1 00:00:05,139 --> 00:00:08,119 [solemn music] 2 00:00:08,140 --> 00:00:09,220 ♪ ♪ 3 00:00:30,170 --> 00:00:32,120 [line trills] 4 00:00:40,070 --> 00:00:41,110 - Okay. 5 00:00:51,170 --> 00:00:53,130 - Shut down because of the coronavirus. 6 00:00:53,149 --> 00:00:56,999 We're the last production shut down in the world, I think. 7 00:00:57,020 --> 00:01:01,040 Uh, so we're all gonna go home and quarantine, 8 00:01:01,060 --> 00:01:02,170 make sure we're all good, 9 00:01:02,189 --> 00:01:04,219 and then come back about, 10 00:01:05,000 --> 00:01:08,050 I don't know, maybe four, six weeks, 11 00:01:08,069 --> 00:01:09,229 continue shooting. 12 00:01:10,010 --> 00:01:12,170 But we must go home now. 13 00:01:14,010 --> 00:01:15,050 [paint can rattles] 14 00:01:15,069 --> 00:01:18,049 [dramatic music] 15 00:01:18,069 --> 00:01:25,119 ♪ ♪ 16 00:01:28,210 --> 00:01:32,010 [line trilling] 17 00:01:36,140 --> 00:01:38,040 Um... 18 00:01:38,060 --> 00:01:39,080 it's, uh--it's crazy. 19 00:01:39,099 --> 00:01:40,149 I've never seen this before 20 00:01:40,170 --> 00:01:42,070 in my lifetime, 21 00:01:42,090 --> 00:01:44,190 you know, the level of uncertainty, you know? 22 00:01:46,109 --> 00:01:48,099 We're all just praying that, you know, 23 00:01:48,120 --> 00:01:51,020 we get back to normal, or is this our new normal? 24 00:01:51,039 --> 00:01:53,079 Who knows? 25 00:01:53,099 --> 00:01:56,059 Yeah, and it's just, like, craziness. 26 00:01:56,079 --> 00:01:58,039 Absolute craziness. 27 00:02:00,060 --> 00:02:02,000 Uh, I was a day away 28 00:02:02,019 --> 00:02:03,159 from starting shooting "Uncharted." 29 00:02:03,180 --> 00:02:05,110 The head of the studio called and said, 30 00:02:05,129 --> 00:02:07,169 "We're shutting down," 31 00:02:07,189 --> 00:02:09,189 so everything's in limbo. 32 00:02:09,210 --> 00:02:11,130 And then, trying to keep my kids 33 00:02:11,150 --> 00:02:13,110 from going stir-crazy with boredom 34 00:02:13,129 --> 00:02:15,079 and keeping them on their studying, 35 00:02:15,099 --> 00:02:17,219 their Zoom meetings at school, but, you know, 36 00:02:18,000 --> 00:02:19,190 my son had to spend his birthday indoors 37 00:02:19,210 --> 00:02:22,050 and can't see friends. 38 00:02:22,069 --> 00:02:25,009 It's, uh...been crazy. 39 00:02:26,199 --> 00:02:28,009 So when I heard yesterday 40 00:02:28,030 --> 00:02:29,170 that the quarantine was gonna go 41 00:02:29,189 --> 00:02:31,059 from what they thought would be Easter 42 00:02:31,079 --> 00:02:32,129 to at least the end of the month, 43 00:02:32,150 --> 00:02:33,170 I set up a team with my wife. 44 00:02:33,189 --> 00:02:34,219 I said, "These are things 45 00:02:35,000 --> 00:02:36,080 "that are out of our control. 46 00:02:36,099 --> 00:02:37,129 "Let's just focus on the things 47 00:02:37,150 --> 00:02:39,050 that we have control over." 48 00:02:39,069 --> 00:02:40,209 You know, we should be trying to lend a hand 49 00:02:40,229 --> 00:02:42,029 where needed for people 50 00:02:42,050 --> 00:02:43,110 being affected financially, 51 00:02:43,129 --> 00:02:46,029 their health, so we're feeding 52 00:02:46,050 --> 00:02:47,140 doctors and nurses, and giving people 53 00:02:47,159 --> 00:02:49,019 everything that they need. 54 00:02:49,039 --> 00:02:51,099 A big thank you to all of our first responders. 55 00:02:51,120 --> 00:02:53,180 You know, it really puts things in perspective, 56 00:02:53,199 --> 00:02:55,049 though, about what's important. 57 00:02:55,069 --> 00:02:57,219 Make for some quality time with your family. 58 00:02:58,000 --> 00:02:59,130 So that's what we're doing. 59 00:02:59,150 --> 00:03:02,060 ♪ Everything is going crazy ♪ 60 00:03:02,080 --> 00:03:03,180 The good of it all is that 61 00:03:03,199 --> 00:03:05,189 we're spending so much quality time. 62 00:03:05,210 --> 00:03:07,190 A little bug! Ah, help! 63 00:03:07,210 --> 00:03:09,100 - Hi. - Sorry about that. Hi. 64 00:03:09,120 --> 00:03:11,080 - Ooh, it sounds like you need nails and makeup. 65 00:03:11,099 --> 00:03:12,999 - Makeup and nails? - Mm-hmm. 66 00:03:13,020 --> 00:03:16,020 - I don't even like doing makeup in the movie. 67 00:03:16,039 --> 00:03:17,189 Okay, so quarantine now. 68 00:03:17,210 --> 00:03:19,100 I'm getting pedicures, manicures, 69 00:03:19,120 --> 00:03:20,160 and apparently full makeup. 70 00:03:20,180 --> 00:03:23,030 She's got her whole kit there. 71 00:03:23,050 --> 00:03:26,000 And yeah, this is what's happening now. 72 00:03:29,120 --> 00:03:32,100 [eerie music] 73 00:03:32,120 --> 00:03:35,170 ♪ ♪ 74 00:03:35,189 --> 00:03:39,189 [line trilling] 75 00:03:39,210 --> 00:03:41,000 Harry. 76 00:03:41,020 --> 00:03:42,090 - Can you see me? 77 00:03:42,110 --> 00:03:43,150 - Ryan. 78 00:03:43,170 --> 00:03:45,030 - Hey. How are you? 79 00:03:45,050 --> 00:03:47,120 - How are you doing? - Just wanted to check in. 80 00:03:47,139 --> 00:03:48,209 - During this pandemic. 