This week in A-ha!, a missive from John Flax of Theater Grottesco, reminding us that Wall Street isn't the only place Securities and Exchange Law can be... well, exciting!
The project: Theater Grottesco forms a Limited Liability Corporation (LLC) which invests in downtown
property for the purpose of creating a performance space for small non-profit organizations. Santa Fe
There was a healthy dose of absurdity in this proposal even in 2008: Theater Grottesco, with a $250,000 annual budget, raises $3 to $4 million dollars. But isn’t that the point of the A-ha! Program? Think outside the box, test something grand, reach beyond your traditional scope.
By 2010, absurd has become grotesque…wait a minute, that’s us: Theater Grottesco.
It’s a great idea – beautiful in its simplicity and embracing of community spirit and ownership. Our committee of business leaders and lawyers saw no problem. Then came our first visit to
’s leading authority on Securities and Exchange Commission law. New Mexico No Wall Streettype, this slight southern woman who raises horses dazzled us with a legalese far beyond what we’d grown comfortable with – a screaming web of rules and regulations that blew our plan right out of the water. And when we were certain of defeat, she showed us a small beam of light we could follow: the issuance of bonds based on the Calvert Foundation, a micro-lending entrepreneurial model. To that, we’ve added a traditional capital campaign option and a community building phase. Not our perfect idea, but a way to get there nonetheless - maybe even in these times. It has been a wild ride, not easy, but then that’s the point. Stand by for a final report at: www.theatergrottesco.org