I am with @psychonaut wondering not just how much time this is going to take, but what expected expenses in setting up independant auditors, legal consults, etc might be. I think I am in in the location where LendCo is executing (Michigan and there abouts) so techncally I could actually meet with borrowers in my area (or not) and/or at least look at their projects directly.
I am not entirely sure where such a rep sits, on the LendCo side, or Maker side.
I will have to do some investigation on whether I could take such a position as I may have some conflicting obligations.
It really depends on what each person likes to do. In many ways, one could view it as a thank-less role. On the other hand, it is an essential role that gets the Rep “in the deal” and can see what is actually being done. So, from a United States perspective, think of it not only being in Congress but being on the Intelligence Oversight committee. That is my thinking.
On this, I completely agree and why having many of them is important. For example, one could easily imagine LendCo getting extorted by a bad Representative (e.g. pay me 50k or else I will tell the community that you are cooking the books… etc.)
That is correct. It is for the Representative.
He / she should be somewhat familiar with what they are supposed to watch-over. To start, we have what we have. For now, my role in running LendCo is to answer questions to the reasonable satisfaction of the Maker Representative. And the Maker Representative should “hammer” me with questions to understand what is going on. Now, the transactions contemplated are the same over and over. It is more about ensuring that deals are in-scope (10seconds), approved tenants (30s), equity moves first (1min), and review the docs that show that LendCo has the senior lien (3min). Of course, there is more than that, but the spirit is that LendCo has the obligation to tee everything up for a review. The review itself might take time the first cycle, but afterwards they will be routine.
So in the context of “business staking”… for now, today, I believe the community reputation is sufficient to get started. We can always evolve it with time.
Location is not the issue. Zoom does that ! LendCo has to tee-up the reports for a Maker Rep. “inspection”.
As we get started any Maker Rep. should want to see how things are expected to work in a given transactions (paper flow … money flow…)… Then probably for the first deal (or more at the Maker Reps discretion), to participate in it… and then thereafter probably inspect when he / she wants with a minimum of quarterly.
Definitely on the Maker side. The role is to be “trusted” proxy of confidential information and see what a DAO cannot.
I have 7 years of experience within pwc as a former auditor, if it can be done I volunteer to confirm the requirements related to the convenants & financial statements, not the legal area since it´s not my area of expertise.
Hi all, I would love to become more active in the Maker community by taking this type of role. I have been following Maker with interest for a couple of years now, though not very visibly, on the different channels.
I am based out of Europe, have a legal background and I also went to business school. From early on in my career, 20 years ago, I have been involved with energy and real estate investments, not only in Europe but also in the US and other countries across the world. More recently, my focus is on renewable energy.