SuperCo Viability, Union Contracts, and Fleet Operations Review

It's the best case scenario in a bad situation. Like, everything is better than the alternative right now. So, um, but continue to keep me updated on your wife's situation and anything that we can do. Um, JD, I just pulled this up as you were joining just because I wanted to give him a quick whistle stop, and then we can kind of get into the main event. Um, But no red cells, Richard. Like, there's some very, very close calls. We will effectively draw down to zero.

Can you make it a little larger?

I'm like, oh, oh, I brought glasses. Not so fucking easy, is it? Yeah.

Okay. There.

Oh man, you have no idea what you just did, Kenny.

What, is that a touchy point?

Yeah, because we always give JD shit for keeping the text so small. So two things to call out quickly. We're going to draw down basically to zero. But the timing of things hitting give us more or less the flexibility that we need. This is to note, it's noteworthy that this is our first full debt service on Wednesday, and we are clearing everything by the skin of our teeth, but we're still clearing it. And these get degrees, and that is what matters.

Yeah, I mean, what's better? Hey, clearing is clearing. That's it.

You get degrees, baby. Like, that's, that's what this is. And JD, stop me if I leave anything of note out, but AR over $1 million for the first time, even though that includes kind of this bullshit over $90 bucket. But we're not touching that because it will probably invite like unnecessary scrutiny, even though we all know what it means. Honestly, that's kind of the end of notes on the cash flow forecast. The biggest thing that Katie and I are, I think, just so cynical about, we don't even know really how to— I wish you could change. Oh, you can. Nice. Here's the monthly dashboard, um, continuing to trend along the same lines as what we thought last week. Um, I would say there's a question mark around the HDR number, but that's largely around accruals, and a similar kind of accrual question mark around Versatile, but Avon is having a stronger month. We are at— where are we at?

I mean, a month, $850 for the month.

Hold up, let me run this again.

Oh, utilization.

We're at 48% for the day. Sorry, we're at 46% utilization on the entire fleet for today. And CubeTrucks itself is, you know, at a high capacity or at a kind of high utilization class, but there's a bunch of stuff that's rolling off today. While we're on that subject, kudos are in order for you and your team for A, continuing to keep the fleet downtime A, had a tracker up to date, and B, responding to the uptick in volume and getting fleet downtime from like 11% to like 7%.

Well, I, I, right now I'm taking some flak from Garrett and them right now, so—

No, that's actually, that's why we went to look to see what the actual status of the fleet was, because it didn't feel like that was, that was worthy of them freaking out about it.

Um, well, there was an issue. Kind of let you guys know, I'm gonna be talking with Garrett tomorrow. Is, I think, like, for example, well, apart from Garrett too, with Ronald too. Like, on Friday we had a meeting, me, Ronald, Faustino, Katie, you know, because they want the fleet to take over the, the new version of the non-rep ticket, which is in the RW, right? Which, of course, you know, have no problem doing. And, uh, basically they'll process that ticket the same day at the end of the day with their flag sheets, you know, of all that, right? But they want it done immediately. So our option to, to run on everybody was like, okay, if you need a vehicle right away, just call them and they'll close that ticket right away rather than wait until the end of the day process with the rest of the fleet deal stuff, right? I think, I think in that aspect A lot of the people just don't understand a lot of things because—

No.

Ronald brought up a point that I almost like, I was really holding myself back and not punch him. It's like he wanted Rafa to do paperwork on RW. I'm like, you understand we have one diesel mechanic. And I even brought it up to him. I said, hey, Ronald, you know we only have one diesel mechanic. You don't want him to do admin work, right? You can just call Jerry and they'll just close that ticket. He's like, well, why can't the technician just do it? I said, you got one fucking— this is— the whole room was just silent.

All right, all right, look, this started out and needs to remain, and kudos to you and your team for keeping that like vital KPI up to date. I mean, we're a fleet company, so if we don't have— if we're not tracking that fleet KPI, we're jokers. So again, kudos to you and your team. When there are resources to spare, you can just throw a fest. Well, actually, sorry, you can choose. You can have $2,000 for the laser or $2,500 for Shrimp Fest.

How about let me slap Ronald a little bit there.

Then we'll put it in the Richard Chang Legal Defense Fund.

Yeah, there you go.

Okay, so that is, that is that. Things are okay. Looks like we have trailer utilization that will sustain through April. There's maybe some stuff that's filtering in behind it. But we'll see where we stand. Yep. I checked in with— I texted Mike this morning just to check in. I haven't heard from him. I let him know over the weekend that I wasn't going to be flying in either, but I haven't heard from him. So We'll file that under no news is good news. And then let's get into kind of the reason for the call.

Yeah, he'll be fine tomorrow. Ronald's going to meet with him, give him some insights.

Oh, I remember the other thing I need to talk to you about. You cannot give Garrett details on the Versatile stuff because when you do, It triggers this thing in his head that makes him feel like he should be running point on this. And I have to take increasingly longer periods of time explaining to him that this is not an operational flow thing. This is a mentally unstable and like, I had to explain that he was even saying that he wasted his Thursday afternoon because he spent all this time with Garrett building a grip and lighting equipment. That he thinks he can really help Garrett with his business. And Garrett was cracking up like, no, that's not true. And I was like, I'm sure there's some truth in it. He was like, well, yeah, he helped me with the quote and that was really helpful, but he can't help me with my business.

It's like, okay, I think Sean wants to bring Garrett into his new whatever meeting he wants to do. I'm not sure how that works.

What new meeting he wants to do?

Well, you didn't read Sean's email, right? He says on Thursday night Um, I don't know, this is— yeah, it's the last one he wrote, and he's, he's like, I want to start meeting with everybody, and I want to pull Gary in. Like, he wants to start involving Gary into Versa. I think Mike probably wouldn't like that at the end.

No. And in fact, we have to stop talking about this, but I will say that, like, I spoke with Mike, the worst thing we can do is bring a third influence into this. And I explain, like, all of the parallels between the situation, I was like, I don't know. And I was also explaining to Garrett, Sean, like any addict, will throw anyone under the bus or try to pull anyone in that they think can save them from salvation, for lack of a better term, that can justify or distract from what's actually— distract from the attention being on them. So I'm not surprised that Garrett, that he wants to bring Garrett into this thing because it doesn't matter how many times I have to explain it to Garrett. If you're talking to Sean, you're getting a version that is intended to distract from him failing. Like, that's it. Anyway. Okay, so I guess I think there's two main things here. We're still waiting from the Hudson team to give us at least a unit-level breakdown of all of the contemplated assets. And JD sent them kind of our workbook, for lack of a better phrase, of like, here's how to think about our CapEx. Because quickly, they think about CapEx in terms of like if they make a repair to something after it's come off of rent, they will capitalize that. I believe what it is, they capitalize the parts, the labor, and part of the rent.

