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Regarding Mr. Eason's assertion that neither he nor anyone he works with knows where I came up with the $4.4 million projected annual EBITDA, I was very clear in my initial letter of interest to him that I had derived that number from the document entitled Creative Loafing, Inc. and Affiliated Entities October Weekly Cash Flow report filed October 15, 2008 with the United States Bankruptcy Court in Tampa, Florida. That report placed weekly EBITDA for the Creative Loafing chain at $85,256. Multiplying that by 52 weeks equates to just north of $4.4 million. Again, all of that was stated plainly in my initial letter of interest to Mr. Eason.
As a prospective purchaser, I have, for several weeks, attempted to reconcile that weekly cash flow report with Creative Loafing's 2009 projected EBITDA of only $1.7 million (roughly $32,000 per week, 38% of the October weekly EBITDA ) filed with the court in January. But the only response I seem to get from Mr. Eason's team is that I have offered far too much money for the papers.
I find that odd.
I also find it odd that Mr. Maldonado reported unequivocally that no cash flow report was filed with the court in October, when he readily admitted to me in our interview that he did not have access to all the court documents. I would have been more than happy to have supplied it to him, but he didn't seem to be too interested in the facts or objective reporting, choosing instead to focus on unsubstantiated rumor and anonymous innuendo.
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