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Old 08-09-2012, 10:17 AM   #31
Ewen Roth
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

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Originally Posted by Russell Greene View Post
I presume you were talking to the other Russell.
Who knows. I can't tell/remember which Russell is first in line commenting on Facebook, in Journal comments and here. Maybe it's both of you?
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Old 08-09-2012, 10:20 AM   #32
Michael Petersen
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

The counterclaim contained an interesting tidbid...apparently Anthos offered to buy Lauren out and then sell half those shares back to Greg (in the supposed interest of avoiding gridlock). This offer was declined.

Folks, this isn't about a 50/50 model. If Anthos (or anyone) owns even 1% of CrossFit, Greg then has a fiduciary responsibility to them. That 1% would have the right to sue over every decision Greg made. Every lawsuit may get thrown out, but that takes time, energy and money.

This is about Greg running the company he founded under the ideals he has for it. That's what every business owner wants. Shared ownership (regardless of division of ownership) means compromises goals. Apparently CrossFit Inc doesnt need/want the capital infusion, so there is no motivation for them to compromise their long term goals for it.
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Old 08-09-2012, 10:49 AM   #33
Dustin Wintczak
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

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Originally Posted by Daniel Wheeler View Post
Or that they do what anyone with a whole bunch of money does...Hire a subject matter expert to do the task better than they can...
Which is what smart companies/people do. Hire people who are smarter and better at doing the things you don't do well. The Steve Jobs and Bill Gates of the world are very rare.

I feel like both of these threads deserve the a big "obvious" tag. Anthos may say one thing and do another? I'm shocked and appalled! The whole idea that a VC firm is "morally obligated" to do anything is silly. Sure it may not be the best business. They are beholden to the law and their shareholders, period. You'd be a bit deluded if you expect anything more than that. This is the big-boy world of business finance. Anthos knows what they're doing. I'd be slightly worried if I were an affiliate. CF is a community of expert exercisers, not professional corporate raiders.

All that being said, I've got no dog in this fight. If I had to make a guess I'd say Anthos probably isn't the best for the future of CF as most affiliate owners see it. My empathy is for all you folks who've got money/time/life tied up in CF as a business. I really do hope it all works out favorably but man I don't know if I'd be so blindly optimistic as some folks are.
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Old 08-09-2012, 11:39 AM   #34
Daniel Wheeler
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

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Originally Posted by Dustin Wintczak View Post
Which is what smart companies/people do.
Exactly.
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Old 08-09-2012, 11:57 AM   #35
Russell Berger
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

Here is an email Bryan Kelly wrote on June 22, 2011:

"While I respect your position that an equity investment in Crossfit Inc is not possible, I implore you--for both Greg's sake and Crossfit's--to find another way to address what I believe to be over the long-run a very risky, unstable 50-50 ownership structure.

While I find your loyalty to Lauren admirable, the the realist in me believes that the passage of time and offers for large sums of money will make this situation precarious to say the least. We all agree that Crossfit is destined for tremendous growth and this growth will almost certainly be accompanied by offers to purchase all or part of the Company. The last situation you want to find yourself in is one in which an investor/company you do not trust convinces Lauren to sell her share (while I will never approach Lauren out of respect for you, don't expect others to hesitate to do so) and then you are stuck in a 50-50 ownership structure with a 3rd party who possesses the ability to create gridlock. You can partially address this risk via a simple operating agreement that at a minimum: 1) provides Greg with sole decision-making authority, and 2) provides the Company with a right of first refusal should either party desire to sell shares (this will not prevent her from selling, but will give you some control over determining who the stake is sold to). Thanks again for your time and for including me in the NE Games this past weekend - what a great experience!"

- Bryan Kelly

source: http://www.scribd.com/doc/102471609/...Kelly-No-Email (WFS)

Fast forward almost exactly a year later and Greg Glassman receives an email from Bryan informing him that they are soon going to be partners. In other words, Bryan Kelly is not only dishonest, but he's trying to pretend he has swept in to save the day before some other unknown "third-party" purchased Lauren's shares. Guess who was just about to sign on the purchase of her shares before Bryan got involved? CrossFit.

You don't need a law degree or a sharp moral compass to draw conclusions about this man or his organization. If you did you wouldn't see Affiliates starting petitions like this one:

http://www.change.org/petitions/laur...sfit-to-anthos (WFS)
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Old 08-09-2012, 12:10 PM   #36
Matt Thomas
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

As long as we're looking at e-mails is this one real or what? Because it confuses me a little.

--------- Forwarded message ----------
From: Greg Glassman <greg@crossfit.com>
Date: Tue, May 10, 2011 at 9:10 AM
Subject: Re: Thank you & we look forward to next steps
To: Bryan Kelly <bkelly@anthoscapital.com>
Cc: Chris Jacobson <cjacobson@anthoscapital.com>, Brian Mulvaney <brian@crossfit.com>

Bryan,

It was great meeting you and seeing Chris again. We'll get together soon, we're significantly in sync when looking at CF's strategic and market potential. It would be a shame not to keep talking.

I've cc'd Brian Mulvaney in this as well.

Greg
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Old 08-09-2012, 12:16 PM   #37
Russell Berger
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

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Originally Posted by Matt Thomas View Post
As long as we're looking at e-mails is this one real or what? Because it confuses me a little.

--------- Forwarded message ----------
From: Greg Glassman <greg@crossfit.com>
Date: Tue, May 10, 2011 at 9:10 AM
Subject: Re: Thank you & we look forward to next steps
To: Bryan Kelly <bkelly@anthoscapital.com>
Cc: Chris Jacobson <cjacobson@anthoscapital.com>, Brian Mulvaney <brian@crossfit.com>

Bryan,

It was great meeting you and seeing Chris again. We'll get together soon, we're significantly in sync when looking at CF's strategic and market potential. It would be a shame not to keep talking.

I've cc'd Brian Mulvaney in this as well.

Greg
Bryan Kelly opened the door for exposing personal emails with this one. His attempt was to make it look like Greg was all for the idea of pimping supplements at Affiliates instead of what it really is, a friendly acknowledgment that both men see the potential for CrossFit's future growth as a company. What Bryan failed to mention is the very next email in this thread was this:

"As discussed, CrossFit, Inc. is self funding for all of the initiatives we care about. Adding other people's money to the equation represents more threat than opportunity. There will be all manner of significant investment opportunities in the coming years as CrossFit increasingly captures the public imagination and continues to redefine fitness and health. Equity investment in CrossFit, Inc. is not one of those opportunities. Bryan, you have some misconceptions about what is really going on with CrossFit."
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Old 08-09-2012, 12:37 PM   #38
Daniel Wheeler
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

Do you believe CF as a business is capable of sustaining its rate of growth? If so, for how long? No early/late majorities? No eventual fall to a residual level? Just rise until the whole world has adopted CF?
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Old 08-09-2012, 12:58 PM   #39
Drew Nadeau
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

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Originally Posted by Daniel Wheeler View Post
Do you believe CF as a business is capable of sustaining its rate of growth? If so, for how long? No early/late majorities? No eventual fall to a residual level? Just rise until the whole world has adopted CF?
Its done well so far hasnt it? Im sure they hadnt expected this type of growth over the last three years and theyve adapted well.
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Old 08-09-2012, 01:43 PM   #40
Chris Mason
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Re: Bryan Kelly / Anthos Hire Wall-street PR Firm

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Originally Posted by Daniel Wheeler View Post
Or that they do what anyone with a whole bunch of money does...Hire a subject matter expert to do the task better than they can...
Right, especially when they know nothing of the market they are trying to acquire...
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