Yeah. What is that?

If a trailer comes back to Ralston and it needs modify, it needs extensive repair or modification for whatever thing which they consider their value add, they capitalize that, which is to say they use maintenance CapEx for the people, parts, and the place. Like just a tiny portion of it, which is just accounting nonsense.

Like, yeah, it's just public company.

All that results in Is it— it's GAAP?

Yeah, I mean, you can capitalize like a modification or something, rehab, but you don't capitalize like standard PDI maintenance stuff, right?

Um, no, not standard maintenance, but any type of like repair that needs to be done, then yeah, they are doing— they are capitalizing that. And whether it's like— you could argue that that is GAAP compliant and that's why they have to do it, but at the same time, like, it doesn't represent the true, like, nature of the business. Um, so they were pushing back on our opinion that the company on a combined basis doesn't need a significant amount of CapEx for the first 3 years because we'll have so many additional trailers that we can pull parts or we can swap in and out when something does go horribly wrong. Um, but they're thinking, how can you go 3 years without repairing vehicles? And I think that's where the disconnect was, because we're representing all of our repairs and maintenance on our P&L directly, whereas they're just burying it outside of their P&L. Which means they're even less— they lose even more money than we originally thought. And they're even worse of a business because that is their business that they represented to us without any repairs or maintenance being contemplated.

So buyers beware, right? This is where buyers beware, right? I share a document with you guys, just like quick notes where to look. And all the documents with the sections on them that are a little bit questionable. You see it? Yep, the actual section. Okay, the, the, like, the numbers, the, the section of where they're at. Okay, because those are ones I saw, like, little on the— we should have at least the 3 of us have a more unified consensus before yes, no, or, you know, F off kind of thing, you know. Like, some of that shit is just like, uh-oh.

Okay, but I think it's just that—

I'll give you an example. I'll give you a quick example, okay? Let's say they're premium weight, right? The weight they set it up— this is more a white paper show, okay? None of this is a black—

yeah, no, well, that's I think that jumps out to me is it basically it's like a specialty driver is really just black book with some quirks, right?

No, no, no, no, I'm not even talking about driver. The first part is not even about driver, okay?

Like this is the $399 specialty driver one, okay?

Yeah, I mean, I have more notes on that, but the thing, the way they define drivers, and that's a different— but I'll give you a different example right now. For example, let's say because they include almost all the positions, right? You got technician, painter, whatever, right? All of those guys. But if you look on the, on the table on those sections, they have like a premium. Like you add $4 if they're electrical or whatever, right? Those are the problem because what happens is that they have no way to quantify whether, like, are they, are they certified? Like, that's just like a personal opinion. You can get a bunch of electric guys who come to fix jack shit kind of stuff. Or like a slide-out guy. Like, I know for a fact, so I can put this one side out. And the coyote guys without guns, they don't know how to fix those things, okay? So those are the things in the future we have to look out for. This is just in case we end up in a, you know, situation, because that stuff like that didn't exist before, okay? So whoever was signing that crazy shit, they put himself in pretty big jeopardy. Because then you have highly paid people who actually not—

don't know what to do with those who are just subjectively like bucketed or categorized as such.

Yeah, because they, they're not really stating like how they're determining that. It's literally saying like, oh, I know how to do electric up there, I got my $4 premium. What does that mean? You know, that's where it gets complicated, you know, that as an example, right? They have like other whatever You know, like painter's paint, sure, you know. Um, and also like the way they carry their accrual, like unused vacation and sick— you can't even bankroll sick days and things like that. I mean, it can end up being, you know, a bunch of issues. So like, like I said, this is where I just pointed out those things so we can look at. Those are like the kind that can like pose us over, you know, if we ever end up in that situation. And then that's the first section, right? That's the 399 QBS folder stuff. And then the second section, you see in blue, it'll say 399 Specialty Driver. And that's where, you know, and I'm amazed this time they gave all that stuff and they did not even put down like, like they have a whole paper about like disciplinary action, but they have nothing showing quantity. Like what is a minor, what is a major? Like for example, The last time they did it, they were allowed to crash 2 units a year without getting fired. You can wreck 2 units, that's your fault. And some of them actually wreck complete one a year, okay? So like, when you sign stuff like that, like when you say it's okay for you to wreck a complete unit once a year and not get fired, You know, you may not want to send something like that. See, those are the really big traps. And now they're not even saying, like, which one's minor, which one's major. Because minor and major, you have to be defined, and also quantity. Otherwise, it's unlimited amount of write-ups. Good luck, you know? And also, like, the grouping, like the way they did the grouping, we need to talk about that. Uh, because a lot of the guys couldn't even set up a trailer, right? You have to send another guy to, to help out. So you send a PDI tech to help out the guy with this. Um, so like every delivery used to cost KOD like a driver and a technician, which is another incentive, right? Okay, so, so those are all the things.

Okay, question out of ignorance on that. That feels more like a— well, sorry, that feels more like a— they didn't know what they were doing.

Well, that was, uh, I think that was like the Jeff and Michael craziness back then because they were not allowing Veronica and I and them to participate into those matters. Because they thought we were too rough. Well, they ended up with something stupid, and I think it continued. So, um, yeah, I mean, I, I, you know, let's say review existing minor major offenses, assets and group— I mean, all this stuff is all negotiable, right? This is all the white paper stuff, all right? And also, we should somewhere get a current copy of the black book. And if you, if you read some of those things, like they said you can pay up to 80% Like if it's a signatory show, then the show will pay. If not, then we pay. Like all those scales we can negotiate. These are all like white paper stuff. But yeah, like arbitration, that's another one, you know. Take a look at that arbitration.

They, I thought, kicked out of California.

This one they are signing. They're like, oh yeah, we have to pay.

This one would have been from before that happened?

I think this was 2024. Well, the— there was one that signed in 2023 to '26, right? Yeah, but there's another document that signed in '24 that covers a lot of stuff also, uh, like they'll pay for jury duties, they'll pay for briefments, they'll pay for like It's a lot of stuff. And also, like, health insurance contributions, you know, like, do we— we should be able to go with the standard. Let's say, let's just say we have Health Net, go with Health Net. Now, like, like, these are, these are— I just, I just think pointing out the section that we should spend time on later, not necessarily in this call, but, you know, take a look at it. So, like, that's helpful.

I mean, I think that's the Jesus. Well, okay, so that addendum—

yeah, that's another, you know, driver stuff generally, unless it's something like driver stuff usually follows a blackboard. And then there's some amount because we have a house roster, so we can still— there's still white paper stuff to negotiate.

Okay.

But now, like, they're infecting— this is like infectious to the entire population of like technicians and things.