81 00:03:48,229 --> 00:03:50,149 I think the best advice I can give is, 82 00:03:50,170 --> 00:03:53,060 like, to stay connected to your people as much as you can. 83 00:03:53,079 --> 00:03:54,199 Checking on each other, 84 00:03:54,219 --> 00:03:56,089 making sure everybody's doing okay. 85 00:03:56,110 --> 00:03:58,060 You know, those kinds of empathetic messages 86 00:03:58,079 --> 00:03:59,149 is really the key. 87 00:03:59,170 --> 00:04:01,140 - Hey. How's it going? 88 00:04:01,159 --> 00:04:03,189 - I just wanted to check in with you. 89 00:04:03,210 --> 00:04:05,100 Hey, buddy. 90 00:04:05,120 --> 00:04:07,110 - Hi. What are we doing here? 91 00:04:07,129 --> 00:04:09,059 - Let's talk Wahlburgers first. 92 00:04:09,080 --> 00:04:12,130 How many of our stores are open? 93 00:04:13,099 --> 00:04:14,069 - None. 94 00:04:14,090 --> 00:04:15,210 [tense music] 95 00:04:15,229 --> 00:04:18,109 - Can you give me a little update on where we are? 96 00:04:18,129 --> 00:04:22,099 - We're having significant supply chain challenges now 97 00:04:22,120 --> 00:04:26,120 with both of the U.S. suppliers that we have. 98 00:04:26,139 --> 00:04:28,019 Both are under quarantine. 99 00:04:28,040 --> 00:04:30,120 There's no one working for at least 30 days, 100 00:04:30,139 --> 00:04:32,999 and that creates a pretty significant 101 00:04:33,019 --> 00:04:34,999 liquidity crisis for us. 102 00:04:38,000 --> 00:04:39,080 - So how is everybody holding up? 103 00:04:39,100 --> 00:04:41,080 How are all the employees and everybody? 104 00:04:41,100 --> 00:04:44,010 - In terms of the studios that we actually own and operate, 105 00:04:44,029 --> 00:04:46,199 you know, we've had to suspend all operations right now. 106 00:04:46,220 --> 00:04:48,090 - Wow. 107 00:04:48,110 --> 00:04:50,190 - So we just pumped the brakes on everything. 108 00:04:50,209 --> 00:04:53,039 - So we really gotta do some hard thinking here 109 00:04:53,060 --> 00:04:56,050 and take a long, hard look at what stores are, 110 00:04:56,069 --> 00:04:57,199 uh, 111 00:04:57,220 --> 00:04:59,120 you know, gonna be able to rebound, 112 00:04:59,139 --> 00:05:01,099 and what stores aren't. 113 00:05:01,120 --> 00:05:03,150 This has been a very, very 114 00:05:03,170 --> 00:05:05,100 difficult day. 115 00:05:05,120 --> 00:05:07,120 A lot going on... 116 00:05:09,009 --> 00:05:11,009 - What we're going right now is, 117 00:05:11,029 --> 00:05:12,169 we're engaging landlords 118 00:05:12,189 --> 00:05:14,209 to talk about rent suspension or deferments. 119 00:05:14,230 --> 00:05:18,130 We're just basically trying to reduce the overhead right now. 120 00:05:18,149 --> 00:05:20,109 - Everybody's scared, 121 00:05:20,129 --> 00:05:23,159 and it's really creating a ton of stress 122 00:05:23,180 --> 00:05:25,120 beyond just the business stress, 123 00:05:25,139 --> 00:05:27,029 worried about people's safety. 124 00:05:27,050 --> 00:05:29,050 You know, those people are counting on us. 125 00:05:30,199 --> 00:05:32,209 - [blows raspberry] 126 00:05:32,230 --> 00:05:34,090 I'm a little down. 127 00:05:34,110 --> 00:05:36,130 I had an hour and a half of, like, 128 00:05:36,149 --> 00:05:38,199 happiness and joy, cutting up and laughing, 129 00:05:38,220 --> 00:05:40,080 and then, you know, the rest of the day, 130 00:05:40,100 --> 00:05:41,140 just kind of down and depressed. 131 00:05:41,159 --> 00:05:42,159 And it's just hard, you know? 132 00:05:42,180 --> 00:05:44,020 You get down, no matter-- 133 00:05:44,040 --> 00:05:45,190 all the other stuff doesn't matter, right? 134 00:05:45,209 --> 00:05:47,029 - Yeah. - All the success, 135 00:05:47,050 --> 00:05:48,140 everything else, you know what I mean? 136 00:05:48,159 --> 00:05:51,009 It's like not having the ability 137 00:05:51,029 --> 00:05:53,069 to stay strong physically, 138 00:05:53,090 --> 00:05:55,170 and especially mentally. 139 00:05:55,189 --> 00:05:56,209 - Yeah... 140 00:05:56,230 --> 00:05:58,210 - Right, Wallie? - Yeah. 141 00:05:58,230 --> 00:06:00,050 - Are you depressed? - Yeah. 142 00:06:00,069 --> 00:06:02,059 - You understand what he's saying, right? 143 00:06:02,079 --> 00:06:05,069 - I've usually been, uh, 144 00:06:05,089 --> 00:06:06,129 pretty positive, 145 00:06:06,149 --> 00:06:08,139 kind of, you know, optimistic guy, 146 00:06:08,160 --> 00:06:10,180 and, you know, certainly doubt, 147 00:06:10,199 --> 00:06:12,149 and fear, and all of those things 148 00:06:12,170 --> 00:06:14,100 have come into play. 149 00:06:14,120 --> 00:06:17,080 I mean, whatever was happening with Wahlburgers 150 00:06:17,100 --> 00:06:18,180 was happening with F45, 151 00:06:18,199 --> 00:06:20,219 which was happening with Municipal. 152 00:06:21,000 --> 00:06:23,010 You know, it's-- I mean, there's so much. 153 00:06:23,029 --> 00:06:24,069 I'm, like, really right now 154 00:06:24,089 --> 00:06:26,209 just kind of at a loss for words. 