The Brief Model
The corporate you invested in, Prime Occasions Holdings, not exists. It went underneath and into receivership.
We (the brand new homeowners of the Prime Occasions logo) paid about $3.5 million into that receivership. That cash is now with the receiver.
You probably have a declare, you will have to succeed in out to the receiver dealing with the method once conceivable.
The Receiver
Stephen Kunkel
Receiver for ExWorks Capital
The Lengthy Model (For The ones Who Need The Entire Tale)
A Letter To Everybody Who’s Been Questioning.
Yeah, we all know. This sucks. Giant time.
Numerous us had been in the similar boat. We had been excited. We believed within the dream. A few of us even invested within the previous Prime Occasions again then as a result of we concept we’d be a part of one thing larger, a part of the way forward for hashish.
And prefer a large number of you, we felt let down. Burned. Upset.
So agree with us after we say… we get it.
That’s why we’re penning this now. To transparent the air. To give an explanation for what actually took place. To let you know what’s subsequent. And that can assist you perceive what steps you’ll take when you’re nonetheless seeking to determine this out.
What Came about To The Outdated Prime Occasions?
The previous Prime Occasions you invested in a couple of years in the past isn’t the similar person who exists these days.
Again then, Prime Occasions Holdings raised cash with large ambitions. An IPO. Dispensaries. Media ventures. They offered folks on a imaginative and prescient. And in truth? It wasn’t a wild dream. It might have labored. But it surely didn’t. Numerous issues were given in the best way and in my opinion we don’t like the best way they did many stuff.
At the back of the scenes, the demanding situations piled up. Money owed grew. Offers fell thru. Errors had been made. Ultimately, issues unraveled.
Then the federal government were given concerned. The SEC. The Division of Justice. Proceedings. Investigations. Essential questions on how issues have been treated.
Finally, Prime Occasions Holdings didn’t live on. It went into receivership: a prison procedure the place the court docket steps in to dump property and settle money owed.
That’s when issues began to modify.
What We Did, And Why.
Josh Kesselman, the founding father of RAW, bought the Prime Occasions property out of receivership for $3.5 million. He introduced longtime Prime Occasions veteran Matt Stang alongside and in combination they assembled the brand new core workforce now rebuilding the logo.
Some faces listed below are acquainted. Some are new. What unites us is understated: we imagine this logo and what it as soon as stood for could be very a lot wanted once more in these days’s society! .
To be transparent: this wasn’t a purchase order of the previous corporate. It was once a purchase order of the logo. The mag. The Hashish Cup. The archives. Essential bones like that. Mainly, the spirit of all of it.
The cash went into the receivership procedure to lend a hand shut out the previous, to settle money owed, get to the bottom of claims, and provides Prime Occasions a trail ahead.
The money owed and complaints are with the receiver to get to the bottom of. That’s most often how receivership works.
What we took on is the accountability of rebuilding one thing value saving. One thing we nonetheless imagine in.
What About Your Outdated Funding?
We know how this feels. Folks believed in that corporate. Folks put their hard earned cash into it. Growers, grandmas, grinders, glassblowers, ganjapreneurs, just right folks, inexperienced thumbs, gig employees, guys and gals from far and wide… Folks was hoping it could become one thing large.
The method for the ones previous investments continues to be working in the course of the receiver. The budget we paid went into that procedure, now not into this new bankruptcy of Prime Occasions, and when you imagine you can be owed one thing, you wish to have to keep up a correspondence with the receiver and document a declare
Why We’re Sharing This.
As a result of transparency issues. As a result of honesty issues. As a result of folks deserve transparent solutions. As a result of we’re handiest right here to rebuild Prime Occasions from the ashes and make it into one thing our group in point of fact wishes.
We additionally need to be transparent about the place issues stand these days. We didn’t create the issues of the previous and we had not anything to do with them. We’re simply right here to rebuild from virtually 0. Prime Occasions was once a Giving Tree. First personal fairness took the leaves then the branches then the trunk till there was once not anything left however a stump. We’ve planted new seeds and are regrowing this tree!!
What we did was once step up to offer protection to what was once left and provides this logo a long term — so it didn’t simply disappear into historical past as some other cautionary story. Or worse, get scooped up by way of some company stiffs having a look to “monetize” the group even additional.
We’re right here to rebuild Prime Occasions for the individuals who nonetheless care. For the tradition that stored this alive lengthy after others gave up.
What Occurs Subsequent.
If you wish to apply up to your funding, succeed in out to the receiver dealing with the previous corporate’s procedure.
If you wish to see the place Prime Occasions is headed subsequent, stick round. We’re bringing it again. The correct manner and it’s going to be superb!
Print. Occasions. Actual journalism. Actual tradition. No gimmicks. No hype. Simply one thing value believing in once more.
Thank you for studying. Thank you for being concerned. Thank you for nonetheless giving a rattling. We sit up for having some implausible Prime Occasions with you!!!
With appreciate,
The New Prime Occasions Workforce
