IGX

Crossfitters Against Anthos Capital wrote:Affiliates,
Anthos hasn't taken your ultimatum seriously (to de-affiliate if they buy-in). Venture Capitalists don't tend to take anything seriously unless it's in writting. Crossfitters Against Anthos has organized a way for Affiliates to COMMIT in writing to de-affiliating while maintaining their privacy until we reach critical mass.
This is YOUR OPPORTUNITY to stop Anthos Capital.
Learn more and sign on at http://crossfitdeaffiliateultimatum.blogspot.com/.

Affiliate Owners,

You (Affiliates) account for most of Crossfit's revenue. This gives you the power to stop Anthos from buying 50% of Crossfit against your will, and Coach Glassman's will. For Anthos to take you seriously, they will need to see everyone's commitment in writting. Otherwise, they are just going to think your all talk. The De-Affiliate Ultimatum is your 'Declaration of Independence'.

This is your chance to make a difference. We hope you take it.

Here's what YOU do.
1. Print it. (image located at the bottom of the page)
2. Read it.
3. Complete it.
4. Take a picture of it, or scan it.
4. Email it to [email protected].

Here's what WE do.
1. Confirm your consent by emailing you at the address listed on your box's webpage.
2. Only after confirming your identity and authorization, we will add your De-Affiliate Ultimatum to the others we receive.
3. Update our Crossfitters Against Anthos Capital's webpage with number of participants (no names).
4. If and only if 2,000 affiliates participate, we will send all of the documents to Anthos Capital and copy Crossfit Headquarters.

If at anytime you change your mind, simply email us and we remove your document from our files.

Again, this is your chance.

Sincerely,
Crossfitters Against Anthos Capital

A fiduciary duty is an obligation to act in the best interest of another party. For instance, a corporation's board member has a fiduciary duty to the shareholders, a trustee has a fiduciary duty to the trust's beneficiaries, and an attorney has a fiduciary duty to a client.

A fiduciary obligation exists whenever the relationship with the client involves a special trust, confidence, and reliance on the fiduciary to exercise his discretion or expertise in acting for the client. The fiduciary must knowingly accept that trust and confidence to exercise his expertise and discretion to act on the client's behalf.

When one person does agree to act for another in a fiduciary relationship, the law forbids the fiduciary from acting in any manner adverse or contrary to the interests of the client, or from acting for his own benefit in relation to the subject matter. The client is entitled to the best efforts of the fiduciary on his behalf and the fiduciary must exercise all of the skill, care and diligence at his disposal when acting on behalf of the client. A person acting in a fiduciary capacity is held to a high standard of honesty and full disclosure in regard to the client and must not obtain a personal benefit at the expense of the client.

Shapecharge wrote:Yeah no kidding...EZ and Blade are practically 69'n each other.

Shapecharge wrote:Kinda sorta.

Ed Zachary wrote:We got room for Shapely and Gizz Mopper.

Shapecharge wrote:The predator has become the prey.

Jay wrote:For a guy that preaches strength, he has the traps of a guy that preaches distance running... jesus christ, @fit is a fucking joke

schumpeter wrote:From someone who has been through a business breakup with a megalomaniacal co-owner here is what is going on. Glassman wants to acquire the other 50% control at the lowest cost possible. The best way to do this is to poison all other potential offers Lauren can get. The best way to do this is to gen up the community to show it won't behave should the third party get the ownership. The assurances that they made Lauren a better offer will never be substantiated because it's simply not true. It's just a necessary lie to keep the community in line. (They probably made some kind of offer that gives them plausible deniability)

Consider Glassman's alternative. Matching Lauren's offer from Anthos would require taking on $20MM in debt which Crossfit would then need to service. That's $100,000/month in interest at 6% annually. This cuts into the cash flow with all the pain that entails and puts at risk the future if the growth ends and the debt isn't serviceable. While his behavior appears irrational when you realize the incentives it's completely rational.

I'd Hit It wrote:


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People asking questions but the Russells have a air-tight defence. There is no legal problem because HQ says there is no legal problem! Q.E.D.

Turdacious wrote:Be interesting to know whether Couch is pursuing secured or unsecured debt.

What a duck says wrote:How awesomely coincidental is it to be wearing black and white stripes on the day you get your mug shot taken?

Cave Canem wrote:
No wonder this douchenozzle is always wearing those hipster glasses and stocking caps. He's probably one of the few people that look better that way.

Russell Greene wrote:There is a big difference between Lauren trying to sell her shares to Anthos Capital, and Greg getting a loan to buy Lauren's shares.

Greg is fulfilling his commitment to never sell out, not violating it. His goal all along has been to pay Lauren a fair price for her shares and protect CrossFit affiliates from outside parties gaining ownership in CrossFit. A loan will allow him to do both.

Level Equity invests in growing technology businesses and partners with extraordinary founders and managers. We combine patient capital, thoughtful counsel, and our experience in order to empower entrepreneurs to achieve their goals.

THL Credit’s junior debt group invests primarily in junior capital securities of sponsored and unsponsored companies that require capital for growth, acquisitions, recapitalizations or changes of control. Such securities include subordinated, or mezzanine, debt and second lien secured debt, which may include an associated equity component such as warrants, preferred stock and other similar securities. We also selectively invest in first lien senior secured loans that generally have structures with higher interest rates, which include unitranche investments. In certain instances, we also make direct equity investments. Investments are made through THL Credit, Inc., a publicly traded business development company (BDC), and THL Credit Greenway Fund LLC (“Greenway”), a separate managed account that invests alongside THL Credit, Inc.

Our investment approach for junior debt consists of four separate and distinct phases: (1) sourcing; (2) selecting; (3) structuring; and (4) supervising investments.

Our senior management team for the junior debt group has worked together in part since 1990 and has extensive experience working with both public and private middle-market companies across most industries. Typical investments range from $10 – $50 million in companies that have annual revenues between $25 million and $500 million, or with annual EBITDA exceeding $5 million.

We work to complete transactions and establish relationships that are mutually beneficial. Relationships are important to us and we approach our investment business with a long term perspective. We seek to invest in companies with a proven business model run by experienced management teams with a vested interest in the business.

Our strategy includes an intensive and proactive sourcing of transactions targeting investments in both sponsored and unsponsored middle-market companies. Unsponsored investments are sourced from a variety of national, regional and local intermediaries—including commercial banks, investment banking firms, business brokers, accountants and lawyers. Sponsored investments are sourced via long-standing relationships and ongoing development of new relationships with private equity sponsors and their advisors who view us as a value-added partner in the transaction, rather than simply a source of capital to leverage returns.

Turdacious wrote:If Lauren's legal team gets wind of this, I can't imagine it will help Couch's crack legal team's case.