155 00:06:26,230 --> 00:06:28,110 It's hard 'cause, I mean, even like me, 156 00:06:28,129 --> 00:06:30,189 I'm just down some days, 157 00:06:30,209 --> 00:06:32,129 and depressed, and feeling like, God, 158 00:06:32,149 --> 00:06:34,069 I don't know, when is this gonna end? 159 00:06:34,090 --> 00:06:35,210 - Yeah. - And then, I have you guys 160 00:06:35,230 --> 00:06:38,130 out there working every single day. 161 00:06:38,149 --> 00:06:40,049 I really got to stop complaining. 162 00:06:40,069 --> 00:06:42,109 You know, there's people out there really having it bad. 163 00:06:42,129 --> 00:06:45,009 I just--and I'm, like, a super positive person. 164 00:06:45,029 --> 00:06:46,159 I don't know. It just all kind of got me. 165 00:06:46,180 --> 00:06:49,000 All this doom and gloom just kind of got me down. 166 00:06:49,019 --> 00:06:50,119 It's gotten... 167 00:06:50,139 --> 00:06:52,109 It's gotten to me a little bit. 168 00:06:52,129 --> 00:06:53,229 - Part of it is just, yes, 169 00:06:54,009 --> 00:06:55,049 shit hit the fan, 170 00:06:55,069 --> 00:06:56,149 and how do we wanna emerge from this? 171 00:06:56,170 --> 00:06:57,170 And how does the company 172 00:06:57,189 --> 00:06:59,029 want to grow through this? 173 00:06:59,050 --> 00:07:00,160 We're kind of thinking futuristically 174 00:07:00,180 --> 00:07:03,020 as opposed to just right here and right now. 175 00:07:03,040 --> 00:07:05,200 - A great entrepreneur understands the value 176 00:07:05,220 --> 00:07:07,150 of hiring the right people 177 00:07:07,170 --> 00:07:09,200 who bring that positive mindset 178 00:07:09,220 --> 00:07:13,040 so that they can lead you through the crisis 179 00:07:13,060 --> 00:07:16,150 and enable you to show up right, 180 00:07:16,170 --> 00:07:18,040 show up ready. 181 00:07:18,060 --> 00:07:20,120 - As long as we keep our health, 182 00:07:20,139 --> 00:07:22,049 we'll get through this, we'll be fine. 183 00:07:22,069 --> 00:07:23,149 - That's awesome. 184 00:07:23,170 --> 00:07:26,030 Well, you've given me the pep talk that I need. 185 00:07:26,050 --> 00:07:29,000 All right. Wallie, be nice to your sister. 186 00:07:29,019 --> 00:07:29,229 - You hear that? 187 00:07:30,009 --> 00:07:31,119 - Give Lucy a big hug. 188 00:07:31,139 --> 00:07:33,029 And no punch-punch. 189 00:07:33,050 --> 00:07:34,070 - [chuckles] 190 00:07:34,090 --> 00:07:35,200 - Okay? 191 00:07:35,220 --> 00:07:37,000 All right, buddy. 192 00:07:37,019 --> 00:07:38,109 Well, you know, I don't say this 193 00:07:38,129 --> 00:07:39,159 as often as I should. 194 00:07:39,180 --> 00:07:40,210 I appreciate you. I love you. 195 00:07:40,230 --> 00:07:41,200 - I love you too, man. 196 00:07:41,220 --> 00:07:42,220 Don't worry. We all-- 197 00:07:43,000 --> 00:07:44,020 we all got each other's backs 198 00:07:44,040 --> 00:07:45,050 on this one. 199 00:07:45,069 --> 00:07:46,089 And anything you need from me, 200 00:07:46,110 --> 00:07:47,190 let me know. 201 00:07:47,209 --> 00:07:50,089 Whatever it is, dude. Always, 24/7. 202 00:07:50,110 --> 00:07:51,120 You know that. 203 00:07:51,139 --> 00:07:52,219 - Talking to the team today, 204 00:07:53,000 --> 00:07:54,030 you can't help but feel like, 205 00:07:54,050 --> 00:07:55,090 wow, this is fantastic. 206 00:07:55,110 --> 00:07:57,110 Despite all that was going on, 207 00:07:57,129 --> 00:07:59,129 they were actually still very positive, 208 00:07:59,149 --> 00:08:02,109 so I was able to kind of pause for a second 209 00:08:02,129 --> 00:08:04,049 and kind of think about 210 00:08:04,069 --> 00:08:05,189 what exactly I want to do 211 00:08:05,209 --> 00:08:08,199 or can plan to do now moving forward. 212 00:08:14,139 --> 00:08:17,119 [tense music] 213 00:08:17,139 --> 00:08:22,049 ♪ ♪ 214 00:08:22,069 --> 00:08:24,059 Hey, I'm inviting everybody 215 00:08:24,079 --> 00:08:27,089 to come and work out with me on Instagram. 216 00:08:27,110 --> 00:08:28,190 We're working out with Shannon. 217 00:08:28,209 --> 00:08:31,099 - We're gonna tune in at 10:30, Pacific time, 218 00:08:31,120 --> 00:08:33,120 on F45's official Instagram. 219 00:08:33,139 --> 00:08:34,219 - Safe distance apart. 220 00:08:35,000 --> 00:08:36,060 We're gonna get after it. 221 00:08:36,080 --> 00:08:37,160 50 countries, 222 00:08:37,179 --> 00:08:40,199 1,500-somewhat studios all shut down 223 00:08:40,220 --> 00:08:42,100 at the same time. 224 00:08:42,120 --> 00:08:45,180 People who had come so far in their fitness journeys, 225 00:08:45,200 --> 00:08:47,140 and now, not being able to go into the gym, 226 00:08:47,159 --> 00:08:49,139 we wanted to try to pivot and create 227 00:08:49,159 --> 00:08:51,079 as many at-home workouts, you know, 228 00:08:51,100 --> 00:08:52,220 and try to stay engaged with people 229 00:08:53,000 --> 00:08:54,100 and keep people focused. 