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Five Points / 1006 / Woolworth / SBA — operational reconstruction

Written: 2026-05-08, from RFH-tenant M365 mail mining (topic 9 of todo/parallel-mining-sessions.md). Expanded: 2026-05-09, after deep-dive into Gmail ([email protected]), pre-2025 RFH M365 mail, and the full Pearce-Bevill / Memory-Legal / Walding-LLC paper trail. The expanded sections appear as §§12–18 at the end of this file.

Purpose: ground-truth narrative of the Birmingham building (1006 20th St S), the defunct/bankrupt operating entities (1006 20th St S LLC and The Woolworth LLC), the live-but-pre-revenue holding entity (Five Points BHM LLC), the SBA-EIDL collection saga, and the day-to-day operational cadence (Edgewood property management, Pearce Bevill bookkeeping, leasing). Existing repo references — context/entities.md "Five Points BHM LLC", decisions/log.md 2026-04-19 SBA treatment, accounting/vendor-mappings.md Five Points + 1006 sections, accounting/afr-loan-amortization-template.md — were written before this email mining and contain at least one significant misframing (the SBA loan is on The Woolworth LLC, not 1006 20th St S LLC, and the original obligor is Hunter [Austin's brother], not Austin — Austin only signed a personal guarantee on one specific loan). This file supersedes those framings where they conflict.

TL;DR — what was right, what was wrong, what was missing

What the repo had right:

  • Five Points BHM LLC owns the 1006 20th St S building outright via foreclosure on the ServisFirst note. ✓
  • Funded by an AFR-rate loan from Austin's parents. ✓
  • Five Points is pre-revenue. ✓ (but actively leasing — see §6 below)
  • ~$7,965/mo flowing out of Five Points Brex 5803 to "SBA EIDL LOAN". ✓
  • $500/mo "EDGEWOOD PARTNER SETTLEMENT" = utility passthrough cadence (not a legal settlement). ✓
  • Pearce Bevill bills Five Points separately from RFH ($6,250 + $18,300 in Mar 2026). ✓
  • Austin's personal guarantee drives the SBA payments; Five Points doesn't carry the SBA liability on its books. ✓ (treatment is right)

What the repo had wrong:

  • "SBA still has an uncollateralized note against defunct 1006." → WRONG. The active EIDL collection is on The Woolworth LLC, loan #4300957803 (the "7803" loan), not 1006. There is a separate $150K loan to 1006 20th St S LLC, but Austin is NOT a personal guarantor on it (confirmed Oct 2 2025 with Stuart Memory). So the SBA collection drama is entirely a Woolworth issue.
  • The primary SBA EIDL is described in the repo as Austin's. → WRONG. Hunter Renfroe (Austin's brother) is the original borrower; Austin is only a personal guarantor. Austin had thought he was not on the EIDL docs at all (confirmed this with Hunter back in 2021); Stuart Memory confirmed Sep 26 2025 that Austin's personal guarantee is on file for Loan 7803.
  • "Original financing on 1006 20th St S LLC: ServisFirst Bank (purchase loan) + SBA (operating loan / EIDL)." → PARTIALLY WRONG. ServisFirst was on 1006 (correct). The EIDL was on Woolworth, not 1006 (corrected). The $150K SBA loan was on 1006 (separate, smaller, Austin not a guarantor). And there is at least one fourth SBA loan, charged off, visible in the SBA portal — character TBD.

What was missing entirely:

  • The Aug 2025 family-office handoff to Chuck Murphy (Austin's friend, not brother — confirmed 2026-05-09; formerly relied on Laurence Reeves who departed). Chuck operated from Waterloo Capital while in role, partnered with Michelle Kultgen, Managing Director at Waterloo. Note 2026-05-09: Chuck is no longer running RFH family-office operations (per Austin); end-date of his tenure and current ops-lead identity TBD. The historical record below covering Aug 2025–early 2026 reflects the period when he WAS the operational layer between Austin and the Birmingham team.
  • The late-2025 dissolution-vs-keep analysis for 1006 + Woolworth (concluded: keep — dissolving would trigger immediate SBA repayment).
  • The Nov 2025 property-tax protest that cut the 2026 1006 property tax bill in half (Walter Scott Law engaged via Skinner Legal).
  • The Oct 2025 Edgewood billing change from auto-ACH-draw to invoicing — explains why Brex memos may shift cadence going forward.
  • Active leasing activity in 2026: Edgewood + The Retail Companies (TRC, brokers Bill Clements & Brooks) are actively marketing 1006 to prospective tenants. LOIs being drafted/circulated as of April–May 2026. Five Points is no longer "pre-revenue" — it is "pre-revenue, imminently leasing".
  • A full inventory of the four SBA loans Austin can see in the SBA portal: the $500K Woolworth EIDL (#7803), a larger ~$1.2M loan, a $150K loan to 1006, and a fourth charged-off loan.
  • The Dec 23, 2024 recorded Assignment of Mortgage (Jefferson County Probate, Instrument # 2024117943) from ServisFirst → Five Points → (then) presumably a further assignment/note from Five Points to Austin's parents. The exact chain still has one undocumented leg: the AFR loan promissory note between Austin's parents (lenders) and Five Points (borrower). Austin asked Stuart Memory for that document Sep 9 2025; Stuart said "I'll start looking." Status: still missing as of last data point.

