17 April 2007

The Calm After The Storm...

The last 48 hours have been tense, to say the least.

With out going into too much detail, our partners were ready to throw in the towel after the first year in business. This year stunk for everyone in the art world except the major auction houses. I'm not sure how they do it but they are always setting records in down times. But...

We told them that was a foolish plan. We owe it to our selves to stick it out for at least one more year just to see if this was a fluke or the latest trend. The money is already spent. The gallery is open. The art is on the walls.

They held 80% of the company stock to our 20%. They were not interested in putting any more money into the gallery and pay us the back salary they owed us as well.

After many hours of back and forth along with several stiff drinks, a visit with the company lawyer. More back and forth. We now have 80% stock in the gallery to their 20%.

As well...we are pretty much on our own. We sort of were before anyway. We are in this for at least another 18 months.

Precious is nervous like never before. I am wondering if I have totally lost my senses.

All that is left is go over is the new contract and were off. Lord have mercy!

5 comments:

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Dave2 said...

I don't know what any of that means, but best of luck to you!

Stacey said...

Congratulations! (?)

Here's to hoping the summer tourist season starts early and lasts long...

*clinks coffee mug on screen*

(Why is it that second sentence reminds me of something in one of those Nigerian emails?)

eclectic said...

As precariously as you feel you are perched, from my perspective I'm really glad to hear that you've negotiated for the 18 more months. I really believe that your gallery will settle in and take off within that time frame. And now, when it does, the equity will be mostly yours. Congratulations, and best wishes!!

Sizzle said...

i'm holding out hope it's going to be awesome.