Ron Hankins Leads the Way to Find out about GRMC Bankruptcy (July 2016) Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Ron Hankins Leads the Way to Find out about GRMC Bankruptcy (July 2016)

30 July 2016 at 12:07:42 PM

Rough Transcript (watch the video for exact) 

Hankins Discuss and if necessary take action on letter of engagement, retainer agreement with Norton Rose Fulbright

Reynolds: Let me tell you who this is, I'm not sure if y'all are aware or not,

"I'm not sure if y'all are aware or not". Not like it was EVER brought up at a board meeting before, even though the talks with this attorney had been going on for a month, maybe 6 weeks. Perhaps the board members might have heard in a gossip or whisper chain? 

maybe a month or six weeks ago, Ron and Dwayne and I went to Dallas and met with the person that we've been ... Ryan Mans, who we've been visiting with and this is just a discussion of where we are financially as an organization, what action do we need to take related to the financial situation and position we're in. I would say up to and including Chapter 9, a bankruptcy if we should decide to do that.  That's an option that you as a board should decide today .. and chapter 9 is a provision that is for government entities, very similar to chapter 11 on the commercial side, no decision has been made,

Well, yeah, no decision has been made. Who would have made it since this was the FIRST TIME this was brought up to the board. IF they vote to do a Chapter 9 bankruptcy, THAT would be the time a decision was made, unless Reynolds was trying to say that Hankins and Griffin were deliberating about it with him. 

and no decision's been made or recommendation made by the attorneys. They're looking at our information, there are evaluations that need to be made and I think at the appropriate time they'll come to us with a recommendation and a budget. There is a retainer in here, i talked to Ryan about it, today, and that's a retainer that doesn't have to be paid immediately, sometime we'd have to make that payment. That's not what they're asking for, we've been talking to them for a number of weeks, I think we're at the point where there needs to be a letter of engagement for them to proceed to work for us. They've been very helpful and very forthright in terms of providing us with some advice. Either one of you (pointing to Hankins or Griffin) or Ron, have any thought on that? 

Hankins: No, just that Mr Mans and also I don't remember the other attorney's name he called in, is familiar with bonds,

Bonds? Like the 14.4 million dollar bond that Mike Ford sought to illegally saddle Somervell County taxpayers with? Presumably Somervell County taxpayers would have to vote for a bond that would increase taxes and take years to pay off, eh? Gee, wonder if any of that money they might want to go would go into Hood County's hospital district, where the residents pay ZERO property taxes while enjoying the moolah Somervell County Hospital District spent to remodel their clinic in Pecan Plantation,. without so much as a THANK YOU from the residents in that rareified gated community to taxpayers here. 

talking about that, but they've been very helpful. They've spent some time without payment to this point. Obviously, they can't continue to do things for us without promise of payment. 

Reynolds: I need approval

Hankins. I took an opportunity, this was the first time I'd seen engagement letter and then the initial terms of the agreement, conditions, I don't see anything that I'm concerned about.. if someone is willing to make a motion.

You'd think they'd get somebody other than Ron Hankins to look at this, the man that was told he didn't understand something that first year law students are taught. 

Griffin: (motion to retain)

Nabors: 2nd

Vote, Passed 6 For none against


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