1. Entity / loan map (corrected)

Three legacy entities, two of which are bankrupt/defunct:

  1006 20th St S LLC (DEFUNCT, bankrupt)
    └─ owned the 1006 20th St S building (commercial real estate)
    └─ original financing: ServisFirst Bank (senior, purchase) + small SBA
       loan ($150K)
    └─ co-owned by Austin, Austin's brother Hunter, and a third partner;
       Austin's stake was ~33%
    └─ status now: shell, kept open intentionally to preserve SBA's claim
       against the entity rather than against guarantors

  The Woolworth LLC (DEFUNCT, closed)
    └─ operated a bar inside the 1006 building (different legal entity from
       1006 LLC, but operationally tied to it)
    └─ took the BIG SBA EIDL (#4300957803, "loan 7803", ~$500K original)
       during COVID — Hunter signed as borrower; Austin signed personal
       guarantee
    └─ status now: shell, kept open intentionally for the same reason as
       1006 (dissolution would trigger immediate SBA repayment)

  Five Points BHM LLC (LIVE)
    └─ formed post-bankruptcy by Austin (sole member)
    └─ funded by AFR loan from Austin's parents
    └─ used the parental loan to BUY the ServisFirst Bank note against 1006
       (paying ServisFirst ~$2.33M to take its place as senior creditor;
       Brex shows $2,325,725 wire to ServisFirst Bank "FCC: 1006 20th
       Stree")
    └─ then foreclosed on the building through that note
    └─ owns 1006 20th St S building outright today
    └─ Brex •••• 5803 is its operating account
    └─ pre-revenue (no rent yet) but actively leasing

Three SBA loans + one charged-off:

  Loan 7803 (Woolworth EIDL, ~$500K original) — ACTIVE COLLECTION
    └─ Hunter Renfroe is borrower
    └─ Austin signed personal guarantee
    └─ "formerly charged off" — was off Austin's radar until
       Sep 13 2025 when SBA sent three rapid acceleration notices
    └─ this is the one driving the $7,965.60/mo Brex outflow from Five
       Points. NOT a Five Points obligation legally — Austin pays it
       personally (booked as Five Points → Austin distribution → Austin
       personal payment of guaranteed debt)

  Loan ~$1.2M (entity TBD — likely Woolworth or 1006)
    └─ visible in Austin's SBA portal but not currently being actively
       collected. Status TBD.

  Loan $150K (1006 20th St S LLC EIDL or operating)
    └─ Austin is NOT a personal guarantor (confirmed Oct 2 2025)
    └─ collection posture currently passive / not pursued

  Fourth loan (CHARGED OFF)
    └─ visible in Austin's SBA portal in charged-off status
    └─ details unknown

Cadence reminder: the $7,965.60 monthly Brex EIDL debit is paying down Loan 7803 only. The other three SBA loans are not currently being paid.

2. The 2024 ServisFirst → Five Points assignment (recorded record)

The transaction that put Five Points in first position over 1006 was completed in late 2024, with the recorded paperwork sent Dec 23, 2024:

  • Walding, LLC (Brian Walding, Donna Knotts Byrd) — counsel handling the assignment from ServisFirst's side
  • Memory Memory & Causby, LLP (Stuart H. Memory, McKenna J. Meldrum) — counsel from Renfroe-family-side; Montgomery, AL
  • Recorded: Office of the Judge of Probate of Jefferson County, AL, Instrument # 2024117943
  • What was recorded: Assignment of Mortgage and other recorded loan documents — ServisFirst → Five Points BHM Holdings, LLC
  • Five Points address used on the recording: 210 Lavaca Street #3101, Austin, TX 78701 (Austin's W3101 unit)
  • Brex anchor: $2,325,725 wire from Five Points (Brex 5803) to ServisFirst Bank, memo "FCC: 1006 20th Stree" (recorded 2024-Q4 in the Brex history). This is the basis of the note Five Points acquired.

