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Investors Prospectus on the sale of a book
to be written and published by October of 2009



This, or something like it, will be the front cover.

By Harry Welty

Former Duluth School Board member, Columnist, blogger and web page author and spokesman for Let Duluth Vote.

 

This investment opportunity will only be open for one week and will be closed as of Monday June 29th, 2009 , or once $100,000 has been raised, whichever is sooner.  This will be a short term investment and all profits from the book sales will be distributed no later than Dec. 31st, 2009 .

 

This email written by Harry Welty on June 22, 2009 and sent out to 200 angry Duluth Taxpayerís explains the investment opportunity.

Friends of the voter, Friends of the taxpayer, Friends of fair play,

I got a fearful email this morning worrying that my book idea would cause me to stop raising money when we really need the money. WRONG WRONG WRONGÖÖ.It is how we will raise money: Read my reply now because we canít afford any confusion about how I propose to raise money. While youíre reading you may even discover how to make a little profit on the bond.

Dear Friend, (Iím keeping my worried emailer anonymous)

I donít and wonít have time to write any darned book until weíve raised our $100,000. If we donít raise it Iíll still write it but we wonít have our bond and at the moment thatís the only thing that counts.

Because Iíve analyzed the economics of this I know we can ďsellĒ a minimum of $75,000 to $80,000 dollars worth of books by October. I need people to understand I intend to apply that money to cover the costs of potential losses should we lose the court case and forfeit the bond. THAT WOULD MAKE CONTRIBUTING TO THE BOND A LOW RISK DONATION with the possibility of also winning the court case and getting all the bond money back. If that were to happen donors would get their $100,000 bond back AND share in any profits generated by the bookís sale.

Printing a 200-page book would cost about $1.50 a book. Mailing it would cost about $1.50. If we sold them for $20 that would give us a $17 profit per book.

So who are our potential book customers and book investors?

There are over one hundred Ordean homeowners who will lose several percentage points on their home valuations if Dr. Dixon builds Ordean High.

There are at least 500 major licensed landlords paying through their noses on Red Plan taxes which are set to increase. The list is being sent to me.

Iíve got 800 regular readers of this blog. (www.letduluthvote.com)

Let Duluth Vote has received donations from over 1500 separate households.

There are 85,000 taxpayers who could see a 30% to 50% reduction in their school taxes if a reasonable alternative to the Red Plan is substituted by the new school board elected this fall. Four seats out of seven are up for a vote. Thatís a majority. Does anyone think a pro-Red Plan candidate stands a chance of winning? I donít.

There are thousands of Duluth Central Alumni.

There are probably tens of thousands of people who are mad at JCI .

There are millions of people who love underdogs.

We donít need any of these people to buy my darned book by June 30 but we do need $100,000 for a bond. Iím prepared to put $5,000 toward the bond on the expectation that once the sales come in I will be reimbursed. In fact, the only way I can hope to recover the $12,000 Iíve spent fighting the Red Plan so far is to make sure we sell $150,000 worth of books by October. Iím looking at this like both a conservative and an entrepreneur. Being a conservative Iím operating on the expectation that we will lose the case and forfeit the bond. But as an entrepreneur I know that IF WE SELL ENOUGH BOOKS AT $17.00 PER BOOK NO ONE WHO CONTRIBUTED TO OUR BOND NEEDS LOSE ANY OF THEIR DONATION !!!!!!!!!!!!!!!!!

This is MUCH more than people taking a risk on winning a law suit and praying to recover some or all of their money. This is an investment opportunity! I want anyone kicking in anything over $1,000 to be paid off first FOR THE AMOUNT OVER $1,000 THEY DONATED/INVESTED. After weíve paid off the investment portion I want every donor paid off. If we sell/raise more than $100,000 Iím prepared to share the additional proceeds with anyone shrewd enough to have invested in this project. Think of AMWAY. Think of all the sales people we would have. First and foremost everyone who stood to lose their bond money would have a big incentive to spread the word and sell this book. AND YOU CAN BET THAT MEANS ME. I donít want to lose another cent let alone $5,000!

You and I know in our hearts that 2/3rds of Duluth hates the way the Red Plan was forced down our throats. That doesnít mean that we can sell a $20 book to 30,000 households. Well then, how many books could we sell in Duluth alone? Iíll bet we could sell 3,000 easy. After two years of ďadvertisingĒ this book (fighting the Red Plan) these books would be scarfed up by people like seagulls attacking French fries.

At a profit of $17.00 per book weíd have to sell 5,833 of them to raise $100,000. We donít even have to spend anything on printing until we know how many books to order. We will wait for presales to tell us how many to print.

We got another $1,000 check Saturday from someone who had no guarantee of getting it back before this method of fund raising occurred to me. Thatís four $1,000 checks. Two more are pledged. Iím prepared to put $5,000 in this investment myself. If I can find enough people like me who can see a good business opportunity we can use their money to leverage additional contributions. We could announce tomorrow, Tuesday, that we have a matching fund of $50,000 and are looking for other contributors ASAP to raise the bond. Until we raise our $100,000 we can keep letting ďinvestorsĒ in.

Every $10,000 worth of books we sell in the next two months will take 10% off the potential loss to Bond donors.

If we make $100,000 in book sales every donor to the bond will have to declare them as earnings on their 2009 taxes. Iím not panicked by any means.

As Ambrose Bierce once said: ďWhen a man knows he is to be hanged, it concentrates his mind wonderfully.Ē Iím concentrating really hard right now. If we get a $100,000 bond and a temporary injunction Ordean will remain a middle school and Central will remain a high school.

I thought Judge Hylden would bump the bond up to a million dollars last week. He didnít. I take that to mean heís watching to see what we do because he could have put us out of our misery last week. If we fail to raise $100,000 he wonít have to accept any of the blame. But the longer he waits while weíre ripping our hearts out raising the bond the harder it will be for him to justify putting us through all this hell.

If there arenít a dozen ďventure capitalistsĒ out there Duluth will never have a future. We just have to find them to save our schools from a deranged School Board.

Harry

To invest simply print out this pledge, fill it out and write "investment" at the top include your check and mail it to the listed address.
 First come first serve.


If you care about Duluth and its schools 
don't put your faith in the Duluth News Tribune
The last word on the Red Plan can be found on Harry Welty's blog:
 
www.lincolndemocrat.com
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You never can tell what you'll find.