Okay. That's interesting. That's kind of how I interpret it as well, is that it's just like it started just like it seemed like it just kept like expanding.

Yeah. Well, yeah, exactly. And also, not only infected, right? They start doing premium pays and like unquantified qualifications and adding— like, it's just like whoever was doing this, I guess probably was Zio, whoever the hell was doing that shit just didn't care. They just do it, you know. That was just dumb, you know. So that was like, if I remember right, like that's how Isidoro quantified everybody. Like, if you say you're electrician, then you are. He gets little guys to get— like, I think that's how they fell into that trap, because they felt they were qualified, but they were not qualified. So that's— but unfortunately, now it's on paper. There's a precedence, right? Um, but then again, let's say if we take SuperCo, technically we terminate everybody. So only thing people we have is the drivers, right? Right? So the rest of it don't even matter until such time that unless we get voted in.

I'm not gonna— I'm not gonna lie, it's hard for me to keep straight what agreement applies to what.

Oh no, it's right there, it says so.

But I mean, like, even the QBS CBA addendum from— when was this signed?

Uh, I believe the addendum only covers the, the Jody roster drivers.

Q crew A?

Yeah, that's drivers only.

But that's driver, that's not— yeah, I don't know, is that the commercial drivers?

Yeah, yes, yes. Well, Not anymore. I think it goes beyond now. My understanding now, the current—

what about the drivers they had running? Yeah, for like Coachella and shit.

Yeah, I think that covers them now too, because I think they put all the drivers into like treated.

I mean, that's $30 an hour.

Yeah, well, $30 an hour is a lot cheaper than the—

than the black book. No, I know, but is there an interesting rolling look-back concept that I think is actually more company advantageous than whatever our parameters are today.

And also we have to look at like what other, you know, again, we have to put it all together. But right now, but that's only half the issue, you know. And also when we negotiate, let's say, well, we go, we can go back to the way it was. In other words, we should be able to say, hey, all right, if you're doing commercial vehicle, yes, the signatory production, you should have commercial drivers. So leave it at that. But everybody else, including drivers, are not in— like when we were doing it before, our in-house drivers were not part of the union. They did not have to join the union. Okay, like Jose, is it fair to say that if a—

because this is really talking about the drivers that handle the motorhomes and the combos, right?

Right, right. Those are the guys should be in the union.

Right. And when we talk about those assets being sent on a job, by nature they're only going to go out on signatory or union jobs?

Most of the time. Sometimes they do have, uh, non-signatory, like indies. Once in a while they do have indies.

Like an indie commercial?

Uh, it's like non-signatory stuff. It could be. I don't know. I do see them go out indies once in a while. Just independent stuff, like non-union stuff.

It makes sense if you have— if you're able to basically have like a mobile production command center for an independent film.

Sometimes it's just small stuff though, like the— because all the commercial guys only go out on short production, 1 to 3 days kind of thing. They don't even do a week stuff, you know.

Yeah.

Um, but like in-house drivers shouldn't be on that.

Um, but your plan is to rebuild this whole roster?

Yeah, so because we're starting over, we should be able to say, all right, you know what, let's take a look at the roster, show me what you got, you know, all that stuff. Um, you know, like, do you actually know how to drive something? Like, you don't have to drive, just show me how you hook up right there. Show up and show me how you do it right there. We can tell whether you could do it or not right away.

But will they have that if there's still kind of this legacy You've got a driver and a tech going out on this job.

They should not, based on this. If they're still doing that, that's even crazier. We did that because the union back then, basically, they didn't— like, Jeff and them, they weren't really too fight. So they were just, like, eating all the costs. They didn't even want to fight anymore, you know? So— And, and I talked to Josh and them. I said, hey, how does this work? You know, I got to send people. They said, well, you got to train them. So we got to pay the driver to train them because we're a specialty house, right? So it's our responsibility. But then I told them, I said, okay, you're Hollywood team, sir. You're not the general trucking team, right? You should know how to— they're like, nope. They— their, their whole stance is like every piece of equipment at every single rental house is different, which is bullshit. You know, you go look at trailer, same trailer, right? You know, like, that's where the white paper has to define, like, hey, if you're an expert, you know how to do it, then you should know. If you don't know— but now they're saying in there, like, $20 an hour for training. That's what we pay.

Well, yeah, it's like, okay, you have to— it's— but that's fucking crazy because it's like, here's this person, he's already gonna get paid a bunch like scale, not actual Black Book scale, but just like what your average hourly person is. But it's your responsibility to train them into something. They're getting you this person, but like, yeah. At the same time though, this is like the, this is the type of place where it's like if we're in this spot, it's like, okay, just hold our nose and not make a deal out of spite. Make a deal. Yeah, like, okay, you want to go that way.

Well, well, the, the way it could be done also, right, to really set a kind of show them we mean business, is it's going to be, all right, take the current roster, right? See who want to drive trailers. So for example, right, show up on a Saturday or whatever, or we set times during the weekday. Just say, show us, like, show us you know how to hook up. Right away we can put up on the list like, yes, you could, or this one can't. And then we go from there, like whether we want to train them because we don't have to train, you know, we don't have to train. Maybe, maybe these guys will have more work. It just depends on how we're going to do the white paper, I think, because right now a lot of this shit is really off of white paper, not so much off the black books.

Yeah, I think to our benefit though, right?

Certain degree, because you can see both. Some stuff looks okay, I do see it, it's fine. Some stuff you just like, uh, hold on a minute, like, we need to kind of tweak that a little bit, uh, or at least trade it for something else. Like, we can, we can also figure out a trade, right? A horse trade. All right, we take this, the crappy end on this, but give me XYZ instead, right?

Like, first of all, like, okay, what do we need to get you to be able to start to come up with kind of like our playbook, more or less, for where those first grades are or where our red lines are?

Um, okay, for— put the commercial driver aside, right? Everybody else, since we're starting over, we don't even have a union problem when we start. We don't really have a union.

True, but we should expect, as we discussed, that they will try to make one and there's a binary, are they successful, are they not?

I think another approach is this, as much as we prepare us and our people not to join the union, this one side, At the same time, approach union proactively, says, "Listen guys, how about this? Give us 2, 3 years, at least 2 years of just stay back. Let us build some business first. If you come in right now, we're all just gonna crash. So why do we wanna do that? Right now, at least, yes, you won't have these members, but at least I'll keep your commercial vehicle division members. That's your core business, right? We can make, some kind of deal like that. And they might go for that, because right now they know it's tough. Like, breaking us doesn't really help them or their members. It doesn't. And if they say no, we're still going to take our stance, like, okay, fine, then you can come in if they have to, to talk to our people, and they're going to have to get their 51% vote in order to organize.

Make them work for it.

