Tuesday, September 15, 2009

Some Q&A with BDO

The following are some answers from BDO to some of the questions coming from our AB families. I have relayed them as accurately as possible, the way I perceived was correct. For more information or clarity, please contact BDO. I believe most are addressed on the new FAQ's posted on BDO's website.

Q. Does a yes vote oblige you to pay the renewal fees.
A. No, a new retainer agreement will be sent out.

Q.Who is the restructuring group?
A. The proposed new board of directors are the restructuring group. They submitted a plan along with many other groups and their plan/group was deemed most viable.

Q.Why a new business? Why ask us all for an appropriate amount to complete all of our adoptions rather than rely on new clients?
A. Some people complain that the fee is too high, others that it is too low. If the agency is running smoothly, why not accept new clients? This was a decision that was made when the proposal was created.

Q. Is fund raising ties directly to this proposal? If I do not want to fundraise, will I have to pay more fees?
A. The organization itself is planning to fundraise, not the families. Families will not be required to fundraise. The organization will undertake fundraising to help reduce costs.

Q. Can you abstain from voting? If you abstain, can you jump on board if this proposal takes off?
A. Yes. If you abstain then you may decide later to pay the renewal fee and join the agency. However, if too many families abstain and not enough vote yes, then this proposal may still fail. The results of the votes will have to be presented in court after the creditor's meeting, at which time if many abstain and still less than 51% say yes, then the proposal will fail.

Q. Can you put adoptions on hold if extenuating circumstances require it?
A. Probably. This would have to be confirmed by the restructuring group, but it is unlikely that this would not be allowed.

Q. Have any applications been submitted for the new Executive Director?
A. Yes. 5 applications have come in. The executive director will not be a board member

Q. Will the transition home be shut down.
A. Unknown. If good relationships with the orphanages can be established then this could be a possibility.

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