Many people have asked why, given how DashCon turned out, Cain and I would try to run another convention. Specifically, why are we running Emoti-Con Indy as So Attacked Entertainment LLC? Even more specifically, why are we hosting it in the same location and on the same dates that DashCon 2015 was meant to take place? Well, there’s a reason for all of that, and none of it involves a scam. Before you decide to write-off that statement, please read this post all the way to the end.
Before I go further, this is a personal post on my personal blog. I’m not writing this as So Attacked Entertainment LLC or DashCon LLP. I’m writing a personal post as someone who co-owns both of those companies. None of the views expressed here are meant to represent the views of either company nor any of my co-owners or volunteer staff.
That said, here goes!
DashCon has been silent at the request of the legal counsel on both sides of the table. Until otherwise notified, DashCon will remain silent. That isn’t up to me or Cain, nor would we choose to be silent if it was up to us.
Emoti-Con Indy isn’t talking about DashCon issues, because they are legally unaffiliated and must remain so. The staff isn’t allowed to speak to DashCon issues, which also comes directly from our legal counsel. Asking Emoti-Con Indy questions about DashCon will never produce a useful answer.
Now on to the real questions:
- Where’s the money that DashCon owes?
- Why are we running Emoti-Con Indy when DashCon is still in debt?
- Why are we using such a big venue/DashCon 2015 dates?
Where’s the money?
DashCon, perhaps unbeknownst to most, has not yet been legally dissolved. We are still trying to close out final business and liquidate assets. In fact, Cain and I have been trying to push the liquidation through for several weeks. Unfortunately, that process isn’t entirely in our hands. We are trying to speed it along, though. If I could be more specific, I would.
Why are we running Emoti-Con Indy despite DashCon debt?
DashCon ended some $15,000 in debt, with contracts already signed and secured for 2015. When DashCon’s assets are finally liquidated, those $15,000 worth of creditors will be paid pro rata. Unsurprisingly, assets have a finite value. Let’s say, for instance, that the liquidation results in $10,000. I’m not saying that’s an accurate estimate. This is just an example.
Right, so… $10,000 is 67% of $15,000, which means every creditor would receive 67% of the funds due to them. For reference, a $220 debt would get $147.40.
If those 2015 contracts (for the planned dates/venue) were completely canceled, DashCon would have gone roughly $120,000 further in debt. So… $135,000. In debt.
Unfortunately, the value of DashCon’s assets will never rise just because the company’s debt rises. If we get that same proverbial $10,000 (or whatever it actually turns out to be) when we owe $135,000, that drops our funds to debt ratio down to 7.4%. Which means each of our creditors would only receive 7.4% of what’s owed to them. So, that $220 debt would be paid out at $16.28 rather than $147.40. Not awesome, right?
Cain and I formed a new, unaffiliated company and took over that contractual risk so as to avoid passing it on to our creditors, which includes a number of volunteers and panelists.
Why are we using the planned dates/venue of DashCon 2015?
When we absorbed that risk, we also absorbed the dates and location that went with it. The venue is large, but we are reserving a fairly small portion of the larger venue. The hotels aren’t hosting the event like the Renaissance did for DashCon. We aren’t paying those hotels. We simply contracted room blocks, which only cost us if they aren’t used. Not to mention, the Indiana Convention Center isn’t a particularly high cost venue, even if we didn’t specifically choose it for this event.
Emoti-Con Indy isn’t some kind of scam— get-rich-quick or otherwise. Cain and I aren’t doing it for personal gain. We’re trying to do right by DashCon’s creditors, whilst also hosting a superior event after learning from our DashCon experiences. We’re attempting to move on from the DashCon debacle and make better decisions. We didn’t run or hide like we could have. We stepped forward and took on risk that we didn’t have to, because it was the right thing to do. Maybe not the easiest, but the most ethical.
So, before you say that supporting Emoti-Con Indy is a bad decision. Before you call it a scam. Before you insist it’s DashCon 2 or a simple re-branding, please consider what I’ve said and decide for yourself which scenario is more logical. Decide if what we’re doing seems like the easy option. Decide if you’d rather believe we’re liars and thieves than the two people who bothered to step up and try to fix this mess… just like we were trying to fix it when we got involved in the first place.