You know, because at the end of the day, and also judging from this, uh, whatever the pay rate, some of it is a little too high. And definitely the premium stuff is bullshit. That we don't have to do that. Now what, what is your, uh, understanding on this? Let's say the Super Bowl goes through, right? Are we stuck with all the current agreements, or we're not stuck solve?

We'll see.

Yeah, I think that's the first question, right? If we are a new company and start over.

So as I think about it, as we've kind of talked through with them a little bit, the commercial services agreements, we will more or less want to just assign and assume as is. I don't think we're going to get a shot. It's a choice between you disrupt the revenue that might be in progress there and disrupt future revenue from occurring because you don't have an agreement in place when you need one. Probably not. So you kind of have to That's where it's like, okay, defining major and minor agreements or issues, we might not have that shot because if we have to step into that as is to preserve the revenue, because the alternative is you don't step in any of them. So to answer your question, sorry, from the top. We are a bona fide third-party transaction resulting in a change in control, which based off of these agreements result in a nullification and voiding of them. Like, um, it is my understanding that the New York agreement, which we do not have a copy of yet and they are still ongoing in terms of their negotiations, does contain a clause which allows the union agreement to follow the assets. Tied to the VIN and the assets, um, whatever the company, but that is unenforceable. Um, so there's that.

Also, also, isn't this ends in 2026, right? May of 2026, right? The current one that's here.

Yes. And they have, to my knowledge, just extended on them.

What? It just extended all of them?

I believe so, because of exactly what you're talking about. And I don't think that there was a material change. I think that— that's a good question, though. I think like now that we have these, we should kind of run down What if any changes there were? Okay, so it sounds like at a minimum we need to get you a copy of the black book.

Yeah, the, yeah, the black book will help just to see more towards like what is the, the traditional, uh, rules and understanding and also the current rates, right? But like far as like for the technician, all the other people that's going to be in the union, the black book probably won't help that much because a lot of that stuff is really not— because that Blackboard is really aimed for the driving people, you know, more so than anything. Um, that's fine, but if they already extended the one for all the technicians and everybody else, then we just have to deal with it as we come along. The only thing we have to define— ask them to define— or there should be already— they're missing probably a document showing major offense, minor offense, and stuff like that, you know what I mean? Because I think that there's a piece of paper missing. Usually they will have it, you know, because otherwise how do you quantify actions, right? And, and when technicians—

possibly they don't have that.

There, it could be because nobody really cares to read it. Probably it doesn't.

I, I will, we'll run that down, but I think like this area of the business has vexed them considerably. So I think that we should— we— I don't think we can assume, but like, there's a non-zero chance, I guess, that they don't have that.

Yeah, yeah, they— that— I, I don't— yeah, I, I don't— I think they should have one somewhere. It's just But stuff like the pay rate, things like that, yeah, I can see where they can go bankrupt running some of this stuff. It's just like, holy shit.

Okay, so I want to switch gears a little bit and go back to kind of your— there's two areas we're going to hit in the time we have left. The fleet maintenance plan as you conceptualized it, And then just like a tour more or less through, through other parts of the business that we kind of already have toggled in costing and pulling through and kind of summary. So if our objective is to get as sharp of a pencil as possible to maximize the viability and/or margin of safety, of SuperCo in the initial stage. I think that means starting from, um, starting from as, like, lean of a footprint as possible.

Well, this— okay, that's where the question is, right? Let's say, for example, if they already extended this contract, right? So they want a SuperCo, we have all this in place.

No, because it's a bona fide third-party change in control.

Oh, okay, okay, okay. So we could hire, like the way we discussed, we can start lean and mean and not part of the union and—

okay, okay, okay, okay. So I think that's what is probably worth diving into. JD, if you're able to pull up the, um, the model, either the model or Richard's kind of initial scoping. This is an example. We have X amount of people in the model, JD, under the like lot ops category. And then there's Richard's plan in effect. And Richard's plan also has like 5 car washes.

So Richard, you originally sent this format of a Right. Does that look familiar?

Yeah, that looks familiar.

So they sent us this, which is a different way to look at things, but I think I took some liberties in trying to figure out how your payroll or your personnel matched theirs and vice versa. I think what actually might be easiest is if I gave you this template and you built out your roster that way. Um, because going across the rows is basically the line of business and then going down the columns is the category of employee that would be, um, that you'd hire for each role. So LA fleet, film, TV, motorhomes, events, and then you have fleet operations, dispatch, techs, et cetera. I see.

There's just, that's a number of headcounts, right?

Yeah. So that'd be headcount. So I can send you this after the call, but if you can take this and what you did on the payroll analysis piece, try to recreate it as you see fit on this. And then we can have a comparison. You currently have 26 people in your fleet operations. Richard thinks we need 8. Like, why?

Well, how?

Why? And then justify why that actually is the case. I think that's going to be the easiest way to defend this. Yeah, James, does that sound reasonable?

Okay. All right.

I'll send you this after the call. Yeah.

But I want to do— I would like to just live reconcile the—

his—

Richard's initial list with your groupings, I guess, because even right here, so there is the wash/cleaning techs/trucks/trailers. We have 5 there. Right. And although it's not a huge number, if this scenario is live in the model, there is similarly a large group of like lock ops type people live in the model, if I'm not mistaken.

Um, no, actually, uh, no, no.

So the model, huh? So I sum it up based— I broke up operations and fleet here. This is what I estimate us having as of now. So this is 2025 Avon and 2025 Coyote.

I—

we break it out internally in these 5 categories: operations, sales, fleet, administrative, and officer. Operations is anything responsible to get the vehicle or get a rental on the road. Fleet is specifically how do we maintain the trailer and truck assets. Sales is sales. Administrative is everything in the back end. Officer is self-explanatory. But operations would be everyone that's on the lot helping fulfill any sort of rental that's customer-facing. Um, that I think is where we have the biggest divergence because they're— based on what we see, we see 60 employees, which I assume would be these 26 fleet operations. Or sorry, yeah, 26 fleet operations. Because I don't understand how there can be 26 fleet operations people and then also 25 in manufacturing and repairs. Like, they're— I feel like they're conflating the lot and the fleet teams in this scenario.

Because like, I think their lot operation is different in the sense like because they have multiple locations and they have things are stacked all over, right? So you need like people just to move stuff around. Do you want to be able to bring things around? Who knows?

I mean, like Well, they have 4 drivers excluding their roster. They have 8 field service employees and they have 20 techs. So like, I just— there's so many employees here.

Wow.

I think, I think our definitions are different. I guess is fleet operations is what we call lot operations, and then manufacturing repairs, mechanics buy shop parts is all fleet.

Our, our lot ops before Akihote for transport division is one person only. That's it, the entire law ops. And that person does check-in, check-out, move trailers, and help like— and then, and below that person, it's like 3 people cleaning team, you know, they run around clean, and then one washer. And I'm like, like, that's very—

so they have 26 in FTT, Mohos, and events.

