March 25, 2020 at 6:34 pm #8365Steve GilmanKeymaster
Hello Mountain folks,
I hope this message finds You and Yours Healthy and Safe in these terrible times. My apologies for cross-postings.
Starting back in February, when the Coronavirus was far away and far removed from daily considerations, I sent out a series of inquiries to some Mount Riga Inc (MRI) Independent Shareholders to gauge interest in a stock sale tailored to families that might be interested in buying just a few shares to pass on to their family members – so they can have a share of the Mountain and fully participate in MRI activities. Since then I’ve been receiving an enthusiastic response and a growing list of commitments.
I initially focused on asking Independent shareholders because MRI stock sales often involve prohibitively large blocks of stock. And since the obligatory transaction notification process gives Family Shareholders an option to step in with first purchase rights by matching the price, most share sales get scooped up before ever getting to Independents – creating a continuing pent-up demand for these expanding families in the Mountain Community.
As a result of my queries it’s also become apparent that this same first purchase buyout procedure also affects any MRI Family Shareholders who may be looking to individually buy just a few shares for their immediate families without having to intervene to organize and negotiate a split of an overall Family purchase first. These days this is further exacerbated by a number of recent larger-scale stock purchases – as well as concerted Family interest in acquiring the Liebeskind camp on the Upper Lake that recently came up for sale at $2 million.
With this in mind I would like to further extend this offer, upfront, to all MRI shareholders – to meet a wider range of personal needs – as well as to satisfy demand and help the already designated sales to Independents to go through as planned.
My wife Renata and I are looking to sell 50 MRI shares or so, total, and we already have a number of assurances toward realizing that amount. According to purchase records from the Mt Riga Office, the stock price has been holding firm at $3,500 a share – and we will honor that figure.
As an “Offering Shareholder” we are beholden to the Warner Family Shareholder Agreement. Here is our MRI restricted stock sale procedure:
For any Warner Family purchases, the sale can proceed with no further ado. For sales to any other MRI shareholders there needs to be initial bona fide purchase agreements in writing. But at the outset, those shares have to be first offered to MRI for 30 days (this prerequisite, now in a lengthy MRI process of being eliminated, is still in effect) – and after that must be submitted to all the Schwab, Wells and McCabe Family shareholders by certified mail. They then have 30 days to exercise their right of first purchase – by matching the stated price, for all the offered shares. If no Family shareholder steps in, the sale finalizes as intended. No matter who the buyer, purchased shares can always then be sold to other shareholders or transferred within family under the MRI stock restrictions.
Please get back to me at [email protected] if any of you might be interested in purchasing some additional shares. As for the timing – for the next steps I’m hoping to line up interested shareholders this month, with commitments in hand to start the sale process in April. After the 30 day MRI declaration phase followed by the 30 day Family purchase notification — the final sale would occur by mid-June or so.
When I first contacted Independents the Coronavirus/COVID-19 seemed so far away. Now we’re all being called upon to do our part and physically distance ourselves to flatten the exposure curve, hopefully with bright relief come summertime – on the Mountain!
All the Best,
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