Search found 38 matches

by undercut
June 22nd, 2011, 1:28 am
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Even the irrepressible Undercut goes out of town for a gig once in awhile. :)
by undercut
June 2nd, 2011, 11:14 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Of course, my numbers may be wrong. The first quarter financials would show what the trend has been. However, you notice that they are not being discussed. I know I'm going to regret making a response, but in the current MC newsletter newly-appointed President Neal Patrick Harris wrote the followin...
by undercut
June 2nd, 2011, 5:44 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

I think the Isley Brothers song is cool. I just wish the alarmist posts about the Castle would calm down for a while, say at least a fiscal quarter, so those who care can contrast where things are today and contrast them with where things are in the fall - without the background media frenzy. Maybe...
by undercut
June 1st, 2011, 12:56 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Not to get off-topic from film financing.... As Richard pointed out earlier, it is all about the money. -$96,000 additional dollars lost -16 weeks unil the MC runs out of money, and can't pay it's bills. -is the situation getting better, or worse---has weekly (or even monthly) financial monitoring b...
by undercut
May 29th, 2011, 1:11 am
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

I've often wondered why no post Academy Awards party was held at the MC, only a block away. Instead of a sit down, have a house full of stolling magicians, and great finger food. If, as reported, NPH will be the host of the AA's this year, the stars could align. NPH could start a party in his name t...
by undercut
May 28th, 2011, 6:48 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Richard K, I love your analytic thinking. Would that it was the mark of the management of the MC. A couple of issues extending your thoughts: There is an important difference in the makeup of the board that amounts to much more than just one individual being different. The then-president, who I've b...
by undercut
May 28th, 2011, 2:46 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Richard K, you hit the nail on the head. Money. It was nice to see the piece by NPH, the FIRST mention, in any way, of the problems with *money* at the MC. Somewhat troubling, was the "marketing" sound of the thing. However, this is Hollywood, and he is an actor, so why should we expect di...
by undercut
May 23rd, 2011, 8:33 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

It is hard to believe that the Magic Castle has survived for 48+ years without you. Thanks, Steve! You know that you are right when people don't contest the truth of what you say, or your reasoning, but they instead start to try killing the messenger, because they don't like to hear the message.
by undercut
May 23rd, 2011, 2:20 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

-$80,000 additional dollars lost -4 months and 1 week unil the MC runs out of money, and can't pay it's bills. -new Treasurer, new President -is the situation getting better, or worse---has weekly monitoring been established? -where is the First Quarter financials, which they surely have -is there s...
by undercut
May 18th, 2011, 1:57 am
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Thanks for your very productive post on your best evaluation of me and my abilities. It certainly adds to the thread. As I said previously, if you don't like what I write, DONT READ IT. Can you say, DUH? If you have figured out the title of the thread, you can easily avoid it. Otherwise, it is prett...
by undercut
May 17th, 2011, 12:50 am
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Fixing something that's broken, and doing it in a responsible manner takes a bit of time. Sitting at your computer and banging out missives, one every few hours takes nothing more than an internet connection and a computer. undercut, perhaps in 4 months and 2 weeks you'll be able to say " I to...
by undercut
May 16th, 2011, 9:13 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

-$64,000 additional dollars lost
-4months and 2 weeks unil the MC runs out of money, and can't pay it's bills.

How long before it closes? This is now measurable.

Where's the first quarter financials?

What's the hurry?
by undercut
May 16th, 2011, 1:22 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Well, good news and bad: Good, outstanding post by Elton Kelly, making the case for a standing audit committee, and by Harold K, noting that there has been an unused audit committee for years, apparently made up of finance professionals. Something that can jump into action, should the Board deem. Ba...
by undercut
May 15th, 2011, 7:34 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Look, you can make all the prounouncements you like about what should be done. The president who led the AMA into its current financial situation is gone. The Treasurer ditto, though she still sits on the board. Having been treasurer during this period without alerting the other board members to wh...
by undercut
May 15th, 2011, 7:24 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Thanks for the thoughtful response, Dustin. I agree that there are a number of ways to "skin the cat". When I say "clean house", which was unclear, I mean dealing with the known issues.....and there ARE known issues. Decisively. As was done with the Treasurer position in the last...
by undercut
May 15th, 2011, 6:42 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Announcing what you think should be done immediately is not helpful to anyone. I'm not sure I understand that, Richard? Even though they don't post here, I am certain that at least some Board members read these forums. Having then gain some understanding of what members would like, and that members...
by undercut
May 14th, 2011, 9:28 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Here are some simple things that will indicate a turnaround, the way an experienced management team would do it: -clean house (immediate) -eliminate all expenses not needed for routine operations (immediate) -clean accounting for the last year, figure out what happened. (over the next few months) -i...
by undercut
May 14th, 2011, 2:33 am
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Also, Sinnot may represent a major injection of business sense. According to West, he has already presented significant reform info, which I'd not heard. If he is aggressive, backed up by the natural assertiveness of a lawyer, things may change beyond the ability of entrenched mindset to resist.
by undercut
May 14th, 2011, 2:29 am
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Well, Richard, I suppose it is a matter of perspective. When Enron was going under, had they merely shifted corporate titles, I'd have not thought much reform had occurred. But we're definitely on the same page regarding the teeter totter....not because of the title shifts, but because of the shift ...
by undercut
May 13th, 2011, 10:56 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

