# Negotiation Strategy for Transportation Resources Acquisition

**February 25, 2026 at 10:55 AM** · 208m 17s · Participants: James Adcock, JD Busfield

### Bottom Line
JD and James strategize their negotiation position for acquiring Transportation Resources (TR), debating whether to propose a deal with or without a capital partner. They decide to send initial requested data but soften their debt disclosure and aim to anchor TR's owners to accepting minimal equity for their loss-making assets.

### Key Takeaways
- **Negotiation Strategy:** The team debates whether to propose a deal requiring TR's owners to take on ongoing risk proportional to their equity stake, rather than a "risk-free ride."
- **Information Exchange:** They plan to send TR the requested operational data (headcount, leases, org chart) but will downplay their debt situation and withhold sensitive fleet-level asset details.
- **Term Sheet Development:** An AI-generated term sheet is reviewed and will be revised to remove references to a capital partner and refine the governance and valuation sections.
- **Core Argument:** The foundational negotiation point is that TR's value should be based on its current loss-making state, not on the potential value JD's team can create post-acquisition.

### Decisions Made
- Send a softened debt overview and operational data to Stephanie — *decided by JD and James*
- Revise the term sheet to remove the capital partner component — *decided by JD and James*
- Anchor the negotiation on TR owners taking risk proportional to equity — *decided by JD and James*

### Action Items
- [ ] Send email to Stephanie with the finalized operational data responses (headcount, leases, org chart, softened debt overview). — @JD Busfi `high`
- [ ] Revise the term sheet draft to remove the capital partner component and refine governance/valuation language for tomorrow's call. — @JD Busfi and james `high`
- [ ] File for the EIN for the new entity (MT Studio Services) mentioned during the call. — @james `medium`
- [ ] Send January rent payment to Valhalla after they reported not receiving it. — @JD Busfi `medium`
- [ ] Investigate and fix financial model issues preventing 2Family and HSS account data from pulling into the consolidated view. `medium`

### Topics
Acquisition Negotiation, Term Sheet, Debt Structure, Operational Data Sharing, Negotiation Strategy

**Sentiment:** neutral

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*Generated by Call Assistant on 2026-04-09 11:40*