whole thing being a pie in the sky publicity push by PF and FS that in the end doesn't fool the court or the creditors.

[damon1272]

As the PF is too expensive for the location and traveling, and with IP being just a PoS. I would rather see it all just go down.