I received this message on facebook.
http://www.leadertelegram.com/story-news.asp?id=BI99GDU2GD5
Wonder how they dropped the ball on this? You'd think that the majority of revenue coming in from ticket sales would have gone back into paying for the loans and have them nearly paid off at this point. Sure hope they get their act together. Would hate to see a new faire like that close up.
When I first saw the thread title I thought, "are we getting this organized already???" hehe.
Read the article, Yowza! 15.25% interest rate on $845,000?? I can't imagine what those payments must be like.
Here's hoping this gets sorted out. Countless people have worked so hard and diligently to pull that faire together.
I wonder if someone from A-1 Excavating was the contractor that supposedly originally was on the event's board?
Rumor Mill Warning. Word was that a contractor on the board was the reason they originally expected all crafters to build permanent buildings after two years of being there and that the contractor was hoping to build most of those booths, and that they relaxed things after he was no longer on the board. Here Ends this Rumor Mill Warning
The original interest rate was 'only' 10%. It defaulted to 15% for, I imagine, late payments. I not sure why there would be late payments, however, since 50k tickets (3 year's worth) @ $17 each is about $850k all by itself.
Regardless, I'm sure they have little to worry about. They can get a bailout from the government. The new administration's rate hike on my taxes alone should cover it.
Sheesh!!! For the amount of money that little faire charges and for what they provide they should not be in this position!!! ::)
Yeah, but there's no telling what kind of salaries the organizers may be paying themselves off the top, or what other loans they may have taken out to get things started. Makes me awful glad that we're careful about getting involved with new shows.
And was their attendance be down this year? Weren't gas prices pretty near the peak while they were open?
Have to remember even if they foreclose, it could end up like a hostile takeover as opposed to closing the venue.
GP and MBM both have good points. Perhaps someone else will purchase this? Hey, it could happen.
Let us all hope.
I like the little faire, they did a pretty good job of putting on the dog and pony show from a customer's stand point.
I just feel bad for people like my Uncle who has a building there. I hope he isn't screwed out of his investment in his building.
And I agree, they shouldn't be bailed out. They got themselves into this mess, they need to figure out how to fix it themselves!
I think that someone or a bunch of peoples were probably doing something they shouldn't have been doing and now the money is gone. How do you not pay off 800K I know you have to pay salaries of the workers and stage acts but there would still be money left over.
It's a shame too because that faire was really starting to take off. I hope they get it all figured out and whoever has to fess up and pay does.
Quote from: Lord Fondlebottom on November 11, 2008, 06:54:42 AM
I think that someone or a bunch of peoples were probably doing something they shouldn't have been doing and now the money is gone. How do you not pay off 800K I know you have to pay salaries of the workers and stage acts but there would still be money left over.
It's a shame too because that faire was really starting to take off. I hope they get it all figured out and whoever has to fess up and pay does.
I agree.. Something stinks.... and its not the fire whip.. :D
WIRF is such a neat little faire - I hope that they can get something worked out!!
Something smells rotten in the town on this one :-\. I hope it continues though, it would be a sad thing to see it go. :'(
Quote from: majikboxman on November 10, 2008, 02:03:19 PM
From a 3rd party point of view:
If this Faire does open in 2009, they should seriously consider NOT having it open when TWIG or Bristol are open.
Twig is June 13 & 14 (just one wkend) and according to JBird Jr WIRF opens June 27 and runs for 3 wkends next yr (2009)
So it only overlaps one weekend of Bristol, not so bad then, at least for Sir Clisto, as in past years he has participated in WIRF.
Dayna
Has there been any update on this? Has anyone from Wisc. area seen anything in the news over there?
Heard someone claim that it is mainly about the creditor trying to protect their investment and that it is more likely to cause a change in management than a closing.
J Bird was planning on building a mead hall on site. It was going to be impressive. Talking last week, he heard nothing about a closing, but something about some changes.
