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<p class="MsoNormal">Colleagues, </p>
<p class="MsoNormal">As I see it, there are two issue in the pending Ethos
purchase of PIR. The first is the extent to which we should trust the integrity
of the promises being made by Ethos Capital (or any other buyer). The second is
are their ways that such promises could be embedded in the purchase. </p>
<p class="MsoNormal">The stakeholder community has expressed a strong interest
for PIR to continue as a non-profit corporation, or possibly as a formal
Benefit Corporation. This should be the bottom line to maximize the ability of PIR
to continue to honor the things it stands for and raise trust in the ability of
Ethos Capital (or any other buyer) to honor its promises. For example, the Ethos
promise to go for B Corp Certification by B Labs is only a promise. The B
Impact Assessment measures performance over the past twelve months. Companies
under one year old are only eligible for Pending B Corp Status. Again, it is an
issue of trust about promises made. Benefit Corporation or non-profit
incorporation would go a long way to dealing with this trust issue. </p>
<p class="MsoNormal">Lastly, <i>and here the lawyers need to chime in</i>, I co-own an
LLC registered in Virginia. It appears to me that is a wide difference between incorporating
PIR as a non-profit or private company and incorporating PIR as an LLC. I am of
the impression (<i>Hello lawyers?</i>) that an LLC would impose less constraint on the
current or future owners of PIR to honor social benefit and public interest promises.</p>
<p class="MsoNormal">Sam Lanfranco </p>
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