That is some— let me see.

Operations. Give me some rope here. Okay. Operations for that group. And then when you move down, you have 1 in their pro supplies, comms, commercial trucks, and fleet operations. And then when you go down even further, there's 6 in bathrooms, trailers, pro supplies. Now that's Georgia. Oh, then this is correct. Then this is— these are a lot of people, right?

Yeah, I mean, like, I'm trying to understand, like, okay, fleet operation, right? Let's say FTT, 26 people. They're not technicians, they're not drivers, right? Okay, so they're not technicians, not drivers, and they're not managers. Like, what the hell do they do?

Okay, so we did put it to them in the framework of, like, we assume these are what we call lot ops, and they're like, that sounds about right.

Okay, that's a lot of—

it's not tax and it's not the repair and body people, right?

So it's a lot of, a lot of ops. I mean, the only reason I can see them having that is if they have 5 locations, they have 800 trailers each, and they cannot dig out of their way of anything, maybe. But then they only got 4 drivers, so that means those guys are not driving. So what are they moving? They got what, 1, 2 forklifts? They don't have 18 forklifts. So I don't— I'm not really sure how they come up with 20 6 people to do what? Not sure. I really can't figure that out either. It's just weird. But like I said, we have one lot option. Like Frankie, that was one— the only guy we had.

But there's what, 18 drivers, warehouse and/or driver? That would be for Pro Supplies, right?

Okay. But Pro Supply is not FTT by any means. So I don't know. Yeah. Not sure how they're defining.

So I guess the point being, like, I think they have a hard time believing that we— maybe they don't. I don't know. They seem to be fine with the way we've positioned the payroll cost cut. Um, I think it's more on our end, like, being able to put it exactly how they view their own operation and say, here is what we would do on a go-forward basis.

You know what I think is— I don't even think they know what operations mean on their own stuff. I really don't think so. If you ask them like, hey, what is FTT operation 26? What do these guys do? I don't think they actually know.

I'm not sure. I, I feel like when we had the conversation with them, they spoke to a similar role as lot operations, but they don't call it lot operations. They kind of described it back to us.

Okay, let's just say, Richard, what you're talking about, it's like they're moving shit around on the lot or between— okay, like that could be, uh, Ivan's cousin.

Yeah, so that's what I'm saying. I think the 26 people, right, like guys running around pushing, moving shit or getting stuff or—

Okay, these are the people that are moving stuff from place to place. They are running, they're doing milk runs to different concerts and they are driving the motorhomes.

Oh, wait a minute, they're driving the motorhomes for maintenance purposes?

Why would they categorize this as fleet FTT Mohos events?

Hmm, I guess if that includes the house roster.

Okay, if they include those 319 people in this category Okay, that are in the union.

Oh, okay, then, then, okay, that makes more sense. Maybe.

Yeah.

Now, is there, is there a way to see the detail? Like when you click on that 26, does it show you any detail? Like what is that 26?

We've been asking for that for a while. We haven't gotten it.

Okay. Like my, like my list doesn't include the union guys.

So what do you mean it doesn't include the union guys?

Oh, it does it? I don't know. The, the one I sent you, does it have union drivers in them? I don't think so.

Oh, drivers. Got it.

Uh, yeah, the, the $3.99 house roster, I don't think so.

On the bottom there's a, there's a note, I think, dispatcher No, yeah, see right there? Roster, yeah, paid by job.

Yeah.

So the way that we— that I sliced it was your headcount was 42 based on this versus their headcount of 96.

Right. So Baywatch is trimming something.

Huh?

Who told you that?

Ivan just called. He's got to call me back here in a second. But he was halfway through telling me what was going on before he said he had to jump to Fred or someone.

Let me look and see what they've got.

They want just like a couple 3-rooms and some other stuff, but it sounds like what— it sounds like they're getting the same studio. Here's Ivan. I'll put on speaker. Yeah, so they were looking at, uh, even going with non-solar use, okay, just to lower the price. So obviously we don't want to lose Detroit Solar, you know, we will work with it, um, rate, yes, to lock this. So I don't know how you're feeling that, how low you want to go. I feel like you go as low as you need to to lock that in. Yeah, no problem. Just I need people to let us know if they're going to make a change because they have a hiatus coming up and that's usually when they do it. And, uh, so I let them know, just, are you making any changes?

Let us know.

Okay, we'll work with you guys. Totally. On the big players, I'm going to do the pro-rated weekly, you know, whatever, Friday, Monday. Yeah, do what you have to do to keep it. Okay, so I'll keep you in the loop. Yeah, appreciate it. Let me know if there's anything else we can do to help. Thanks, Evan.

What are we getting now, I wonder?

I don't know, but honestly, that proves my point that I made to them last week.

Which is?

Well, they were talking about how our solar stuff, that's not free, yada, yada, yada. And a lot of their whatever— grass is always greener because I feel like we're constantly losing to things because they don't want to pay for solar.

Right.

And that's exactly— I don't know if you heard. Did you hear him?

I got the point.

Yeah, they're like looking to trim costs as much as they can, which means like dropping solar stuff. And it's like, this is the real risk of our standalone position, is that if we just have a high-priced solar fleet, we're really probably best-case scenario looking at this utilization as our, as our ceiling, barring some like massive resumption in bigger ticket shoots in Los Angeles, which I don't foresee happening anytime soon. Right. Being able to, and kind of Richard's point, it didn't sound like initially they're even fucking looking at it like that where they're saying a lot of these shoots are really trending towards solar. And I was like, that has not been our experience.

That's like 3-year-old information.

Well, then I was like, that has not been our experience. Like, we are getting a lot of like pressure for non-solar stuff. It's like, well, yeah, maybe just like by volume our non-solar stuff goes out more, but like, you know, the real revenue-generating stuff, this is solar. And I was like, really?

Like, they don't have that many, right? Uh, I don't think Jody has that many.

No.

Yeah, that's what I'm saying.

So they have— is very cumbersome. Yeah, here, look, I don't want to get into it, just that's kind of further proving my point, I guess, is that like here we have a seemingly big-ticket reboot shooting in Los Angeles that is looking to drop like in the middle of their season 1 shooting. They're looking to cut costs anywhere they can. And as part of that, they're looking to shave a couple hundred dollars a week off of their cast trailer budget and degrade the experience for their above-the-line talent without a care in the world, which as they should. I'm not saying that they should give a fuck about the above-the-line comfort. I'm more just saying that this is what we're talking about.

Yep. Yeah, they've estimated this 12-episode season, $40 to $80 million budget, and they're focused on the, the count of the trailers there. So there's gonna be 100 different things like that.