MRF signing a new lease put a bummer in that fair, I'm sure.
"J Bird was planning on building a mead hall on site. It was going to be impressive. Talking last week, he heard nothing about a closing, but something about some changes."
Huh?? Last season he couldn't even Sell There because of crossing state lines. It certainly would help if that could be rectified.
Dayna
He might be making some there, thus eliminating the concern. And he's looking into crossings laws.
Vended there last year. We literally watched people turn around at the entry gate because they were charging for parking. I'm pretty sure they saw this coming and were trying to find a way to help themselves but what a way to drop attendance!
I hope they stay around. Yes, the campground is under the same ownership as the fest and supposedly they did do a bunch of upgrades but people were constantly popping breakers and getting shocked by resetting them or plugging things in...whoever did that job should have to pay back money to help the faire!
Which store did you work at there FoxHollow?
Quote from: majikboxman on November 18, 2008, 05:34:54 PM
Just thinking... ... ... This post kind of reminds me of another post on the old boards where it was mentioned that WIRF was trying to put smaller faires out of biz. If that may have been the case, looks like Karma got involved.
Aye.. I think you're right Col.!
Straight from the WIRF thread.
WIRF is cancelled for this year, hope to be back in 2010.
Oh Well....
well.... that's too bad... :-\
Oh NOES!!! Big bummer.
Yes, I pouted over the the WIRF thread... I'll pout over here now too. :'(
Their website still says "2009 Dates Coming Soon!"
I tried to email them, but my email comes back as "blocked".
???
The developers or hosts of the site might have locked things up.
I do hope that someone somewhere is at least keeping their domain fees taken care of. I can see where it could slip away or even where a domain name could turn into a hostage situation very easily.
No fair this year? That's pizpor/
Now what am I going to do?
We were just in Chippewa Falls for a little reenactment event and I had to laugh, because a cashier in one of the stores there said she heard a rumor that Mid America Festivals (the owners of MNRF) were going to buy WIRF now that it's for sale. ( http://www.wqow.com/Global/story.asp?S=10239831 )
Yeah sure, if Peterson could afford another show, maybe he could afford to build a new Hall of Masters at MNRF.
There is a difference between being able to afford something, and wanting to spend the money on it. He could make a new HoM if he wanted. He clearly does not. Pubs make FAR more money.
I could see him buying WIRF and closing MN in 5 years. Quarry is going to be at the doorstep by then anyhow, 15-year lease or not. He could get that place for a song in today's market.
Actually the quarrying has already started affecting MNRF participants' parking and our access to the "C gate" driveway on to site, but the slowdown in the construction market should slow the quarrying for a while.
I can't see him replacing the cash cow of MNRF with a site that is a fraction of the size, has a $870,000 debt, and only tiny attendance compared to the 200,000 who come to MNRF each year.
Quote from: groomporter on May 12, 2009, 11:46:28 AM
Actually the quarrying has already started affecting MNRF participants' parking and our access to the "C gate" driveway on to site, but the slowdown in the construction market should slow the quarrying for a while.
I can't see him replacing the cash cow of MNRF with a site that is a fraction of the size, has a $870,000 debt, and only tiny attendance compared to the 200,000 who come to MNRF each year.
I totally agree GP...
Quote from: groomporter on May 12, 2009, 11:46:28 AM
Actually the quarrying has already started affecting MNRF participants' parking and our access to the "C gate" driveway on to site, but the slowdown in the construction market should slow the quarrying for a while.
I can't see him replacing the cash cow of MNRF with a site that is a fraction of the size, has a $870,000 debt, and only tiny attendance compared to the 200,000 who come to MNRF each year.
From what I understand the current economy is actually doing us a favor where the quarry is concerned. People just aren't buying the rock therefore the digging is not as frantic as it was before. It shouldn't expand much beyond where it already is in the near future. Besides, the yearly lease on a site that size is a better investment than the rock because eventually the rock will be gone and fest probably will not.