REA Final - 22 Dec 20 - eBook - 1682 pages
Message 3: Oct 7 2020 2:58 AM
From: Andee
CAUTION: This email originated from outside the Port Authority. Do not open attachments or click on links from unknown senders or unexpected emails.
Dear Glenessa,
Was a pleasure speaking with you, yesterday. We were happy to craft a message in support of the AirTrain LGA for the FAA project study team.
Separately, we are grateful you will be following up with your LGP representative regarding our work at LGA's Pedestrian Bridge B. For informational purposes, I've included a quick summary, below, regarding how we got to this point and how a delayed resolution is impacting our company. o Over the last seven months, Spearhead attempted to schedule a 45-minute meeting with Skanska's principles to discuss a Request for Equitable Adjustment (REA) stemming from a delayed start, structural steel issues and losses in productivity without a project schedule. We kept meticulous project records that support this valid request. o Spearhead received $4M in payments to date, despite actual job costs of more Spearhead is currently muscling its way through six projects, exceeding $5.5M in aggregate and no room for error. Half the projects will successfully end this month. Lenders, however, are weary to increase credit lines when financial statements are in the red. The lack of access to capital is not only harmful to existing cash flow commitments, but growth is also constrained. Spearhead cannot add the much-needed talent, tools, and equipment that enable the company to be competitive. o During the pandemic, projects have been delayed, postponed, or cancelled, which has had a serious impact on our pipeline/backlog. At a time when we need to be more aggressive in our bidding to win projects, instead, we must be even more risk averse, as there is no "cushion" for even minor missteps. In July, our CFO, Ira Grunther, spoke with LGP's Larry Gillman. During their call, Larry agreed to speak with Skanska personnel about scheduling a meeting. Larry also agreed to attend the meeting; however, there has been no movement nor response to follow up calls since they spoke. Please note, I have added Ira to this email. than $6M (excluding markup). The toll of the $2M difference has been excruciating for a young company to shoulder, particularly in light of the pandemic. o
Thank you for your attention, Glenessa. Sometimes it pays to answer an unrecognized phone number. Very happy Rose picked up when you called.
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