Two things based on what you stated:
1. The CRO (or firm itself) in this case appears thus far to be impotent. Obviously put in place by CapSource, presumably any fees they incur will be paid by CapSource (and ultimately us or the acquirer or the loan, in some fashion). We haven't heard from this CRO other than as a tagalong on JTs dumb emails. They don't even email us from their own email addresses so one can easily reply. So while I contend that what the role of the CRO should be is to do exactly what you stated, I would argue that they are doing anything, at least that is visible, at this point.
2. If they're going to put a value on us members, then they need to be hearing what we want, or think. JTs poll of "no" votes should have been a starting place. They can promise us to someone but they can't make us go.
I hope enough of us just say "no" to whatever dumb things they come up with until we have a chance to thoroughly examine all options, if any. And that can't happen with an absentee CRO or lack of process. More importantly, it won't happen so long as JT is at the helm with his chief mates because I don't think anyone will support anything he is involved in.
I believe that the CRO is controlling more than you see. Probably every expenditure and every binding agreement needs to by approved by the CRO. The decision to close Ft. Collins and the layoffs to date were probably made by the CRO, as were decisions to cancel leases and cancel reservations at hotels which required payments by UE.
I suspect that JT hates the CRO and is working at cross purposes with the CRO and not communicating well with him, and possibly is withholding information and having his own discussions with potential acquirors. It's likely that JT's underlying goal is to cut his own best deal, and that he's not motivated to help the CRO, nor CapSource, nor the members; instead just looking for the deal that gives him an employment contract or debt that could be paid or stock/options/warrants that could be worth something - that is if he no longer believes he has a chance to make the existing ULEI entity worth anything, and I think the appeal to members was his last attempt at that.
I would not be at all surprised if JT was a party to the Q offer many members received, without the CROs knowledge. Perhaps JT had been offered employment by the new club, or a portion of the transfer fees generated (or both). When the CRO found out about it, he demanded that it be withdrawn. Yes the email had both names but that doesn't mean anything.
It is a fair comment that the CRO hasn't done a good job of communicating with members - maybe it is because he doesn't understand the business or isn't very hands-on. Certainly it appeared that Holly Etlin was much more visible in the T&H restructuring, and clearly placed a premium on maintaining member satisfaction - in part to collect monthly dues, I think, and because she saw value in selling a supportive membership base. We don't know why the CRO here hasn't engaged the members. Perhaps he doesn't see value in the member base in this economy. Perhaps he's been given a limit on how many hours he can spend. Perhaps he's just trying to do a quick sale. Perhaps our CRO is getting no cooperation from the UE execs.
Certainly the lack of communication from the CRO is disheartening.
As UE members, our best outcome will be if we get organized and have some leaders who can speak for us collectively, ideally leaders who are experienced in real estate and law, and that we negotiate collectively. If individual members cut deals with Q, ER, A&K, EE, etc. our value and power is reduced. If we get organized, then we can have a seat at the table and negotiate a deal, whether in cooperation with CapSource and the CRO, or separately, and get some of the value of the member base for ourselves.
However, I haven't seen any real sign of getting organized, beyond collecting email addresses, and this BB plus the one at
www.ultimatemembers.org - but I haven't seen anyone step forward with a plan or inside knowledge. It seemed we were better represented in the T&H reorganization, though in retrospect that hasn't turned out so well. If there are proposals being worked on, it would be nice if there were some disclosure and transparency for the members.
But most important of all - UE members should not commit to anything individually until there is some disclosure of group actions and some kind of forum for all the members to communicate among one another.
, I assume most members are better about paying their bills and don't want to owe people money or have creditors coming after them.