Yeah. And I think we should— what we should really— an interesting corollary to this would be the studio of season 2, because that was a situation where they had everyone in our two rooms and all this stuff, and then they went and won a bunch of fucking awards. And now I'm pretty sure they've got like everyone— what Keith was saying is that because they won a bunch of statues, everyone's got an opinion on what they should be in or whatever. I'm pretty sure that they're able to more or less write their own tickets on that. So the lesson there being— I don't know, but there's something to glean from that.

Uh, yeah, so Studio season 1 was a— the budget was $20 to $40, season 2 is $40 to $80. Theoretically, they got a double budget. So, but that is what we've— we know that that's the case. Like, the first seasons of shows are always going to have limited budgets, so they don't know if it's going to be a hit or not. And then as they get established. So especially for something like this, we need to make sure we're on those shows, give them a discount, whatever it requires. That way, if it does work out down the line, we can get the full rate theoretically and be locked into that show.

That is a succinct way of putting what I'm saying. There's something to glean from this, right? Right. Okay, takeaways or not a reverse funnel, just a funnel where it's like you get them in at the low cost and then as they progress, you can try to like ratchet them up. But also in practice, they're not like, oh, we can justify jumping from $1,100 a week to $2,000 a week for the cast trailers. Like they'll want the nicer version for $1,500 a week.

Yeah. Or they'll want, like, they'll want to go from a 3-room to a 2-room or a 2-room to a single or those kind of things. Like, yeah, they're not going to pay more for the same asset, but they will upgrade their, like, perceived accommodations.

Yeah. Okay. Um, how do we pull more money? Out of this model? Like, basically, put differently, how do we make number go up before we start hitting rent?

Oh, I was going to say rent.

Well, the other way to look at it is like drop Kuanga, drop Kuanga, drop Satocoin, and consolidate into other spots. I mean, the one thing this model doesn't contemplate, which is absolutely going to get tagged at some point, is Peoria.

That's actually not true. It does contemplate Peoria, I believe.

But I'm saying it doesn't contemplate a full freight Peoria.

Let me see.

If that is the case, then we have found a substantial amount of money, right?

It assumes the same amount for Tesla going forward. So that could be— that could actually be like, you want to find more things to cut? Here's this Peoria thing, like move it to the studio property. Sorry, I'm getting bad feedback from you again. Move it to the— like, do a swap or something and give— have them take that on. Theoretically, they might need that land for parking going forward. I don't know. Or say like, you guys are responsible for this. You can either continue to sublease it or you can use it for your Glen Oaks stages. Um, but they it's not core to the operating business here, we don't need it. Theoretically, if things start shooting there and we're renting, you can— we'll become a customer of yours because we'll be parking equipment there. People will be parking equipment there. Like, that would be the way to do it. Um, right now we're just contemplating getting the same amount from Tesla or another sub-lessee taking on that expense. I think what we should do is propose what the, like, optimal footprint is for this operation. So if it's a central location in Hollywood for production supplies and limited truck rental, if it's an outpost in, um, in Sun Valley or wherever, where we can run a majority of our trailer and truck operation, and then whatever land associated with housing all of our additional overflow assets and then figure out how we can get rid of everything else. Or if we want to have like an ancillary, like other lots that are able to do production by rental, so be it. But like, what is the minimum optimal footprint that we can use to run this business and cut everything else from the rental operation?

I think originally you were talking about Sun Valley, Rawlston, Um, Balboa, I think Ralston was important. Yeah, so where's Sylmar? Sylmar was Studio Services, Staffing on the Hill, the 3 locations. Because just in case, well, Cahuenga is expensive, and also, um, I think, uh, Ralston costs—

well, Ralston rolls off at the end of 2026.

No, that was a typo. It's '27.

Uh, trailer manufacturing repairs, plant 1, August 2026, and then plant 2 is June 2027.

They're both 2027.

Okay, maybe I put the information in wrong then, because I've got 2026.

They put it in wrong? What they sent us was wrong. Oh, and then we brought it up to them on the call and they're like, that doesn't check out. Okay.

Yeah, because I, I don't know where Phyllis is going to land on this, uh, outside of court. We got to be able to wait to, right, to kind of fight with—

Stillmore is $100 grand plus a month. That's before you include the, I guess, free airplane graveyard at Golf Course Cascades next door that they traded the bathrooms for.

Okay, now what if you're using Raulston at $100,000 for both HDR and personnel? Because if we ever move to Sun Valley, there's not going to be room for HDR either. HDR needs a place. Versatile needs a place.

One second. Yeah, no shit.

Yeah, well, they can— Ralston's big enough with the manufacturing plant, and there's, there's enough indoors for both of them and parking and things like that. Can house both. Be able to house both without problems.

Okay, so Cowenga, um, Valhalla, um, Saticoy, and Ralston all have a summer 2027 X3. Or option, right? I don't actually even think that's a comprehensive list of everything that has, like, everything that rolls off around them. But satokoi is a question, but like, there are these, like, conflicting lease points. That all require a decision to get made. Really, Richard, to your point, well, theoretically, we can always— all of these businesses have to place— have to have a place to go, right? Unless we're finally gonna dust off the old mobile production supply rental truck, a la Snap-on or Matco Tools. Like, we're just gonna roll— we're gonna put Garrett in a step-up van and just have him roll around different productions like a Snap-on truck. JD, do you know the Snap-on trucks?

Yeah, yeah.

I mean, I think, I think last time we spoke was about Sun Valley, Ralston, and Sylmar. Those are the three main possibilities.

Sun Valley. Why?

Well, you need trailer— well, Depends.

I mean, like, is that the Reston one? Is that the other Michael Elliott one?

Yeah, yeah. Sun Valley is the one with the 6-acre with all the— that's where—

what's that street called again?

Oh, uh, Penrose.

Penrose, right? Yeah, Penrose is our most cost-effective, right, backup, right? Right now that's rolling off naturally at the end of October, right? So you didn't really say naturally. That's part of a larger restructure. But I think we could probably get that under $100,000. Right. But at the same time, like, they have put— they have gone so long building Silmar into kind of like this comfort, like they've got the graveyard there right next to Studio Services, where they've invested a lot of money into building that out into a functional thing. I mean, if you look at that, when's the last time you drove by it?

No, I haven't lately, so I gotta go by. But I think the only thing they could do over there is put some up, like some shades outside. But how much, how much shades can you put, right?

I don't know.

Huh?

I think they threw some structures out.

Okay, I gotta go go by there and take a look at it. I, I have not gone by there lately, and, uh, yeah, I'll go, I'll go by.

Look, I think the point being here is conflict— something, something else has to give in this group, and it might not be Coanga. It also might not be our call. Saticoy giving frees up $85,000 because we won't actually be feeling the full effect of like a $100,000-plus a month rent there.