230 00:08:54,120 --> 00:08:55,130 - It feels so different, 231 00:08:55,149 --> 00:08:56,139 but it's really just like 232 00:08:56,159 --> 00:08:57,139 every other day, you guys. 233 00:08:57,159 --> 00:08:58,199 It's gonna be great. 234 00:08:58,220 --> 00:09:00,060 - Certainly, it wasn't seamless. 235 00:09:00,080 --> 00:09:01,220 You know, you just try to do anything 236 00:09:02,000 --> 00:09:03,140 and everything that you can 237 00:09:03,159 --> 00:09:05,029 because you're worried about your members, 238 00:09:05,049 --> 00:09:06,199 your franchisees, and the health 239 00:09:06,220 --> 00:09:08,120 of the business as a whole. 240 00:09:09,090 --> 00:09:10,160 - I think so. - Okay. 241 00:09:10,179 --> 00:09:12,059 Okay? You're feeling it. 242 00:09:12,080 --> 00:09:13,160 Hold it! You got 15 more seconds. 243 00:09:13,179 --> 00:09:15,039 Keep moving. 244 00:09:15,059 --> 00:09:17,219 If it doesn't challenge you, it doesn't change you. 245 00:09:18,000 --> 00:09:19,090 Here we go. 246 00:09:19,110 --> 00:09:20,220 - You know, people who are quarantining 247 00:09:21,000 --> 00:09:22,200 with us, we're working out together. 248 00:09:22,220 --> 00:09:24,220 We're motivating and inspiring each other in that way. 249 00:09:25,000 --> 00:09:26,150 Great job, guys. Can't wait to get back 250 00:09:26,169 --> 00:09:28,169 into an F45 studio with all you guys. 251 00:09:28,190 --> 00:09:30,080 Got the kids down there a couple times 252 00:09:30,100 --> 00:09:32,130 in the gym. That was probably a plus. 253 00:09:32,149 --> 00:09:33,229 Look at that, I found a plus 254 00:09:34,009 --> 00:09:35,059 in this whole thing. 255 00:09:35,080 --> 00:09:37,050 Whoa, whoa, whoa, whoa! - Oh, no. 256 00:09:37,070 --> 00:09:38,140 No, you didn't. 257 00:09:38,159 --> 00:09:40,059 - Are you nuts? 258 00:09:40,080 --> 00:09:41,220 [laughter] 259 00:09:42,000 --> 00:09:44,230 [upbeat music] 260 00:09:45,009 --> 00:09:50,089 ♪ ♪ 261 00:09:50,110 --> 00:09:52,070 We were teaching my daughter about business, 262 00:09:52,090 --> 00:09:54,040 and buying materials, and-- 263 00:09:54,059 --> 00:09:56,119 and, you know, being smart about managing costs. 264 00:09:56,139 --> 00:09:59,059 And then, she started a hobby horse business. 265 00:09:59,080 --> 00:10:00,200 Tell them what you're doing with this. 266 00:10:00,220 --> 00:10:02,010 - I'm selling them. 267 00:10:02,029 --> 00:10:03,159 - She made them all by hand. 268 00:10:03,179 --> 00:10:06,039 What's the price? - $30. 269 00:10:06,059 --> 00:10:08,159 - She's making five, ten horses a day, 270 00:10:08,179 --> 00:10:10,229 but she was putting real effort into it. 271 00:10:11,009 --> 00:10:13,199 She was selling hobby horses at a rapid rate. 272 00:10:13,220 --> 00:10:16,140 - I'm gonna go stuff this and then come back to do the rest. 273 00:10:16,159 --> 00:10:18,139 - The Kardashians were requesting 274 00:10:18,159 --> 00:10:20,099 custom-made hobby horses, 275 00:10:20,120 --> 00:10:22,220 and the business had turned into being 276 00:10:23,000 --> 00:10:24,180 pretty lucrative pretty quickly. 277 00:10:24,200 --> 00:10:26,130 [imitates neighing] 278 00:10:26,149 --> 00:10:29,179 - [laughs] 279 00:10:31,100 --> 00:10:33,060 - Because of Grace's hobby horse business, 280 00:10:33,080 --> 00:10:35,090 Brendan starting getting jealous. 281 00:10:35,110 --> 00:10:37,140 When he saw the kind of money that she was making 282 00:10:37,159 --> 00:10:40,089 making these horses, because he's very entrepreneurial, 283 00:10:40,110 --> 00:10:42,210 and they really became very engaged. 284 00:10:51,139 --> 00:10:55,049 - These businesses can teach them about value. 285 00:10:55,070 --> 00:10:56,190 And when they own something, 286 00:10:56,210 --> 00:10:58,190 taking care of it, preserving something, 287 00:10:58,210 --> 00:11:00,170 handling it with delicacy-- 288 00:11:00,190 --> 00:11:04,010 there are many valuable lessons to be learned there. 289 00:11:04,029 --> 00:11:05,999 Whoo! 290 00:11:06,019 --> 00:11:09,009 [dramatic music] 291 00:11:09,029 --> 00:11:16,069 ♪ ♪ 292 00:11:17,100 --> 00:11:20,140 [line trilling] 293 00:11:23,169 --> 00:11:25,099 - Hey, Harry. - Hey, Mike. 294 00:11:25,120 --> 00:11:27,100 - Um, I have some very bad news 295 00:11:27,120 --> 00:11:28,220 about Municipal. 296 00:11:29,000 --> 00:11:29,220 - Okay. 297 00:11:30,000 --> 00:11:32,030 - So I spoke to Mark, 298 00:11:32,049 --> 00:11:34,159 and when the stock market went 299 00:11:34,179 --> 00:11:37,169 from an 8,000-point drop in the DOW 300 00:11:37,190 --> 00:11:39,150 in such a short period of time. 301 00:11:39,169 --> 00:11:42,099 It's a free fall. - Yep. Terrible. 302 00:11:42,120 --> 00:11:45,140 - So that created a significant strain 303 00:11:45,159 --> 00:11:46,199 on our liquidity 304 00:11:46,220 --> 00:11:48,180 and required us to scale back 305 00:11:48,200 --> 00:11:50,120 some of our funding commitments. 306 00:11:50,139 --> 00:11:53,029 - Yep. - Including Municipal. 307 00:11:53,049 --> 00:11:54,159 - Our funding source, 308 00:11:54,179 --> 00:11:55,229 FOD, backed out. 309 00:11:56,009 --> 00:11:57,149 They were gone. They were done. 310 00:11:57,169 --> 00:11:59,099 Because we were pre-launch, 311 00:11:59,120 --> 00:12:01,150 we weren't a business that was currently operational. 312 00:12:01,169 --> 00:12:04,019 They had to focus on their current operations. 313 00:12:04,039 --> 00:12:06,019 Those were the ones that had to take priority. 314 00:12:06,039 --> 00:12:08,109 - Hopefully you guys get to turn the corner. 315 00:12:08,129 --> 00:12:09,199 - Thank you. 316 00:12:09,220 --> 00:12:17,000 ♪ ♪ 317 00:12:17,230 --> 00:12:21,070 The responsible thing to do as a business leader 318 00:12:21,090 --> 00:12:24,120 is to let everyone know these are the realities. 319 00:12:26,169 --> 00:12:29,009 Dave, Kim, do you guys got a sec? 320 00:12:32,210 --> 00:12:34,020 So... 321 00:12:34,039 --> 00:12:36,209 we got bad news from FOD. 322 00:12:36,230 --> 00:12:39,190 They just--they had to pull our funding. 323 00:12:43,019 --> 00:12:44,079 - So how are you feeling? 324 00:12:44,100 --> 00:12:45,190 Are you freaking out? 325 00:12:45,210 --> 00:12:47,120 - I'm fucking panicked. 326 00:12:47,139 --> 00:12:50,099 Everybody on the team believe in Municipal. 327 00:12:50,120 --> 00:12:51,160 They believe in Mark. 328 00:12:51,179 --> 00:12:53,189 And above all that, they trusted me. 329 00:12:53,210 --> 00:12:55,200 Getting to this point was the hard part, 330 00:12:55,220 --> 00:12:59,040 and now, like, we're getting it pulled out from under us. 331 00:12:59,059 --> 00:13:00,079 - I know. 332 00:13:00,100 --> 00:13:01,210 I just felt like, oh, my gosh, 333 00:13:01,230 --> 00:13:04,010 do I need to start looking for something else? 334 00:13:04,029 --> 00:13:05,099 But nobody's hiring right now. 335 00:13:05,120 --> 00:13:07,030 Like, what's gonna happen? 336 00:13:07,049 --> 00:13:09,229 - My guess is, we're gonna be tightening our belts here, 337 00:13:10,009 --> 00:13:13,069 to basically put ourselves on life support. 338 00:13:13,090 --> 00:13:14,170 - There's definitely risk involved 339 00:13:14,190 --> 00:13:16,030 when you work for a start-up. 340 00:13:16,049 --> 00:13:17,159 And I've worked for start-ups before, 341 00:13:17,179 --> 00:13:18,229 and I've had them fail. 342 00:13:19,009 --> 00:13:20,209 - The hits just keep coming. 343 00:13:20,230 --> 00:13:23,170 - We have to look at every single 344 00:13:23,190 --> 00:13:26,010 option to get us moving forward, 345 00:13:26,029 --> 00:13:28,219 but I don't know if we're gonna survive 346 00:13:29,000 --> 00:13:30,180 as a company. 347 00:13:33,230 --> 00:13:36,220 [eerie music] 348 00:13:37,000 --> 00:13:44,040 ♪ ♪ 349 00:13:48,200 --> 00:13:50,070 [line trills] 350 00:13:50,090 --> 00:13:52,060 - Hello. 351 00:13:52,080 --> 00:13:54,170 - Hey. What's up? [chuckles] 352 00:13:54,190 --> 00:13:56,160 - Has Father come on? 353 00:13:56,179 --> 00:13:58,089 - Sorry about the delay, guys. 354 00:13:58,110 --> 00:14:00,180 I had a little issue installing Zoom on my laptop. 355 00:14:00,200 --> 00:14:02,050 - No problem. 356 00:14:02,070 --> 00:14:04,010 - This project came to us about this story 357 00:14:04,029 --> 00:14:06,219 of a priest who also runs a hedge fund 358 00:14:07,000 --> 00:14:07,220 on Wall Street. 359 00:14:08,000 --> 00:14:09,070 The documentary series 360 00:14:09,090 --> 00:14:10,140 centers around the father 361 00:14:10,159 --> 00:14:12,219 as he takes on the SEC 362 00:14:13,000 --> 00:14:14,060 and Big Pharma. 363 00:14:14,080 --> 00:14:15,200 I told Mark about the project, 364 00:14:15,220 --> 00:14:17,180 and Mark was so intrigued by this priest 365 00:14:17,200 --> 00:14:19,120 that he wanted to meet him. 366 00:14:19,139 --> 00:14:21,219 Father, would you kind of just tell your story 367 00:14:22,000 --> 00:14:24,200 as far as, you know, what your "side job" is, 368 00:14:24,220 --> 00:14:26,030 and so forth? 369 00:14:26,049 --> 00:14:27,039 - Yeah. 370 00:14:27,059 --> 00:14:28,149 I'm Father Emmanuel Lemelson, 371 00:14:28,169 --> 00:14:30,029 and I'm a Greek Orthodox priest 372 00:14:30,049 --> 00:14:31,179 and an activist investor. 373 00:14:31,200 --> 00:14:33,110 Well, an activist investor typically 374 00:14:33,129 --> 00:14:35,129 gets involved with companies in order 375 00:14:35,149 --> 00:14:38,029 to protect the interest of common shareholders. 376 00:14:38,049 --> 00:14:39,139 You know, most clergy 377 00:14:39,159 --> 00:14:41,209 in the Eastern churches are married. 378 00:14:41,230 --> 00:14:45,040 A number of Orthodox clergy, we have lay vocations, 379 00:14:45,059 --> 00:14:46,149 and you learn about priests 380 00:14:46,169 --> 00:14:48,069 who are maybe doctors or lawyers, 381 00:14:48,090 --> 00:14:49,190 but apparently, there hasn't been any 382 00:14:49,210 --> 00:14:51,050 who've really worked in finance, 383 00:14:51,070 --> 00:14:54,000 at least not in the capacity I have. 384 00:14:54,019 --> 00:14:56,189 It's been controversial, 385 00:14:56,210 --> 00:14:58,150 but I've come to learn that controversy's 386 00:14:58,169 --> 00:15:00,049 not necessarily a negative thing. 387 00:15:00,070 --> 00:15:01,160 - I just thought it was fascinating-- 388 00:15:01,179 --> 00:15:02,209 a man of the cloth was also 389 00:15:02,230 --> 00:15:04,110 a man in the investment world. 390 00:15:04,129 --> 00:15:06,109 Most of the priests that I know 391 00:15:06,129 --> 00:15:08,099 stick to working for the Lord, 392 00:15:08,120 --> 00:15:10,150 but he's a multitasker. 393 00:15:10,169 --> 00:15:12,229 - As a young man, my heart's desire was to serve 394 00:15:13,009 --> 00:15:15,109 the church as a priest, but I was always aware 395 00:15:15,129 --> 00:15:17,009 of the business world, though, as well, 396 00:15:17,029 --> 00:15:19,019 and maybe it is like a second calling. 397 00:15:19,039 --> 00:15:20,159 And I think that as Christians, 398 00:15:20,179 --> 00:15:22,039 we should embrace our work, 399 00:15:22,059 --> 00:15:23,999 even in the financial world. 400 00:15:24,019 --> 00:15:25,169 - Archie, when you told me the doc, 401 00:15:25,190 --> 00:15:28,160 I was like, "I gotta meet that guy. 402 00:15:28,179 --> 00:15:30,039 I gotta meet that guy." 403 00:15:30,059 --> 00:15:31,169 It's exciting that we'll get to do 404 00:15:31,190 --> 00:15:34,000 a lot of interesting things together. 405 00:15:34,019 --> 00:15:36,149 We want to make some compelling television, 406 00:15:36,169 --> 00:15:39,079 but also, you know, with a message. 407 00:15:39,100 --> 00:15:40,140 - Yeah, absolutely. 408 00:15:40,159 --> 00:15:42,049 - And I said to Archie, 409 00:15:42,070 --> 00:15:44,080 this can really be something that's really special 410 00:15:44,100 --> 00:15:45,220 and really has an impact on people. 411 00:15:46,000 --> 00:15:46,230 And it's complicated. 412 00:15:47,009 --> 00:15:48,029 You're a complicated dude. 413 00:15:48,049 --> 00:15:49,159 You're, like--you're a priest, 414 00:15:49,179 --> 00:15:52,019 but you're also--you know, you have a hedge fund. 415 00:15:52,039 --> 00:15:53,179 - [chuckles] 416 00:15:53,200 --> 00:15:55,200 Um... 417 00:15:55,220 --> 00:15:57,110 - Father, real quick. Sorry to interrupt. 418 00:15:57,129 --> 00:15:58,229 Say hello to my beautiful wife. 419 00:15:59,009 --> 00:16:00,049 - Rhea, it's so nice to meet you. 420 00:16:00,070 --> 00:16:01,170 - Hi. Nice to meet you. 421 00:16:01,190 --> 00:16:04,040 - My wife thinks you're so beautiful, by the way. 422 00:16:04,059 --> 00:16:06,059 - Aw, thank you. - And so do I. 423 00:16:06,080 --> 00:16:08,050 All right, give me a kiss. - Okay. 424 00:16:08,070 --> 00:16:10,090 Your dinner's ready. - I ate my dinner. 425 00:16:10,110 --> 00:16:11,210 - Oh, you ate it already? - Oh, yeah. 426 00:16:11,230 --> 00:16:14,050 - That was mine. - I ate some-- 427 00:16:14,070 --> 00:16:15,160 oh, it's really good. 428 00:16:15,179 --> 00:16:17,099 Vegan pasta. 429 00:16:17,120 --> 00:16:19,010 - By the way, you know, my wife is with me too 430 00:16:19,029 --> 00:16:22,129 behind me here on the computer screen. 431 00:16:22,149 --> 00:16:25,049 - We both overachieve, Father. 432 00:16:25,070 --> 00:16:27,090 Well, Archie, we'll follow up tomorrow, 433 00:16:27,110 --> 00:16:30,010 and Father, I'll call you tomorrow. 434 00:16:30,029 --> 00:16:32,129 - You guys have a good night. Archie, take care. 435 00:16:32,149 --> 00:16:34,009 - Good night, everyone. 436 00:16:34,029 --> 00:16:37,019 [dramatic music] 437 00:16:37,039 --> 00:16:44,089 ♪ ♪ 438 00:16:47,029 --> 00:16:48,229 [line trilling] 439 00:16:53,149 --> 00:16:54,149 - What's up? 440 00:16:54,169 --> 00:16:56,089 Where are we at? 441 00:16:56,110 --> 00:16:59,020 - Good. Talked to Lev for a while this morning, 442 00:16:59,039 --> 00:17:00,219 kind of filling him in on everything again, 443 00:17:01,000 --> 00:17:03,130 but we have to figure out what we're gonna do 444 00:17:03,149 --> 00:17:05,059 'cause we're-- 445 00:17:05,079 --> 00:17:07,079 we really only have 446 00:17:07,099 --> 00:17:09,139 three weeks of cash left. 447 00:17:09,160 --> 00:17:11,000 - Yeah. 448 00:17:11,019 --> 00:17:13,079 - Since our funding source pulled out 449 00:17:13,099 --> 00:17:14,169 at the worst time, 450 00:17:14,190 --> 00:17:16,050 we had to really make 451 00:17:16,069 --> 00:17:17,139 a lot of hard decisions. 452 00:17:17,160 --> 00:17:19,100 You know, we're getting close to launch, 453 00:17:19,119 --> 00:17:21,089 so we have to get really creative on 454 00:17:21,109 --> 00:17:24,029 how are we gonna get us through the end of the year and beyond. 455 00:17:24,049 --> 00:17:27,039 I'll put together a bunch of different scenarios 456 00:17:27,059 --> 00:17:29,019 so that we can decide 457 00:17:29,039 --> 00:17:30,039 how we wanna go forward. 458 00:17:30,059 --> 00:17:31,189 - Yeah, well, a lot of people 459 00:17:31,210 --> 00:17:33,080 made a lot of sacrifice 460 00:17:33,099 --> 00:17:35,119 to launch this business, 461 00:17:35,140 --> 00:17:37,190 so, you know, if we're going into business together, 462 00:17:37,210 --> 00:17:39,030 we're betting on ourselves. 463 00:17:39,049 --> 00:17:40,109 Let's just finance it ourselves. 464 00:17:40,130 --> 00:17:41,220 You know, Lev and I are both prepared 465 00:17:42,000 --> 00:17:43,150 to step up, whatever we have to do, 466 00:17:43,170 --> 00:17:46,170 to continue to finance the business, so... 467 00:17:51,130 --> 00:17:53,120 ♪ ♪ 468 00:17:53,140 --> 00:17:54,200 - Um... 469 00:17:56,210 --> 00:17:58,020 - Hello? 470 00:17:59,170 --> 00:18:01,130 [line trills] 471 00:18:01,150 --> 00:18:02,220 [speaking native language] 472 00:18:03,000 --> 00:18:05,220 - Huh? Do you speak English? 473 00:18:09,049 --> 00:18:10,139 - Yeah. Yeah, exactly. 474 00:18:10,160 --> 00:18:12,040 - And we'll go after it. 475 00:18:12,059 --> 00:18:13,109 - Okay. 476 00:18:13,130 --> 00:18:15,200 - I'll fill you in if anything happens 477 00:18:15,220 --> 00:18:18,000 between now and the next time I talk to you. 478 00:18:18,019 --> 00:18:19,079 - All right, buddy. Hang in there. 479 00:18:19,099 --> 00:18:20,119 - Okay, you too, Mark. 480 00:18:20,140 --> 00:18:21,200 See you, man. Bye. - Bye. 481 00:18:21,220 --> 00:18:23,100 [tense music] 482 00:18:23,119 --> 00:18:24,199 - So we found ourselves 483 00:18:24,220 --> 00:18:26,200 having to scrap our whole business plan 484 00:18:26,220 --> 00:18:29,050 and start really over from the beginning. 485 00:18:29,069 --> 00:18:31,059 Now, we're trying to figure out 486 00:18:31,079 --> 00:18:34,119 what's the best avenue for Mark and Lev. 487 00:18:34,140 --> 00:18:36,200 They're like, "Let's just do it ourselves." 488 00:18:36,220 --> 00:18:39,040 But I don't have that kind of cash lying around, 489 00:18:39,059 --> 00:18:42,119 so I'm really nervous about hurting the team 490 00:18:42,140 --> 00:18:44,090 if I can't go forward. 491 00:18:44,109 --> 00:18:46,049 Like AJ on our team, 492 00:18:46,069 --> 00:18:48,019 he's a young guy, just has a family. 493 00:18:48,039 --> 00:18:50,049 Like, I wanna bust my ass 494 00:18:50,069 --> 00:18:53,039 so that that guy can buy a house someday. 495 00:18:53,059 --> 00:18:55,179 And... 496 00:18:55,200 --> 00:18:57,070 that's why we're here, you know? 497 00:18:57,089 --> 00:18:58,149 I think about that. 498 00:19:03,119 --> 00:19:06,029 [solemn music] 499 00:19:06,049 --> 00:19:08,089 - We're going through a very hard time in this country. 500 00:19:08,109 --> 00:19:09,179 At first, I was like, 501 00:19:09,200 --> 00:19:11,130 okay, we'll be shut down for a few weeks, 502 00:19:11,150 --> 00:19:12,190 just like everyone else. 503 00:19:12,210 --> 00:19:14,060 And then, of course, a few weeks 504 00:19:14,079 --> 00:19:16,119 became a month, two months. 505 00:19:16,140 --> 00:19:18,040 It really is a daunting feeling 506 00:19:18,059 --> 00:19:20,169 because it's a real possibility 507 00:19:20,190 --> 00:19:22,020 if we can't sell shows, 508 00:19:22,039 --> 00:19:24,069 that this company will go away, 509 00:19:24,089 --> 00:19:26,009 and with that, a lot of jobs. 510 00:19:26,029 --> 00:19:28,069 I'm working as hard as I ever have in my entire life, 511 00:19:28,089 --> 00:19:30,179 just scrambling to try to figure it out. 512 00:19:30,200 --> 00:19:33,010 - Hey, Archie. How are you? 513 00:19:33,029 --> 00:19:34,069 - You know, 514 00:19:34,089 --> 00:19:36,079 craziness. 515 00:19:36,099 --> 00:19:39,169 Trying to work out of your home and accomplish that all, 516 00:19:39,190 --> 00:19:40,230 it's a lot. 517 00:19:41,009 --> 00:19:44,019 Here's Wallace. - Hi, Wallace. 518 00:19:44,039 --> 00:19:47,009 Your children are so beautiful, 519 00:19:47,029 --> 00:19:48,159 Archie. 520 00:19:48,180 --> 00:19:50,060 - We're gonna get a call from Zoom. 521 00:19:50,079 --> 00:19:52,139 Cuteness overload. - [giggles] 522 00:19:52,160 --> 00:19:55,110 - 'Cause it really tests you being a great dad. 523 00:19:55,130 --> 00:19:57,050 Ryan has sent me the materials. - [babbles] 524 00:19:57,069 --> 00:19:58,119 - Sorry, that's my kid. 525 00:19:58,140 --> 00:20:00,120 And being a great business partner, 526 00:20:00,140 --> 00:20:02,210 and owning a company, you know? 527 00:20:02,230 --> 00:20:04,040 I wanna be there for my kids. 528 00:20:04,059 --> 00:20:05,229 Hey, buddy. It's so tough. 529 00:20:06,009 --> 00:20:08,169 I'm on a pitch, and my son is like, 530 00:20:08,190 --> 00:20:10,110 "Daddy, Daddy, let's play football." 531 00:20:10,130 --> 00:20:12,070 [voice breaking] You know? 532 00:20:12,089 --> 00:20:14,129 It's hard. It's hard. 533 00:20:14,150 --> 00:20:16,060 - [indistinct] 534 00:20:17,109 --> 00:20:18,099 - [laughs] Hey. 535 00:20:18,119 --> 00:20:20,109 [laughter echoes] 536 00:20:20,130 --> 00:20:23,120 [melancholy piano music] 537 00:20:23,140 --> 00:20:26,230 ♪ ♪ 538 00:20:27,009 --> 00:20:30,039 [indistinct chatter] 539 00:20:30,059 --> 00:20:31,149 - Okay, so go ahead. 540 00:20:31,170 --> 00:20:32,210 Start with the bad news, 541 00:20:32,230 --> 00:20:34,200 and then give me the worst news. 542 00:20:34,220 --> 00:20:36,220 You know, when the pandemic hit, 543 00:20:37,000 --> 00:20:38,070 you know, just a combination 544 00:20:38,089 --> 00:20:39,199 of things just started happening. 545 00:20:39,220 --> 00:20:41,210 And, you know, hundreds of thousands of people 546 00:20:41,230 --> 00:20:43,190 have been out of work with no end in sight. 547 00:20:43,210 --> 00:20:45,080 We told them what was going on... 548 00:20:45,099 --> 00:20:47,069 ...People will feel safe. Rhea, that's the problem. 549 00:20:47,089 --> 00:20:49,219 I mean, I was on eight to ten Zoom calls a day 550 00:20:50,000 --> 00:20:52,010 to make some hard decisions, but when it comes 551 00:20:52,029 --> 00:20:53,189 to the state of these businesses... 552 00:20:55,019 --> 00:20:56,169 The stakes are pretty damn high. 553 00:20:56,190 --> 00:20:59,000 I mean, there's constantly lots to overcome, 554 00:20:59,019 --> 00:21:00,129 things coming from out of nowhere. 555 00:21:00,150 --> 00:21:02,040 - There's too many COVID cases there. 556 00:21:02,059 --> 00:21:04,039 - Hold on one sec. That's my line. Hold on. 557 00:21:04,059 --> 00:21:06,149 I've got to be hands-on and, you know, 558 00:21:06,170 --> 00:21:08,140 solving problems and fixing things. 559 00:21:09,140 --> 00:21:11,150 - What do you mean you have to go back and look? 560 00:21:11,170 --> 00:21:13,130 Everybody that I'm involved with 561 00:21:13,150 --> 00:21:16,090 has good, hard-earned money involved in these businesses. 562 00:21:16,109 --> 00:21:18,119 Why wasn't I asked if it was okay? 563 00:21:18,140 --> 00:21:20,220 Tom, what the fuck is going on? 564 00:21:21,160 --> 00:21:24,000 - Do you see the number that you're responsible for 565 00:21:24,019 --> 00:21:26,179 versus the number that I'm responsible for? 566 00:21:26,200 --> 00:21:28,040 - [sighs] 567 00:21:28,059 --> 00:21:29,179 - All right, I'm gonna hang up on you now. 568 00:21:29,200 --> 00:21:31,120 [dial tone] 569 00:21:31,140 --> 00:21:34,000 Are you fucking kidding me? 570 00:21:35,170 --> 00:21:37,060 - Going into this pandemic, 571 00:21:37,079 --> 00:21:40,149 there is nothing but problems every day 572 00:21:40,170 --> 00:21:41,170 in business. 573 00:21:41,190 --> 00:21:43,050 My philosophy and outlook 574 00:21:43,069 --> 00:21:44,149 on it is, 575 00:21:44,170 --> 00:21:46,030 you not only need to have the vision 576 00:21:46,049 --> 00:21:47,169 and be passionate, but you have 577 00:21:47,190 --> 00:21:49,060 to be a really good problem solver. 578 00:21:49,079 --> 00:21:51,089 Any type of problem that comes your way, 579 00:21:51,109 --> 00:21:53,229 you have to have the answers and the solutions. 580 00:21:54,009 --> 00:21:56,049 [dial tone] 581 00:21:56,069 --> 00:21:59,069 [tense music building] 582 00:21:59,089 --> 00:22:01,069 ♪ ♪ 583 00:22:04,170 --> 00:22:06,020 The more I think about it, 584 00:22:06,039 --> 00:22:07,129 the more I think I should have my hands 585 00:22:07,150 --> 00:22:09,020 in the businesses on a day-to-day. 586 00:22:09,039 --> 00:22:11,089 Have all the right people that make decisions. 587 00:22:11,109 --> 00:22:12,169 I got to go out there and actually 588 00:22:12,190 --> 00:22:14,090 really handle it myself. 589 00:22:14,109 --> 00:22:16,099 [dramatic music] 590 00:22:16,119 --> 00:22:17,209 And, um, ultimately, 591 00:22:17,230 --> 00:22:20,110 I have to stop the bleeding. 592 00:22:20,130 --> 00:22:22,110 And it has to happen immediately. 593 00:22:22,130 --> 00:22:24,110 It's about fucking time! 594 00:22:28,220 --> 00:22:31,120 - ♪ Get ready, get, get, get ready ♪ 595 00:22:31,140 --> 00:22:34,040 ♪ Get, get ready, get, get, get ready ♪ 596 00:22:34,059 --> 00:22:35,229 ♪ Get, get, get, get, get, get, get ♪ 597 00:22:36,009 --> 00:22:37,189 ♪ Get, get, get, get, get, get, get, get ♪ 598 00:22:37,210 --> 00:22:39,140 ♪ ♪ 599 00:22:39,160 --> 00:22:41,020 ♪ It's game time ♪ 600 00:22:41,039 --> 00:22:44,019 [vocalizing] 601 00:22:44,039 --> 00:22:51,079 ♪ ♪ 602 00:22:53,019 --> 00:22:55,999 - ♪ Hey, hey, hey, hey ♪ 603 00:22:56,019 --> 00:22:59,009 ♪ Hey, hey, hey, hey ♪ 604 00:22:59,029 --> 00:23:00,019 ♪ Hey ♪ 605 00:23:00,039 --> 00:23:02,009 ♪ Hey, hey, hey ♪ 606 00:23:02,029 --> 00:23:04,019 ♪ ♪