Off Campus III, Pt. 1
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Our polyamory group Steve, Cyan, Phil and Jen have added a loving fifth to their nest, Ally, who also brings her BFFs along whenever the original four have a chance to come into town to hold swap parties at The Abercrombie Hotel. This is happening more often now as Phil and Jen have taken early retirement due to an inheritance, and can get away on a whim.
However, after a debauched evening and night at home with our foursome, difficult decisions stemming from bad news put into motion events where things are about to change, for everyone.
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My phone rings, and I see Ally's number. She doesn't call much, usually only when we're coordinating a visit. We save all the loving and fireworks for when we can see and touch. Especially touch. A lot.
"What's up, sweetie?" I answer.
She's crying, "Daddy wants to sell the hotel!"
"Oh, no! Why? We can't let that happen!" is my shocked response.
"Business is way down, and we're not meeting expenses," she informs.
"How come? What changed?" I ask.
"Acme Manufacturing closed their plant! A third of our business was from
them
," Ally sobs.
"Oh, dear. What about Darren?"
Darren is Ally's much older boyfriend she keeps around for her pleasures when we're not there, and sometimes when we
are
there in the flesh... so to speak. Cyan and Jen are big fans of Darren, who they "met" on our first visit. Anyway, we had eventually learned he was the plant manager at Acme.
"He's been offered a job with a former client and is moving to Denver next month," she informs. "He asked me if I was interested in going along, but you know how I feel about him, he's been nice to play with and all that, but it wasn't ever going to be a long-term thing. But I'll miss 'im. Thank God I have you and everybody."
"Yes, you do sweetheart. You know that. So... what happened to Acme?" I query.
"They lost the Coyote Industries contract. Not a lot of demand these days for heavy iron products like anvils and safes. Their revenues fell off a cliff."
"Okay, is there any way can we help with the hotel?" I offer. "You and your father have worked really hard to keep the place up! It
has
to stay in the family!"
"Yes!" she confirms. "I was planning my entire life around being next in line!"
"Has your dad told anybody else? Is anybody sniffing around interested in buying it?"
"No, thank goodness. At least not yet," Ally explains. "Old downtown hotels in small cities are not especially in high demand. They're expensive to maintain and upgrade to current standards, and the big chains out by the mall attract the pass-through and casual customers. We rely on repeat business, and destination business. That's the problem. With Acme gone we're not nearly as much of a destination."
"Okay, I'll ask the big question," I warn. "How much?"
I can hear her wince, "He's thinking ten mil."
"Hey, that's a lot of chicken feed. Really?" I challenge. "Are developers scoping-out downtown properties? Developers who want the land, not the building?"
"No. Downtown real estate values are pretty depressed here. But you know that," she confirmed.
"Yes," I reply.
Two revitalization projects crashed and burned. The city built a couple of parks where some unrecoverable structures were torn down, but nobody wanted to invest in new construction. Just like nearly every other small Midwestern city that used to have a manufacturing base.
"So how can he justify the asking price?" I pose. "Especially considering the renovations you guys
were
planning."
"I don't know."
"We'll need to talk, obviously," I assure. "The four of us will put our heads together and see what resources we can scrounge. Between my and Cyan's and Phil and Jen's nest eggs plus some creative financing we might be able to find some middle ground."
"Thanks, Steven."
"Besides, that would keep it in the family. You
are
my number three wife, after all."
"Yes I am!" as Ally bursts into sobs.
"Stiff upper lip, sweetie," as I try to soothe. "Let me pull the gang together. How are you fixed for week after next? We'll plan on spending the entire week there. That okay?"
"Okay," between her tears.
"That will give us enough time for serious talk with your father and his accountants and lawyers, and leave enough time to relax and play," I propose.
"Okay," as she settles down.
"After I talk with the others here I will call your dad and set up meeting days and times. Let him know that we are concerned, and that I will be calling. Okay?"
"Okay," Ally affirms. "Steven?"
"Yes, sweetheart?" I answer.
"I love you very much."
"I love you too, Ally. Let's get this bump smoothed out best we can. See you week from Monday, okay?"
"Okay."
"Bye, sweetie."
"Bye," she confirms as we hang up.
I am not looking forward to the conversations with Cyan, Phil and Jen. I'm mostly the one with the bond with Ally, and they know it. She's mostly a cute, willing and joyous sex partner to them.
"Who was
that
?" Cyan asks from the other end of the house.
"Who do you think?" I respond.
"From the tone, Ally is my guess," she allows, as she pads into our office to chat.
"Yep. George wants to sell the hotel."
"Oh, no! Is she okay?"
"No. She's devastated. She invested her future entirely on inheriting it."
"Anything we can do to help?" Cyan asks.
"Yes. I think between us and Phil and Jen and maybe some bank help we can buy it."
"Really? That's drastic! We can't just up and change our lives like that!" she protests.
"Yes we can!" I counter. "Think about it. You and I are not tied down here. We were planning to downsize, anyway. So what if we downsize to another city?"
"Well, I guess selling our stuff here might make it even more possible. Would we live in the hotel?"
"Yes. That would have to be the plan," I confirm. "My concern is what was involved in the 'renovations' Ally and George had in the business plan. How much of that was improvements, how much repairs to or replacement of old stuff at the end of its useful life."
"Like the elevators!"
"Exactly! That alone will run into millions, with a lot of downtime."
Cyan goes on, "Alright. Jen and Phil are in town to visit and we have a date with them tomorrow night. I'll call Jen in a few minutes and let her know what's going on, and warn her that there will be a lot of serious talk over dinner."
"Sounds good. I need to call George to get some idea where he's at."
I finish my coffee while poring over the day's mail, steeling myself for a difficult chat with George Abercrombie. It's always a little awkward talking with George because he is, in a sense, a kind of father-in-law given my relationship with Ally, a relationship that is totally nonstandard and is very much frowned upon in most polite circles. That George is only about ten years older than I am makes things that much more difficult. But I love his daughter and she loves me
intensely
, and that's the way it is.
I dial his direct number. Don't need the front desk handling the call; seems to cause trouble whenever I screw-up and forget.
"George Abercrombie's office," the voice on the other end answers.
"Good morning, Gail!"
"Well, good morning, Steve! To what do we owe the pleasure?" Gail responds.
"Need to talk to George," I declare.
"I'll bet you do! I heard," she volunteers. "I'll buzz you through."
"Thanks!"
"Hi, Steve." It's George picking up the line.
"Hi, George. I presume Ally gave you a heads-up about my calling."
"She did. Said something about the four of you having interest in the hotel," he confirms.
"I think we might. Haven't hashed out what's possible at this point, we'll have a serious talk tomorrow night. Is that 'ten mil' number she mentioned for real, or just thinking out loud?"
"Mostly thinking out loud. I'd like a comfortable retirement, Steve."
"You know it's going to depend on the numbers. Cyan and I are bouncing around a few ideas to possibly make up for the Acme loss, but Phil and Jen will have to be on board with it."
"Okay," George responds. "What do you need from me?"
I propose, "Let's start with last year's P&L, and the year-to-date P&L. Current general ledger would be nice, too. We'll not worry capital and inventory until we all meet. You think you can get your folks together week from Monday? We figure on staying there all week, so we should be flexible."
"Sounds like a plan. You've done this before."
"Yes," I confirm. "I think we've chatted about my portfolio at one time or another."
"Okay. I'll have Gail e-mail the financials and a schedule once she rounds everybody up," he proposes.
"Good. Thank you. We'll tune the specifics with Gail," I affirm.