Do we have the ability to get out of the Saticoy lease if we don't agree to a— okay, that's good.

Yeah. Which in and of itself is a bit of a cudgel. If like that's not really going our way. But they have no debt on the books and that property is probably the biggest one that supports the larger family. So I think that going from like $70,000 to $80,000 a month to like $120,000, $140,000 is like everyone gets a life upgrade, right? If that property just doubles what it's kicking off per month.

Yeah, but we could also proactively approach them and say, hey, we're looking at a couple different properties here, we want to lock in a 10-year lease at this rate, like kind of try to blunt some of the increase by stretching it out over—

Yeah, I think that we would do that if we get far enough along here where it's like Even in LOI status, we're saying— I'm trying to look. I don't think we have to have hard or firm cuts identified. I think we need to have options. The feedback we got is there's not confidence that SuperCo is viable in and of itself.

Right. That's what I'm saying. What is our minimum viable operation? From a real estate perspective, and then we can figure out which are the best set pieces we can plug into that.

But we— let us not, like, fail to consider we can ask them, go shove Lewis on Silmar, right?

Don't sell Lewis.

Wait, Silmar is the Balboa one, right? Yeah.

Okay.

The one that expires 2030.

I've got July 2029, but yes, same, same deal.

So, like, give me a minute because that is— if we could firm up Satakoi pick up Pinrose back up and make that your trailer outlet. The funny thing is we could actually just keep the Cascade graveyard and shove them on Balboa, tell them to shove Balboa. We'll take the graveyard, we'll go pick Pinrose back up, and you make Saticor your truck HDR and you make Pinrose your trailer. Hub again, and I think you've cleared up like $100K there.

If you picked Henrose back up and you get rid of— and you're saying get rid of Silmar?

You are correct. We do not pick up $100K. We pick up— we pick up net neutral.

You're going negative.

Because Saticoy is going to go up.

Yeah.

And Penrose, we pick back up.

Wouldn't you— you wouldn't you want to use Sylmar for like the trucks?

I was going to say, what if you just use Sylmar and a spot in Hollywood and got rid of Saticoy then?

Yeah.

With then over some over— well, I don't know if you need over— how big is—

I think we should assume that Saticoy will be more expensive than Balboa with a reset.

Right.

Let's say that we take the proactive approach and we get them to some like phased ramp as we have in the past. That is not a 3%, but that we start year 100, then it jumps to 110, and at the end of the 10-year term it's at 130, 140 where they want to be. But like, or 5-year, a 5+5 or something like that. But like, Satakoi will be more expensive than Boboa. So dropping that to keep Balboa. Thank you. What was their rent on Penrose, row 11?

Um, $66K.

And they got— and Michael got paid to terminate early. There. So we could do a similar fuck you, give us a friendly rate. You're not going to lease to anyone anytime soon, right? Especially because even early Peoria Subway's marketing, there's like 5 pumps now where there were some, where there were previously none, and they're all at about $0.60 a square foot, right? What is he right now, a dollar?

Yeah, yeah, 101.

Throw that in at 65 and see what that does.

I'm not sure that this works like that. Yeah, yeah, this is just their schedule.

Okay, well, we have their square footage. It's 66,000 square feet. It's way more than that.

Yeah, 65,000 square feet. Yeah, so it's 60 cents building, Richard, about 40,000.

65,000 square feet is just the warehouse of Penrose. Yeah.

Uh, yeah, that's, yeah, that's like, uh, that's the parts warehouse. But 65—

how much warehouse is that Penrose?

It would be like, I remember like 12,000. I mean, it's big, but it's not 65,000.

Thousands.

It's not that the whole building— he's talking about like both building, like all the offices and everything. No, just a warehouse, probably. Because look, there's a warehouse in the, in the middle, you know, by the lot, you know, across from the— how do you say— the driveway, right? Okay, one side is service, one side is rentals and parts and all that. And then right when you get to the end of the driveway where the dump pads are, you have another building that can serve also as warehouse or whatever you need it to be. But like, just like warehouse space, like 65,000 feet, no, that's huge. That's probably the whole building.

Okay, so it's So the whole building, 65,000 square feet, and then there's a bunch of—

that could be the total square footage of all the buildings. 65,000 square feet is a pretty big place.

65,000 square feet is buildings A and B of Penrose.

Yeah, yeah, okay, a little less, but Okay, then that's about right, because that will be the 2 main buildings of general service.

And then you're saying that there's 6 acres of lot space there?

Yeah, a little bit over.

Okay, so there we go. Um, thanks from Garrett. Um, if we I'm so sorry. That's our cheapest, that's our cheapest replacement, period. Like, we should anticipate offloading in this world. The problem is there's like a year in between, between rolling off. And picking up Penrose. And Penrose rolls off in October.

What do you mean picking up Penrose? I don't— like locking in a longer-term lease, or—

Penrose is our cheapest sat back up, right?

But what do you mean, you just for the term to reset?

They currently are exiting it in November of this year, right? We should— I think the thought is reconsolidating into there because we can fix our, like, price and term lower and longer. SATA coin, Penrose is already going to be probably $20,000 less than SATA coin will be at the end of its term before fair market value reset, right?

Because it'll be $86,000 or $81,000, right?

And that's before it resets too, right? Not $100,000, um, or rather not $66,000.

That'll be $85,000 from August 1st to July 31st, 2027.

Yep.

Yep.

So Penrose, although not ideal, gives us, gives us a forever home, for lack of a better term, for the inexpensive Valley Forever home for the FTT Moho stuff. Hey, Richard, did y'all run commercials out of there too? Yes. Okay, so for all of that rolling stock that is trailer-focused in nature, yeah, you can run out of pen rooms. Richard, maybe it makes sense to also store the trucks that towed trailers at Penrose?

Uh, yeah, yeah, yeah, we did. We have, we have shop, we have like a bunch of trucks that like all the trucks that we use to deliver trailers all stored there, also services.

I mean like shorty 40s, something that a production would rent from us to pick up a trailer, store that there as well?

Yeah, and also remember next door, I don't know if they told you this, but right next door, right, it's like a 1.5-acre research store. Overflow. That's right, there's a gate built right there by the parts. I don't know if that's still available or not. That's where we should do our overflow.

I don't know. Yeah, I don't know. Um, I would say that in a pinch, like, they own Benchmark next door, right? And LAUSD has that on a long-term lease, but if they're not using all of it, there's probably some overflow opportunity there too. Um, yeah, okay. How do we gain line of sight to potential additional rent reduction knowing the inputs that we have?

