Erah· May 8
Erah team — kicking off the Meiborg thread. Three things on my mind:
- EBITDA bridge: 2023 adj EBITDA looks soft at $8.7M because we strip the insurance recovery. Lenders will underwrite to TTM, so 2025 at $11.5M is the right anchor. Truffles — pls validate the bridge against the GL extract.
- PropCo: $52.9M of IL real estate against $21.7M debt. We want CRE rates of 6.25–6.75% IO, not the 9% IO they're paying today. Need a PropCo memo I can hand a regional bank.
- Phase 2 outreach: 25+ lender targets queued. Bulletins go out next week. We need the teaser final-final by Friday.
Thread sees this mandate's data: thesis, source files, recent docs, lender pipeline.