[hackerspaces] what is your opinion about the closing of 3rd ward?

Arclight arclight at gmail.com
Mon Oct 14 01:24:48 CEST 2013

There are a few problems with choosing who to pay if you close down. First,
it's become common for corporations, including non-profits, to need
personal guarantors when they sign leases or pretty much do anything these
days as a startup.

Not paying the later rent check might leave your "angels" in a big
financial mess.

Secondly, if you actually need to declare bankruptcy, you absolutely cannot
give preferential treatment to anyone. The court decides who will get what
share and when, regardless of what you think is equitable. If you accept a
preferential payment, you can be forced to give it back later.

And I do agree that not having "the money talk" early and often is the
surest way to fail.

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