Very Generous One

What's good about this deal? I've been scratching my head over this and looking at it from all angles-the positives so far are as follows:

New Club will have annual dues revenues of around $20MM (plus or minus $1.5MM) That's plenty of cash to operate the club. (Backed into the numbers from the T&H bankruptcy filings, guessed on the 300 UR members, and added in the 450 PE members. Think that's in the ballpark.

At closing they were supposed to have almost that amount of cash in hand.
Better financial stability to withstand the real estate deep freeze that is currently taking place.

Lots of new locations & very nice homes-our choices expanded materially. This is why we joined, isn't it?

And one more thing that I'll close with....

What stinks? Well-now don't get me started-but plenty of issues that have already been exposed to the board. Had a chat with a Premier member who was expressing righteous indignation as if his first born child had been abducted. Grow up & get real-they are well within their contract rights to make the offers that have been made. It would take an army of lawyers to get any sort of modest improvement in terms.

The best thing coming out of this deal & bar exam like paperwork that they've sent out-Is that in the not too distant future-We won't be getting emails from Rich Keith anymore!

Desties

Boo! Hiss! I've always like Rich's emails. Except for the past few weeks, I typically looked forward to his missives. They are well written and typically had a cool real estate announcement or two.

And since we're speaking of positives here, I'll say that one of the positives of the Legacy PE plan is the flexibility of those 28 days (which we have always had) but the availability of more advance holiday periods since UE can only book 1-2 advance holiday reservations. Especially now that several weeks are considered holidays, there are plenty of opportunities for things like President's Week, Labor Day, Memorial Day, etc.