We need to have the minimum viable— we need to describe what, like, the core operating segments of the business are, what the real estate requirement is, and then I say we just slash everything else and say we're leaving this out of the transaction. Either that just gets retained by HPP, or you figure out how you guys can buy us out of something like the, uh, Peoria thing. But we need to describe what the actual operations are that we're trying to facilitate. So do we want a Valley transportation lot? That would be this. Do we want a production supplies in Hollywood? That would be this. So What are those operations? To me, it's some sort of main production supply operation out of Hollywood. If it's not in— at Coinga, then it's at whatever that— the WeHo location is. And then it's a transportation and vehicle and trailer hub in the valley with whatever real estate is required to facilitate additional overflow vehicles. Is there anything else outside of that in LA?

I mean, like, the Penrose location is not going to be able to handle like 800 vehicles or trailers, right?

So we need—

well, none of the locations we have will be able to do that.

Yeah.

I mean, so I'm always—

And Harriet would have been able to.

So, it's got to be something like Penrose with Silmar Wright, you know, the stewards, and possibly Ralston.

Well, I think we need to think about it in terms of disaggregating trucks from FPT from coal. Okay, but the stuff in cold storage is just that. It's probably not up like—

well, that's where cascades— we have— we get cascades in this scenario then.

Yes.

Yeah, and cascades in there. What if— all right, hear me out. What if we got Sunset to take over the Peoria lease and they gave us a discount on that land so that they can use it for their overflow parking, but we can use it.

They don't need overflow parking.

They have it as an option when they need overflow parking, but we can re-up it on occupancy.

They're trying to sell it.

They can hold it up. Look, I'm not saying it needs to make business sense. I'm saying it needs to be positioned. This gives this operation the best chance to succeed. The best chance for us to succeed is a transportation location in the valley. Productions by location in Hollywood and the ability to store all of our overflow vehicles as close to the transportation yard as possible so that we're not incurring a ton of labor moving things back and forth. This is right next to your property. If you became our master landlord, you could get a— give us a discount and make the operation more viable.

That would— realistically, I think that this is probably our cross to bear. Where, as long as we're trading, hey, why don't you— this is probably a, hey, why don't you go do what we're doing everywhere else? And what we're talking about doing with Winona, which is like, shut up, terminate, and settle.

Still doesn't solve the problem of needing land, though.

Okay, so between Cascades and Ralston for a year, when does Ralston roll off?

2027.

So we have— and then you are now Yarnell is 2026. And then there's the month-to-month piece of it as well. That is really cheap.

Yeah, that's really cheap.

That's a cheap boneyard. Like, we need to be, I think, tagging what our boneyard costs are versus like our operating leases is helpful view, and then trying to approximate that down to the, like, per unit square footage needs, which we already have. And then assuming that, like, there is still yet to be a great culling of a couple hundred units that while we're— while waiting for decommission or the fire. The Capitol at fire. They're not insured, or they're one or the other. They're not insured except for fire insurance. I feel like we have more than enough here to Richard, if we really put a gun to your head, how long would it take you to— this will be a lot more helpful once we get a unit list, but what's a reasonable decommission rate?

What do you mean?

How many trailers per month can you decommission?

Decommission? Like, what, like, what, what do you mean by that? Like, take it apart, put it away somewhere, or what? Take parts off of it?

Motorcycle repair. You're pulling the parts off it that are viable and you're getting rid of that.

It just— I think that just depends on, like, how many units is actually viable. So the thing is that, that number, because right now whatever Keoni's telling us, like, let's say 300 units viable, whatever, okay, that number We don't know how viable is viable, that number, because that number could be totally wrong. That you could get a viable unit that's raining on the inside kind of thing, you know what I mean? Like, I don't know that. So it's really hard to guess because judging from the past, just from my memory of looking a lot of the units, right? And given that last few years they didn't probably do any major maintenance, so it can't be better, it can only be worse. I do not see any units that they have that's not brand new that's doing better than before. That's not possible.

So, okay, so what I heard there is it's a function of the amount of viable units today. Yeah.

And that's on that, how many we more or less want to keep I would say for like Ivan to really be able to do everything, probably 300, over 300. It has to be over 300. Wow.

We are thinking 400, 450.

Yeah, you can fit 218 trailers at Yarnell.

Yeah, so you figure we got 60-something plus the, what, 400, 450? That'll be viable enough to do shows and things. Now, those 500, are you talking about including for events or no? Okay, that's including events. So some of it, the older parts, those, the older versions of those trailers will go to stuff that get beat up, right? That's about it. Put it this way, if we can actually have 400 functional units out of these guys without major repairs, I'd be fairly impressed.

Well, no one said you were going to have that.

Exactly, that's, that's what I'm saying. I, I'm not really counting on that, okay? Yeah, I cannot see 400 units without some major PDI or major repairs that's fully functional without issues. No.

Okay, JD, can you recap us on next steps and what we need to try to go into Wednesday with better line of sight visibility to additional cash flow.

Richard is going to recast his proposed personnel structure in Coyote's format so we can kind of compare apples to apples. I'm gonna work on putting together what the minimum viable operation is with what we have at our disposal. Figure out what that means from a lease perspective, and then show all of the fall-off, and we can come up with a plan for that. Um, I don't know if there's anything related to the $399 that was outstanding.

Um, need to get a black book copy. That's more, I would say, 2 or 3 stages down the way, but it's good to— the more time we can spend, maybe just Richard and I Putting our heads together and building the pieces out further is helpful.

Um, JD, whatever, right? Whenever you send me that file, right, I'll do my best to put in because I'm not sure if I can match everything in there. You know, it's like that 26 people in that ops, I probably wouldn't touch that number. The numbers I modify, I'll put a different color so that you see from the colors that's on there just so you know which one.

Why wouldn't you touch the 26?

Because I don't know how many people in there that's roster and things like that. That's a very— I, I don't know what I'm doing. Huh?

We do. It's in there.

Oh, it's in there.

Okay. Okay. Oh, we know how many people per type of employee category are union.

Yeah, that's true.

Yeah. All right, I'll take a look at it and then see. Go from there.

Yeah.

Okay.

That works.

I do think that maybe then a helpful thing that we should go into and if possible, proactively send to them is a compare and contrast of job buckets or descriptions where we can at least have something in writing saying like, our lot ops is their fleet ops?

Our— kind of different. I don't know how—

it just feels like it's something that we need to, like, in the same way that we are finding that we're not so different when we just explain what's in each of our buckets on the CapEx side.

Here's the big—

there's not— there's something not being translated here.

Yeah, here's a big example. Like, when we were at Penrose before, right, we have one official lock guy. That's it for the whole thing, right? And because everybody had to help out, like, it seems like what they— anyway, I'll take a look at it, but it seems like they have a totally different kind of structure now. Whatever that is. Okay.

All right. Okay.

Okay. Uh, so Jason, send me that file, right?

I'm sending it right now.

Okay. All right, thanks guys.

Thank you guys.