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[vox] Fwd: HSC Customer Buyout Organization Meeting,Thur 10/11/07 at 7P
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[vox] Fwd: HSC Customer Buyout Organization Meeting,Thur 10/11/07 at 7P

As a follow-up to my earlier post regarding the
closing of HSC (Halted Supply Company), for the
benefit of interested parties. 

Questions should be directed to Marvin (address
directly below), not to me. 

--- Marvin Walters <marvinw@halted.com> wrote:

> From: "Marvin Walters" <marvinw@halted.com>
> To: "Huffmaster, Matt" <cylarz@yahoo.com>
> Subject: HSC Customer Buyout Organization Meeting,
> Thur 10/11/07 at 7P
> Date: Fri, 5 Oct 2007 15:08:45 -0700
> HSC Customer Buyout Organization Meeting, Thur
> 10/11/07 at 7P
> Dear friends of HSC-Sacramento,
> If you are getting this email, you are aware that
> HSC had planned to have "one last big blowout sale"
> and close their Sacramento store on last September
> 15th. You may NOT know that your collective interest
> in keeping the store open persuaded them to postpone
> the closing and liquidation sale -- but NOT
> indefinitely. They have made it clear that they do
> NOT wish to continue operating in Sacramento, but
> they would prefer to sell the store as an ongoing
> concern, if that is possible. In light of that, they
> have tentatively reset their last day of operation
> to December 15th in order to give potential buyers
> time to put together an offer.
> From behind the counter (and with the knowledge of
> HSC), I have taken it upon myself to collect your
> expressions of interest in keeping the store open
> after HSC steps aside. The response has been
> tremendous! While a few people have checked into
> buying the business personally, the vast majority
> have expressed an interest in participating in a
> large or small way in acquiring the store in
> combination with others of a like mind. In a little
> over a month, more than a hundred of you have signed
> up to be kept informed and to participate. Pledges
> of as much as $250K have been made!
> Customer ownership of this store can take any one of
> several forms: partnership, limited partnership,
> corporation, Subchapter S corporation, cooperative
> for profit, nonprofit coop and probably others. This
> is one of the decisions that it is time for YOU to
> make. I have been unabashedly promoting the idea of
> incorporating as a not for profit cooperative
> because it is my personal opinion that that form
> would give the customers the most input and would
> give the store the best structure for flexibly
> responding to the customers' needs and wishes. But
> that is for you, not me, to decide. If you are
> unfamiliar with this kind of business organization
> and how to begin one, I recommend you check out the
> US Department of Agriculture's publication "How To
> Start A Cooperative," on the internet at 
> http://www.rurdev.usda.gov/rbs/pub/cir7/cir7rpt.htm
> (Note: This document covers a number of steps that
> would not be necessary in OUR situation, since we
> would be taking over an operating business rather
> than creating one from whole cloth; but it is very
> informative.) 
> In any event,THE TIME HAS COME TO ACT! The original
> reason for HSC's decision to close this store was a
> critical cash flow problem. That problem continues.
> We have persuaded them to delay liquidation with the
> hope of a more lucrative buyout, but HSC is anxious
> to see that we are serious and prepared to put our
> money where we pledged to put it. If we are not
> prepared to go ahead with a realistic purchase, they
> will have no choice but to proceed with liquidation.
> It is time to hold a general meeting to decide if we
> really wish to proceed and if so, in what manner. I
> know that whenever this meeting is scheduled, some
> who wish to attend will be unable to. Reply to this
> email to express your interest. You will be included
> in future plans--if there are any. In the absence of
> any democratic process for decision making at this
> time, I am taking the liberty of calling a meeting
> of ALL interested parties for 7:00pm, Thursday
> October 11th at the store. Please spread the word
> and come, whether or not you have money to invest.
> Those who attend this meeting will make the
> decisions which will carry this forward or shut it
> down. 
> Finally, let me clarify my position. I will preside
> over the meeting until a leader is duly elected. I
> have no money to invest, and will not participate in
> any voting. Given my involvement to this point, I
> reserve the right to participate in discussions and
> express my views. My first goal is to keep the store
> in operation so that I may continue to patronize it
> as a customer for another fifteen years. If a new
> entity is created and assumes the continuing
> operation of the store, I would expect to apply for
> the position of store manager.
> With high hopes and my trust in you, I am
> Marvin Walters

&#8220;By perseverance, study, and eternal desire, any man can become great.&#8221; - Gen. George S Patton
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