Summary
This proposal requests an additional $150,000 to the Goldfinch Foundation’s legal reserve to complete work related to resolving remaining legacy loans.
Motivation
The Foundation has continued to make progress on resolving outstanding loans, and the Chief Restructuring Officer has been providing updates in the Discord. As this work has progressed, the remaining matters have proven more complex and time-consuming than initially expected, requiring additional legal review, coordination, and documentation.
The Foundation will fully utilize the original legal budget and needs additional budget to cover remaining legal work necessary to fully resolve these matters.
Specification and Requirements
Approve a one-time increase of $150,000 to the Foundation’s legal reserve. Funds will be used exclusively for external legal counsel and CRO fees, restructuring or wind-down support, and related compliance and documentation work. No new initiatives or scope expansions are contemplated beyond completing existing obligations.
Benefits
- Foundation can continue to resolve outstanding loans.
Downside
- The treasury has less funds to handle expenses in the future.
Voting
“Yes” - Approve $150,000 increase to legal reserve
“No” - Do nothing