I have heard a number of lenders refer to their "greed" as somehow playing a part in our dilemma. Know first that 20% interest on an unsecured loan is not high. I have money borrowed from my brother, for my business, under that same amount of interest, compounded annually. It is not unheard of to have over 30% interest on credit card balances. So get out of your head that expecting Mac to pay 20% on our money is greedy. It is not.
Second of all, even if one feels that they were expecting more than they deserve, it doesn't effect the situation we find ourselves in. The lenders have absolutely no fault here...lenders have done nothing wrong. Thinking otherwise is like a victim thinking that a crime is somehow their fault. That is not healthy thinking.
Mac is 100% responsible, both for the trouble he is in and for our loans not being paid back at this time. The financial agreement is between us as individuals and Mac, no one else. Mac should not shift blame to his lenders in any way shape or form nor should we as lenders accept blame.
And it is normal to feel anger, fear, sadness. For many of us, the monies not being available to us and with no real end of hardship in sight - hurts - plain and simple. This is a natural consequence and Mac must accept this. To not accept it is like hurting lenders twice over.
Tuesday, March 22, 2011
Monday, March 7, 2011
My thoughts...
I've been asked to get back on the blog and share my thoughts. I am glad to do so, but I really want to see more people sharing their thoughts...
I did meet with Mac recently and strongly encouraged him to speak directly, openly and honestly with his lenders. I told Mac that I would appreciate monthly reports, from him and not through anyone else, and that the reports be kept business in nature. I specified what would be helpful in reports such as work in progress, work to be done, projections, time table...and I told Mac what would not be helpful such as his commentary.
Horace has his ideas for finishing this film as well. They appear to me well formed, but not being in the film business, I cannot give an opinion. I do know that Horace would need to get the film out of Mac's control/ownership and I don't see how that could or would happen. This is the one thing (and most important bit of detail) missing from Horace's plan.
Mac appears to have his plan in motion, but there remains the legal problems. Could the film be completed if Mac becomes preoccupied with his legal battles and possibly in jail?
I am one that finds no value in the drama surrounding this film production. I am choosing to remain involved in a business-like manner. I understand why there are a lot of emotions flying around, but I don't want to be pulled in emotionally. I simply want the money I gave to Mac to be paid back. I am guessing that most of the lenders feel as I do.
I eagerly await the next report from Mac and/or Horrace.
I did meet with Mac recently and strongly encouraged him to speak directly, openly and honestly with his lenders. I told Mac that I would appreciate monthly reports, from him and not through anyone else, and that the reports be kept business in nature. I specified what would be helpful in reports such as work in progress, work to be done, projections, time table...and I told Mac what would not be helpful such as his commentary.
Horace has his ideas for finishing this film as well. They appear to me well formed, but not being in the film business, I cannot give an opinion. I do know that Horace would need to get the film out of Mac's control/ownership and I don't see how that could or would happen. This is the one thing (and most important bit of detail) missing from Horace's plan.
Mac appears to have his plan in motion, but there remains the legal problems. Could the film be completed if Mac becomes preoccupied with his legal battles and possibly in jail?
I am one that finds no value in the drama surrounding this film production. I am choosing to remain involved in a business-like manner. I understand why there are a lot of emotions flying around, but I don't want to be pulled in emotionally. I simply want the money I gave to Mac to be paid back. I am guessing that most of the lenders feel as I do.
I eagerly await the next report from Mac and/or Horrace.
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