October 25 Meeting at Pasta e Basta

Meeting of People Interested in Reopining the Leading Edge
Organized and conducted by Greg Boisseau

Held at Pasta e Basta, Amherst Mass.

Monday October 25, 2010
6 pm

NOTES – approximate transcript, not exactly word-for-word

Greg Boisseau:  The room is at capacity … I am just an interested party.  I have no desire to get in the newspaper.  I want to thank everyone for the correspondence that I have received. I will pass around a sheet and please sign your name. I know we are all negatively affected by the loss the gym. It is a loss of community.  I have two agenda items:  1) Have two potential investor items speaking about their intentions, their time line and what they need.  2) What kind of interest can we show this potential owner going forward, just to get a feel about what kind of interest we have. As you might imagine, this is a very fluid situation. … We were not able to get any investors to come to this meeting.  But I can take questions and tell you what I know. And we’re going to do something … I can tell you that it’s not going to open tomorrow or next month.

There will be an email going out in the next few days doing a few things:  1) what a gym would look like in terms of costs and 2) would you be interested in joining.  And also is there anyone out there who is willing to invest. We will put it out there what that amount is.

Also, and I probably should have started with that.  This meeting is designed to move from Wednesday forward. I am not interested in talking about what happened from Tuesday in the past.  So let’s keep that in mind.


{Interruption: There are a lot of people outside who can’t come in … What do we do? – Do we move to another location? It was decided to stay here and get names and emails from the people outside]

What can I answer?  I could go on and on …  OK. I will take questions

Q: Could there be a monthly payment system like Planet Fitness
Greg Boisseau:  Well that could be in the montly payment model.  So can that be done? I think so. Can it be done?  I don’t know.

Q: Are the owners of the building a potential interst?
Greg Boisseau: Third or fourth hand, I’ve heard maybe.  The landlord is extremely motivated in keeping it as a gym.

Q: Enough to keep the roof updated and the HVAC updated?
Greg Boisseau: I don’t know.

Q: Who is spearheading looking for investors?
A: I don’t know.  Not me.

Q: What other options are there?
Greg Boisseau: I’m just an idiot with an opinion but there could be a single deep pocket person, or a group of people, larger or small, or a co-op.

Q: How much money are we talking about to keep it going?
Greg Boisseau: I’m not privy to this. I’m, not a business person. The partnership that the current people have will end when the current lease ends.  Going forward there are two issues:  the lease and the equipment.   The equipment has to stay.

Q:  But all the equipment has to be fixed …
Greg Boisseau: Ok that’s another issue

Q: Can you give us a ballpark figure?
Greg Boisseau: I’ve heard from $100,000 to $300,000.

Q (Spence – former Leading Edge instructor): At my time at UMass I have been involved in the Entrepreneurship deal where people develop a pitch. The money up for grab is $50-70,000.   They are open competitions. Speak to me afterwards. You need someone who is skilled in developing these pitches.  You can speak to [named specific names of people who are involved as angel investors].

Q: Do you know off-hand if an investor were to step forward what the liability were to be? Are there back taxes?
Greg Boisseau: There are back taxes and back rents.

Q: Can JoAnne do anything to block any of this?
Greg Boisseau: I would think yes.

Q: Wouldn’t you want to secure the equipment early in the process?
Greg Boisseau: Yes

Greg Boisseau I am assuming that everyone wants to come back for something better than we have here.  {It appears that nearly everyone raises their hands].

Greg Boisseau: I apologize for being a little disorganized and not prepared. I’m just a Joe who wants to do what I can to keep this thing going.  I’m not a lawyer or an accountant just a gym rat with an opinion.

Q: At the next meeting can we have the owners of the building present?
Greg Boisseau: Yes, that would be a very important thing.  Also it would be important

Q: Those of you who know me at the front desk for a year, I want you to know that none of us who worked there knew this was coming. We were welcoming people, selling memberships. We knew nothing. We have not been paid. I don’t believe that either of the owners are telling us everything we should know. One of the owners is here. She is witnessing the love and support of the community and knows what is happening.

Q: Is it still two partners who own that gym?
Greg Boisseau: Yes as far as I know

Q: Is it possible to have the building owner be an ally on our behalf?
Greg Boisseau: Yes I will see how I can reach out and communicate that.

Q: I think what we see from here and the overflow crowd shows that are probably 150 people here who are interested in keeping the gym open. We can spread this to an investor.

Greg Boisseau So is it safe to say that folks in this room are willing to do a year in advance whatever that number might be?
Various people:  No … Not whatever that number might be.

Q: Will there be a special venue for people who are interested in investing?
Greg Boisseau: Yes, once the email goes out, there will be a follow up.

Q: Some of the instructors are talking about finding a special place to hold classes.
Greg Boisseau: Let’s hold that question.

Q: Do you think the owner would allow people to rent the aerobics room?

Q: Does anyone know the landlord?
Greg Boisseau: No.

Q: My name is Susan Whitbourne:  I’ve been outside with the people who couldn’t fit here. We have been asking if it to think that anyone can open a gym  in another space?   What are you talking about?

Q (Ahna, former Leading Edge instructor): There are a lot of options that are being asked.  Don’t lock yourself into a long-term conract until we know is going to happen.


(-notes taken by Nina Sossen)