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VanemadUuemad
On see tôesti reaalne?
21
1That's quite the shortfall. But apparently we can't afford to stay where we are. Kafkaesque.
23
2From the figures floating around right now and this first creditable attempt to nail them down, it appears that it would cost much less to stay than go. The "goers" have spent hundreds of thousands that would have made the Broadview EH option more viable, resulting in a handicap to the "stayers".
As for the mystery donors the Madison project is relying on to make up any shortfall in the millions.
a) what are their demographics? Except for a fortunate few entrepreneurial "youngsters", money tends to be accumulated by seniors, especially with Toronto's housing market beggaring the young.
b) have these potential donors of whatever age been offered the opportunity of stepping up to retain Eesti Maja with improvements?
Finally, for those who say the would be conservers have no business plans, none were formally solicited. In fact, a younger Estonian partnership that offered to do the advertising outreach required to rent out EH to near full capacity for a cut of the rent was rejected by the board. Who knows what other feelers or proposals never saw the light of day to the public...or more importantly, what might come forth if seriously invited?
As for the mystery donors the Madison project is relying on to make up any shortfall in the millions.
a) what are their demographics? Except for a fortunate few entrepreneurial "youngsters", money tends to be accumulated by seniors, especially with Toronto's housing market beggaring the young.
b) have these potential donors of whatever age been offered the opportunity of stepping up to retain Eesti Maja with improvements?
Finally, for those who say the would be conservers have no business plans, none were formally solicited. In fact, a younger Estonian partnership that offered to do the advertising outreach required to rent out EH to near full capacity for a cut of the rent was rejected by the board. Who knows what other feelers or proposals never saw the light of day to the public...or more importantly, what might come forth if seriously invited?
37
3The fact that the 4 orgs claim Eesti Maja is on the "brink of insolvency " with a $250 K debt that has been created by failed condo projects ,yet are willing to take the community into a multi-million dollar debt with Madison shows that they have their own agenda. No respect for the community and those who worked hard and donated money . Ellen Valter,Jaan Meri ,Raivo Remmel , Lia Hess, Marcus Kolga , Eva Varangu and other leaders you will be directly responsible for the demise of our community when this goes through !
47
14No matter how you feel about the Estonian Centre project, don't throw these community leaders under the bus! They have volunteered countless hours and no doubt donated money as well over many years, working for the success of our community. Just because their picture of the future doesn't agree with your picture doesn't make them bad people. Shame on you!
19
33If one is 'working hard' but in a way that is putting a mind boggling amount of risk to the Esto community, we can't just clap and pat them on the back.
The risk here is unacceptable. It is time to end this project and cut the losses.
The risk here is unacceptable. It is time to end this project and cut the losses.
43
8Is there a floor plan for 9 Madison Ave?
What part of 11 Madison can be rented for income?
What part of 11 Madison can be rented for income?
24
1At the requisition meeting of the shareholders the Board actually lied to the shareholders about the proceeds from the sale. The Board was saying and showing that the proceeds would be $12-18 millions. Not until a shareholder asked if the $12-18 million included the 3 houses, did they have to admit the proceeds included the 3 houses; and even when caught in the lie they were trying to spin their way around it. The board outright lied! This means we have $3-4 million dollars less. Why did they lie? Because the financials are showing that the Board should run as fast as they can from this deal. This is why the Board and the 3 Orgs haven't showed any financials in almost a year to the shareholders. The Financial picture does not support the conditions for the sale of EH and frankly if they go forward with the deal they are purposefully taking the EH to eventual insolvency, at some point during the construction phase (inability to meet its debt obligations, the creditor(s) take over). There is absolutely nothing to show that the due diligence could possibly be satisfactory and this is the reason why they have been talking about the need for benefactors and the need for a professional fundraiser. Sadly, the Board is acting in the interests of the 3 Orgs only and not the EH corporation. What can we do? Pull most of your money from the esto bank now and organize for an injunction.
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7The question of ESK properties was directly answered during the meeting. It is considered as income when EH is sold (together with ESK properties) and considered as a cost to Madison project. If you take it off as income, you should also take it off as cost.
14
1What construction ever goes as planned? Isn't the rule of thumb double it! We could potentially be looking down the barrel of $20 million (+) debt! Are the 3 Org's and the EHB the pied pipers that have enticed us to the waters edge? Are we about to drown as a community and as a corporation? It does seem that way.
31
4I am sorry it is too far for me to attend the meetings but I did watch the video of the January meeting. It was stated and shown in the presentation that the cost of $22 million was not construction cost but project cost including land, hard costs, soft costs, financing, contingency. I also heard and that there is "$3M equity from founding organizations" and "project has interested significant donor". None of this is reflected in the business club analysis. What do you know that I haven't heard?
16
6Lets both ask the 3 Org's to present all the financial proforma's, projections, cost budgets etc. that they seem to have and talk about at the community meetings, but, continue to skirt around showing anyone in detail. To the 3 Org's - SHOW US THE FINANCIALS!!!! - show us clearly that the proceeds from the sale of the Estonian House will cover the costs of the Madison project, now and in the future.
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4Kommentaarid sellele artiklile on suletud.
