[Noisebridge-discuss] noisebridge credit line - cashflow cushion / lasercutter
david at davidstrauss.net
Tue Jan 11 20:08:07 UTC 2011
On Mon, 2011-01-10 at 17:01 -0800, Jonathan Lassoff wrote:
> Frankly, Noisebridge the corporation does not have a very stable and
> regular management (which on some level is partially my fault, but is
> also intentional), so making commitments (credit at a bank or
> otherwise) will likely be seen as a risky proposition since there wont
> be any strong accountability for it.
There would be strong accountability for any such credit regardless of
management stability. A bank would not extend a line of credit to an
organization like Noisebridge (or any other corporation lacking millions
in assets) without *individuals* signing on as guarantors.
Fiscal insolvency would then -- to use Magic game terminology -- cause
any debt on a credit line to "trample" through to the individual
guarantors. Someone's personal house or car could end up repossessed to
satisfy Noisebridge debt.
| david at davidstrauss.net
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