The undocumented leg (Sep 9, 2025): Austin asked Stuart Memory for "the note between me and my parents for the loan between them and me that funded the Five Points/ServisFirst transaction." Stuart's response: "It'll take some digging, but I'll start looking. Pretty sure I have it." As of the last data point, no signed promissory note has surfaced in email. This is the Priority 1 AFR-compliance gap already flagged in accounting/afr-loan-amortization-template.md §1 and tax/2025-filing-prep.md Q12 — the email mining confirmed the gap is real, not an oversight in our records.

3. The 2025 SBA EIDL collection saga

This is the most active legal/operational thread on Five Points / Woolworth. Chronology, paraphrased from RFH-tenant mail:

Date Event
2025-09-13 Austin receives three rapid-fire acceleration notices from the SBA on the (formerly charged-off) Woolworth EIDL. Forwards to Stuart Memory: "Bad news. ... please advise."
2025-09-19 Stuart contacts SBA's Anna Sadler; she routes him to [email protected] (separate department). Stuart reports: "I got nowhere with the SBA. Apparently, EIDL loans are a different department."
2025-09-23 Stuart emails EIDL servicing requesting status of Loan #4300957803.
2025-09-25 Austin re-confirms his understanding ("I confirmed with Hunter that I wasn't on the EIDL docs as anything"). Stuart corrects him: "You signed a personal guarantee for this loan."
2025-09-29 Jana (Austin's mother) flags the SBA portal /manage-your-eidl URL for tracking.
2025-10-03 Austin confirms portal access. Reports seeing four loans in his SBA portal: $500K Woolworth EIDL, ~$1.2M loan, $150K loan to 1006 20th St S, and a fourth charged-off.
2025-10-10 Stuart asks Austin for a power-of-attorney signature so he can talk to SBA on Austin's behalf. Austin signs Oct 10–12 (scanned + wet copy). Stuart's mailing address: 469 South McDonough Street, Montgomery, AL 36104.
2025-10-20 Stuart sends POA to EIDL processing system. Michelle Kultgen (Waterloo) starts contacting SBA in parallel to negotiate a payment plan.
2025-10-24 Stuart reports: still no answer from SBA Birmingham or national offices. Cites SBA's published district status (sba.gov/district/alabama) — limited support due to staffing/shutdown posture.
2025-10-29 Austin: "should we just hang tight and not bother with this until we hear from them again?" Stuart: "Honestly, I think there is nothing to do right now."
2025-10-30 Decision: set a reminder for January 2026 to check back in. No further substantive movement through Apr 2026 in the mail thread.

What this means for the books:

  • Five Points keeps paying $7,965.60/mo via Brex 5803 to "SBA EIDL LOAN" on the original schedule. This was the legal posture from before the 2024-Q4 charge-off-and-resurrection cycle and Austin has chosen to keep paying it on autopilot.
  • Stuart's negotiation with the SBA EIDL servicing department had not produced a settlement, payment plan modification, or stoppage as of the last email exchange in late October 2025.
  • Michelle Kultgen's parallel SBA contact: Oct 2 2025 mention only — no status update visible in mail through May 2026.

4. The 1006/Woolworth dissolution decision (Sep–Oct 2025)

When Chuck Murphy (Austin's friend, not brother — confirmed 2026-05-09; no longer in role as of that date) took over family-office coordination in August 2025, one of his early action items was to evaluate whether the two defunct shell entities (1006 20th St S LLC and The Woolworth LLC) should be formally dissolved. Tracked through Sep–Oct 2025 in mail.

Conclusion: do NOT dissolve.

Rationale (per Chuck's recap, Nov 29 2025): "Analyzed whether 1006 and Woolworth could/should be dissolved — answer is no because would require immediate repayment of SBA loan."

The shells stay open intentionally to preserve the SBA's recourse against the entities (which is partial / mostly uncollectible) rather than collapsing the debt onto guarantors immediately. As long as the LLCs exist, the loans are "loans against an entity"; dissolution would crystallize the obligation on guarantors immediately.

What this means for the books:

  • The Brex 0926 account (1006 20th St S LLC defunct, zero balance) should not be closed until the SBA dust fully settles — premature closure could be construed as dissolving the entity. Override prior plan to close it after the 2024 data pull.
  • Annual filings for 1006 20th St S LLC and The Woolworth LLC need to be maintained (registered agent, annual reports) — see §7 below.