There need to be dramatic fiscal changes. For example, the yearly "Academy Awards" program loses HUGE amounts of money. There is not even a budget for the evening, the accountants just have to hold their breath, and see how big the loss will be. (and simply looking at the financials will n...
by undercut
May 13th, 2011, 10:47 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

Brad, I remain optomistic about the MC. It remains a remarkable venue, with a huge public that wants IN. Market forces alone, should result in prosperity. There are huge structural issues in the management. I agree with others, that there is an opportunity....however, there is only one Board member ...
by undercut
May 13th, 2011, 10:37 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Re: Magic Castle difficulties

First, I want to apologize to Dustin, in a previous thread. I gave the impression that I did not respect his business chops. I was frustrated that he was not (I thought) bringing his CONSIDERABLE chops to the situation. We both understand things better, via private email.
by undercut
May 13th, 2011, 12:03 pm
Forum: Buzz
Topic: Magic Castle difficulties
Replies: 277
Views: 63073

Magic Castle difficulties

announced today was the appointment of three new officers. NPH as President. Erica Larson as VP Randy Sinnot as Treasurer. Interesting choices. It is hard to understand how someone as busy as NPH can spend the time to guide the AMA, which apparently needs a lot of guiding. We'll see. Erica comes wit...
by undercut
May 9th, 2011, 12:50 pm
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

Anonymous posts are cowardly. Patrick Culliton My, don't you add to the intellectual level of the forum. I'm sure James Edwards would be proud. As I'd previously posted, people will lose their positions if I post under my name. Is that what you want? How did you enjoy seeing Emilio get the boot? Or...
by undercut
May 9th, 2011, 12:33 pm
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

undercut, Dustin is definitely one of the "big" boys. :) He's also smart as hell, so don't make any more insulting personal comments or you'll be outta here. Richard, with all due respect to both you and Dustin (can he not defend himself?), when your moderators start calling people "...
by undercut
May 9th, 2011, 12:03 pm
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

As for saying the Castle has lost $14,000 a week this year is questionable. Using last years loss as a basis for this years current situation is a fools errand. Frankly, Im growing very tired of anonymous postings on this subject. Its certainly easyif not cowardlyto throw stones from the shadows. A...
by undercut
May 9th, 2011, 11:44 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

Week 3 without intervention

14+14+14= $42,000 lost
by undercut
May 9th, 2011, 3:03 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

latest announcement from the PTB: Recently there has been some discussion on the Forums and elsewhere about California's Nonprofit Integrity Act of 2004 which mandates for certain corporations and other entities "audited" financial statements, an "audit committee" reporting to t...
by undercut
May 9th, 2011, 2:56 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

Another question they should ask is, why is Matt Patton allowed to continue to run the Events Department after the enormous losses incurred by The Caberet at the Castle? I would like to bring to this discussion that, after speaking at length with Matt Patton, he ensures me that the Cabaret at the C...
by undercut
May 6th, 2011, 3:04 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

My sources are people who will lose their positions if they are known to talk to me...
by undercut
May 6th, 2011, 3:01 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

sorry for the delay, great difficulty logging on. The issue relating to conflict of interest: Duty of Loyalty <!-- m --><a class="postlink" href="http://www.oecd.org/dataoecd/50/53/1872746.pdf">http://www.oecd.org/dataoecd/50/53/1872746.pdf</a><!-- m --> "The most important fiduciary duty is th...
by undercut
May 4th, 2011, 12:37 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

here's a new one: The former President's girlfriend was just added to the staff/payroll, uncompetitively, for a job that she's not done before, while other qualified people are being laid off. Just like the Food and Beverage Manager is the brother of the former girlfriend of the former president, al...
by undercut
May 4th, 2011, 12:33 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

So the AMA is losing $14,000 a week. This is the second week that this is known, so $28,000 without intervention. The way I wrote my last post may have been confusing. >$800,000 is the total the AMA has lost in 2010. Legal costs for the year were only around $750,000. Gosh, you'd think that they mig...
by undercut
April 27th, 2011, 2:15 am
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

what kind of business doesn't look at profit/loss until 4 months after it is over? None. This Board never got the information....they were not permitted to, apparently in spite of requests to the President, recently resigned. Of course, instead of business experts, we have a Board that is expert at ...
by undercut
April 23rd, 2011, 7:13 pm
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

Bigger problems, boyos. The Board didn't know about the financials before you did. How about the "non-disclosure" document that all Board members were required to sign? That makes it a violation for any of them to communicate anything about anything that is going on, to members. Remember w...
by undercut
April 20th, 2011, 1:49 pm
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

Well, an interesting turn of events. The Bylaws state: "Any vacancy occurring on the Board of Directors or the Board of Trustees will be filled for the unexpired portion of the term of office in which the vacancy exists, by a majority vote of all the then members of the Board of Directors at it...
by undercut
April 20th, 2011, 1:23 pm
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

The AMA By-Laws and Standing Rules provide for the naming of a new President when a President does not finish his term. The Vice President is automatically named President. Accordingly, Neil Patrick Harris is President of the AMA until the end of his current term (March 2012). The Board will hold a...
by undercut
April 11th, 2011, 1:44 pm
Forum: Buzz
Topic: The President of the Academy of Magical Arts RESIGNS
Replies: 181
Views: 34097

Re: The President of the Academy of Magical Arts RESIGNS

Well, the Castle has an opportunity. I remain astonished, that in an occupation in which technical proficiency as a mechanic and entertainer is recognized as what it is all about.....that there appears to be NO recognition of management and business skills being required to run a 5,000 person organi...

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