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A NEW YORK MOMENT

Three friends and I have piled into a cab after a Sunday birthday brunch down in the meatpacking district. One is a gay investment banker whose partner is home with their four kids; one is a philanthropist who was publicly pressing for equality before most people were even “out”; one is a high-end real estate agent I’ll call Robby.

(Not with us – he left the bash before we did – is a former chairman of the Republican National Committee who helped secure passage of New York’s marriage equality law. That’s how much the world is changing. I was seated between an adviser to the administrator of the Small Business Administration and the coach of the Columbia light-weight crew who’s taken the last name of his husband, CFO of a healthcare start-up.)

“Four stops,” we tell the cab driver.

It’s almost like a school bus, taking each of us home.

We go all of one block, when . . .

“Oh, there’s the shop,” says Robby, pointing up ahead to CHARLES NOLAN at the corner of Hudson and Gansevoort. He says it with a tone that conveys the loss we all feel.

“Yep,” I say. “There’s the shop.  Not sure how much longer.” (The Charles Nolan Reading Room should be open – and awesome – this fall at the High School of Fashion Industries, but the shop may be closing soon.)

“Really?” says Robby, a Harvard MBA approaching his sixties, suddenly galvanized.

“Yeah,” I say. “I think we may have to close.”

“Oh, no!  Well, I have to get an original Charles Nolan!”

We laugh. Robby likes to dress up. He is actually kind of famous for it.

“Are they open?” Robby asks?

“Sure, they’re open,” I say. (Two of Charles’ sisters run the shop.)

“Pull over!” Robby tells the driver, hopping out and leaving us to continue uptown.

A few hours later arrives an email. Subject line: “Got a signature Charles Nolan dress.” Text: “I need to lose a tad of weight to fit. Also got some bracelets, a scarf, and presents for others. Had a good time. It was not cheap.”

OUR APPALLING SUPREME COURT

Pulled over for nonpayment of a fine that he was carrying official proof he had in fact paid; incarcerated for six days incommunicado; strip-searched . . . and our “conservative” Supreme Court finds in favor of the strip-searchers. This is small government protecting our individual freedom? No, this is the court that installed George W. Bush and throws open the campaign finance flood gates to give corporations and billionaires even more sway.  Watch.

FCSC

What a disaster this one has turned out to be. Down 60% or so yesterday; 85% since first suggested here (and here).  Friday’s S.E.C. filing may explain:

As of March 26, 2012, the Company had cash and cash equivalents of approximately $4.7 million and our accounts payable and accrued expenses were approximately $1.6 million. In addition, the Company has approximately $7.0 million of outstanding debt which is due in June 2012. The Company’s current monthly cash run-rate is approximately $2.2 million. The Company will need to access the capital markets in the near future in order to fund future operations. There is no guarantee that any such required financing will be available on terms satisfactory to the Company or available at all. These matters create uncertainty relating to its ability to continue as a going concern.

There’s always a chance the company will find a way to succeed. Having bought these shares only with money I can truly afford to lose, I’ll take that chance. This morning’s conference call may tell us more.

 

 

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