5. 1006 building OpEx — Edgewood property management cadence

Edgewood Partners (DBA Edgewood CRE, edgewoodcre.com, 2730 19th Street South, Birmingham AL 35209) is the property manager for the 1006 building. Active contacts:

  • Jeff Chopin ([email protected]) — main account contact
  • Joshua Allan, ACoM ([email protected]) — Senior Property Manager, direct 205.994.8463
  • Uses AppFolio for property inspection reports + Real Estate Management Reports (sent monthly)
  • Earlier vendor labels in Brex: Edgewood Partner (recurring $500 "SETTLEMENT") and Edgewood Partners, LLC (one-off larger amounts — see accounting/vendor-mappings.md "Five Points BHM / 1006 building — additional vendors")

OpEx categories Chuck paid Nov 7, 2025 (paraphrased from work-done-ITD recap; serves as the canonical 1006-building OpEx list):

  1. Electric (Alabama Power)
  2. Water
  3. Fire (likely Pye Barker FS — vendor [email protected], "2022 - Five Points BHM" thread is fire system / sprinkler / alarm)
  4. Business district (Downtown Birmingham CAP — [email protected], "CAP Invoice")
  5. Property taxes (Jefferson County)

Plus already-recurring categories from Brex history (vendor-mappings):

  • Insurance (one big lump — INSURANCE PMT IN $32,204 across 2 txns)
  • Building services (T2 Building Services, Dirt and Grime)
  • Birmingham legal (David C. Skinner LLC)
  • Bill.com / billpay services
  • Property tax (JEFFCOTAXCOLLECT $52,261)
  • Special assessment (CITY CENTER DIST $10,780)

Important billing-cadence change (Oct 24, 2025): Chuck got Edgewood to switch from automatic ACH draws to invoicing. Going forward, Edgewood sends an invoice → Five Points pays explicitly, rather than Edgewood pulling on a recurring schedule. This means:

  • Future Brex "EDGEWOOD PARTNER" debit cadence will look different from the pre-Oct-2025 pattern (where it was always ~$500 monthly auto-ACH).
  • The April 2026 spike to $1,563.24 may have been the first invoice-style larger settlement after the cadence change — confirm against subsequent months.

Insurance renewal (April 2026): Five Points BHM's commercial property insurance policy expired 04/22/2026. Long email back-and-forth among Austin / Jeff / Joshua across April 22 – May 2 to get the renewal documented. The "2026-04-15 [email protected]" real-estate-management report carries the routine monthly cadence; the renewal exchange was a stress event that almost lapsed (Joshua: "Reaching out because Jeff hasn't gotten a response on the insurance from you. The current policy is expiring tonight.").

6. Active leasing activity (2026) — Five Points is leaving "pre-revenue"

Edgewood + The Retail Companies (TRC) are actively marketing 1006 building space to prospective tenants. TRC contacts:

Threads in active circulation:

  • "LOI 1006 20th St S-1.docx" — letter of intent draft circulating since Mar 30, 2026, with iterations through Apr 13 2026. Counterparty TBD from email envelopes; Bill is forwarding.
  • "Five Points South" — separate active thread (May 5–6, 2026), Bill forwarding to Jeff and Austin. Likely a different prospective tenant.
  • "Woolworth team monthly huddle" — recurring monthly meeting between Edgewood, TRC, and the Renfroe team (Austin + Chuck + others). Cadence established mid-2025.
  • "Five Points Holdings (1006 20th St S) Monthly Meeting" — Apr 17 2026 recurring meeting set up by Austin with Edgewood (Joshua) and TRC (Bill, Brooks). Replaces some of the ad-hoc Woolworth-thread coordination.

What this means for the books: as soon as a tenant signs and starts paying rent, Five Points BHM moves from pre-revenue commercial holding to operating commercial rental — triggering changes to the chart of accounts and Schedule E preparation. Worth flagging to Pearce.

7. Five Points compliance / corporate housekeeping issues

Five Points BHM Notice of Forfeiture of Right to Transact Business (Nov 12, 2025) — Alabama Secretary of State filed a notice of forfeiture against Five Points BHM Holdings, LLC. Likely cause: missed annual report filing or franchise tax. Don Buck at Pearce Bevill ([email protected]) weighed in same day. Status of cure: not visible in mail thread; assume remediated (the entity is still doing business per ongoing leasing activity) but worth confirming.

2022 - Five Points BHM thread (Nov 6–13, 2025) with Pye Barker FS ([email protected]) and Edgewood — appears to be a fire-system / alarm / sprinkler service question with a 2022-dated invoice or document needing reconciliation. Likely operational, not financial.

