This afternoon, PASS announced that their operations will cease in January:
We are saddened to tell you that, due to the impact of COVID-19, PASS is ceasing all regular operations, effective January 15, 2021. We encourage you to take full advantage of any access that you have to PASS content between now and January 15, 2021. After that point, PASS servers will cease to function and members will no longer be able to access any PASS resources. So, in the meantime, you can watch sessions on our website, and download session recordings that you’ve purchased or that you have access to as a PASS Pro member. Please take full advantage of this exclusive content while you can.
For perspective on the financial numbers involved, read the final board meeting minutes (PDF):
Tim outlined the outstanding debt as 1.87M with a total potential deficit of $3.2M. There is also future hotel and convention center cancellation fees at around $6M over the next 5 years. Tim presented the PASS Executive’s recommendation outlining that with the magnitude of debt, no cash on hand, nor forecasted in person event for revenue generation, PASS has no choice but to move forward with insolvency.
There’s going to be a lot of discussion around this over the coming days: folks will be mourning what’s lost, working together to save the community’s resources like the videos and the chapter lists, and planning new communities.
It’s too soon for me to have any written thoughts together, but I let y’all post questions for me, and I answered them from vacation: