This week has been full of activity for the Magic of YPO executive cast.

There has been little news from Disney or Universal.  Disney did not release employee schedules as they would normally have done and nobody expects that they will open as promised on 01 April 2020.

Cirque has furloughed (or fired) almost all of their employees including cast members in Disney’s Drawn to Life production that was schedule to preview on 20 March.

We have been meeting with counsel to discuss our strategy to protect our exposures and recover our expenditures.

So we can share the same information this week that we shared last week.

• Our financial exposure remains the same as it was before.
• Much of that exposure is covered by force majeure provisions that may or may not be operable under today’s circumstances.  If they are not operable today, they likely will be shortly given trends in social distancing around the world.
• When we assert force majeure, a failure to performance under contract will not be a breach and we can postpone the event subject to terms satisfactory to us.
• Do not increase your own financial exposure to the event; we are advising that you do not purchase non-refundable travel at this time.
• Remember that your hotel reservations are cancellable at any time up to five days before the event without penalty to you; so you have time to mitigate this exposure.

We appreciate your continued patience and exceptional tolerance of uncertainty.  We plan to have a final determination by 13 April 2020.

In our companies and homes we are doing all we can to keep people safe, preserve resources and maintain liquidity.  It only seems reasonable to do so here as well.