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  1. #21
    copake_ham's Avatar
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    Quote Originally Posted by BrianShaw
    All it takes is one sucker, right?

    Oh... forgot to ask... which bridge??
    Which one do you want?

    Can also do a special - two for the price of one and a half!

    Cannot not meet Dunky Doughnies new offer of buy six donuts - get six free - but I'm trying!

  2. #22
    Dave Wooten's Avatar
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    Why would one want to purchase the school and the debt.....the property maybe for 700K, don t know ... a lot of new workshops under a new banner could be organized for less than the 4 million? BTW I don't have the 700 K.

  3. #23

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    I would think that the school might actually have far better times ahead if purchased by the right buyer. As schools and colleges cut their traditional photography courses, and public schools continue to eliminate any art courses, while at the same time traditional photo techniques are becoming "cool" with the younger generation, the only places available to learn the traditional forms of photography will be in private schools like The Maine Photographic.

    I sincerely hope that a new buyer is found. Lyman may have to take much less than he's asking due to the debt load that exists on the business, maybe he'll still retain a piece of the business. It seems strange though that he's decided to sell after having their best summer ever. Is he being honest or is he just selling while the books look their best? If it is still a viable business, a smart buyer that has done his homework and has purchased the business at a fair and appropriate price may end up with a nice business on their hands. I sincerely hope that is the outcome of this situation.

  4. #24
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    Quote Originally Posted by Early Riser
    ..... It seems strange though that he's [Lyman] decided to sell after having their best summer ever. Is he being honest or is he just selling while the books look their best? .....

  5. #25
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    Quote Originally Posted by BrianShaw
    Ha... have you seen the Maine Department of Transportation (I think that's the agencies name) study of Route 1 usage (reported in the recent issue of Down East... or maybe the prior month)? They were measuring who is using Route 1 in Maine to confirm or deny the rumor that it's mostly tourists in the summer. The study appears to have revealed that this rumor is only true in Camden. That leaves an awful lot of coast for the locals, doesn't it?
    Two things. First nobody in Maine reads Downeast, only people from away. Second, I was talking about the property on the coast, not Route 1.

    Most traditional marine useage of the coast is being squeezed out by property values driven up by rich folks building million dollar summer homes next to docks where fishermen unload their catch. That's why the asking price for the school doesn't make sense unless you factor in the huge debt load of the business.

    If he sells it all then the new owners get a debt-ridden business and he get's close to 5 million. If he sells it off for what everything is worth then his creditors get paid and he walks away with nothing.

  6. #26
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    Quote Originally Posted by Troy
    ......

    If he sells it all then the new owners get a debt-ridden business and he get's close to 5 million. If he sells it off for what everything is worth then his creditors get paid and he walks away with nothing.
    Not necessarily. Although I work on large corporate lending transactions rather than small business loans - there are many similarities in loan agreements. Almost always there is a prohbition on change of ownership - or at least very tight restrictions. His lenders will only allow a sale with assumption of debt by the buyers if they approve it. So one cannot assume that he could walk away with $5 million.....

  7. #27

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    Quote Originally Posted by Troy
    Two things. First nobody in Maine reads Downeast, only people from away. Second, I was talking about the property on the coast, not Route 1.
    Oh, pardon me. I seem to have spoken out of turn.

  8. #28

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    Why not just....

    Quote Originally Posted by df cardwell
    All good things come to an end. Great place.

    Nationalize it.
    "A certain amount of contempt for the material employed to express an idea is indispensable to the purest realization of this idea." Man Ray

  9. #29

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    Just a quick update re: the fate of the Maine Photographic Workshops...

    from their website (12/20/06):

    The Workshops Welcomes Its New Owners
    David Lyman, who founded The Workshops 34 years ago, has been searching for a new owner for the Rockport Campus and his three schools for over a year. This week, he signed an agreement with a nonprofit organization to assume ownership of The Workshops, Rockport College and the Rockport Campus. This nonprofit corporation is made up of local individuals who are former staff and faculty members, friends and alumni and concerned community members. The group came together last summer for the express purpose of acquiring the school and to ensure its growth potential. It is David’s wish, and that of the new owner’s, that The Workshops continue much as it has over the past 3 decades. The nonprofit entity will bring greater financial stability, access to grants, and a fresh outlook.

  10. #30

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    Quote Originally Posted by Troy View Post
    Two things. First nobody in Maine reads Downeast, only people from away. Second, I was talking about the property on the coast, not Route 1.

    Most traditional marine useage of the coast is being squeezed out by property values driven up by rich folks building million dollar summer homes next to docks where fishermen unload their catch.
    Sorry to jump in so late. I don't live in Maine, but when I visited several years ago, I was taken aback by how little of the coastline is open to public recreation (including photography). At the time, I remember reading that less than 3% of the Maine Coast has open public access.

    It seems that even that tiny number may have been an exaggeration. According to a publication titled Public Shoreline Access in Maine - A Citizen’s Guide to Ocean and Coastal Law:

    "Public access to and along the shore is a sensitive issue in Maine which, despite its magnificent 3,500-mile ocean coastline, has less than 40 miles of
    publicly owned sandy beaches."

    While, rich folk might indeed be buying up coastal property and building $5 million dollar mansions, the root of this issue seems to be much older.

    "A centuries-old Colonial Ordinance, applicable only in Maine and Massachusetts, extends private property rights to the low water mark, subject to a public easement for fishing, fowling, and navigation."

    This effectively shuts out all recreactional use (including photography) along the vast majority of Maine's mostly privately owned coastline.

    Maine tried to strike down the effects of the 1647 Colonial Ordinance in 1986 when the state legislature passed:

    "the Maine legislature enacted The Public Trust in Intertidal Land Act 5 in 1986. The Act declared that “the intertidal lands of the State are impressed with a public trust,” and therefore the public has the “right to use intertidal land for recreation.”

    Unfortunately, that act was ruled unconstitutional by the Maine Superior Court, and denial of public recreational access to Maine's coastline reverted to the 1647 Colonial Ordinance that extends private ownership of coastal property to the low water mark - basically preventing public recreational access to 97% of Maines' coast.

    Bummer, it's a beautiful, rugged coastline.

    Contrast this to Oregon where 100% of the coast is legally a public right-of-way and no private development is permitted in the intertidal zone. So, in Maine, 97% of the coast is off limits to recreational users (including photographers) and in Oregon 100% of the coast is open to ALL users. As a photographer, that sure makes it a lot easier photpgraphing the coast in Oregon than in Maine. BTW, I love Maine and hope to return someday, but this time I won't go with the anticipation of doing much photography of the beautiful coastal scenery.

    Kerry

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