1006 LLC / The Woolworth LLC — Re-Stated Balance Sheet 2023 (mail thread ongoing, peaked May–Oct 2025) — Pearce is reconstructing the 1006 + Woolworth 2023 balance sheets. Hunter ([email protected]) and Laurence (then-CFO, departed mid-2025) were involved. Now Chuck/Michelle. By Oct 27–28, 2025, Pearce had delivered Woolworth financials to Chuck/Michelle in a Birmingham in-person meeting. This is upstream of Pearce's 2024 tax return work for these entities (separate "2024 tax return" thread, also 2025, with [email protected]).

Property tax protest, 1006 building (Nov 2025) — Chuck engaged Walter Scott Law (Walter, Jessica) via David Skinner — produced a successful protest that cut the 2026 property tax bill in half. Concrete $-impact deferred to next bill cycle but worth flagging in tax/.

8. The cast — who does what in the Birmingham / SBA / Renfroe-family layer

Person / firm Email Role
Austin Renfroe [email protected] sole owner of Five Points; PG on Loan 7803
Hunter Renfroe (presumably [email protected]) borrower on Loan 7803 (Woolworth EIDL); co-owner of legacy 1006 LLC
Eugene "Gene" Renfroe [email protected] / [email protected] Austin's father; AFR-loan lender
Jana Renfroe [email protected] Austin's mother; AFR-loan lender
Chuck Murphy [email protected] Austin's friend (confirmed 2026-05-09; not brother); was RFH family-office operations lead Aug 17 2025 → end-date TBD; based at Waterloo Capital while in role; no longer running RFH FO as of 2026-05-09
Laurence Reeves [email protected] predecessor RFH operations lead; departed mid-2025
Michelle Kultgen [email protected] Managing Director, Waterloo Capital Family Office Services; partnered with Chuck since Sep 8 2025; project manager for Mexico restructuring + SBA negotiation
Stuart H. Memory [email protected] Memory Memory & Causby, LLP (Montgomery AL); Renfroe-family-side counsel for SBA + ServisFirst assignment + bankruptcy posture
McKenna J. Meldrum [email protected] Memory Memory & Causby attorney; worked the 2024 ServisFirst assignment paperwork
Walding, LLC [email protected] (Donna Byrd) / [email protected] (Brian Walding) Birmingham counsel for ServisFirst's side of the 2024 assignment
Robert E.L. Gilpin [email protected] Gilpin Givhan PC; involved in early thread cc's around the assignment
Kaz Espy [email protected] The Espy Firm; Birmingham counsel for 1006 wind-down (already in vendor-mappings.md for $1,400 from defunct 1006)
David C. Skinner [email protected] Birmingham counsel (already known) — engaged Walter Scott Law for property-tax protest
Walter Scott [email protected] / [email protected] Property tax protest counsel (Birmingham); Nov 2025 engagement
Don Buck (Pearce Bevill) [email protected] Pearce's account lead for Five Points / Woolworth / 1006
Anna Sadler [email protected] SBA Commercial Loan Servicing Center, Assistant Center Director for CAIVRS Operations; Stuart's first contact at SBA
Edgewood CRE — Jeff Chopin [email protected] Property manager, primary account contact
Edgewood CRE — Joshua Allan, ACoM [email protected] Senior Property Manager, day-to-day operations
TRC — Bill Clements [email protected] Leasing broker for 1006 building
TRC — Brooks [email protected] Leasing broker, secondary
First Horizon Bank — Garrett Kobs / Dawn Wolfe / Matt Westervelt / Ana Cestti / Nacol Waligura [email protected] NOT Five Points-related — handled Austin's W3101 personal-condo refi (Oct–Dec 2025); ServisFirst had a stale lien on W3101 that needed clearing for that refi. The "Release of Lien for ServisFirst Bank" thread (Oct 2025) is about W3101, not Five Points

9. What this means for the open advisory list

Items that should be added or sharpened in todo/for-austin.md, todo/for-advisors.md, or todo/remaining-work-summary.md:

For Austin:

  1. Locate the AFR promissory note between his parents and Five Points that funded the ServisFirst note acquisition. Stuart was looking as of Sep 9 2025 — follow up. If never papered, escalate to Pearce + Skinner Legal for reconstruction (already noted in accounting/afr-loan-amortization-template.md §1; this email evidence is the latest data point and should be cross-linked).
  2. Inventory the four SBA loans in Austin's SBA portal — sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan/manage-your-eidl — and document each: original principal, current balance, status, collection posture, Austin's PG status. Currently we only have full detail on Loan 7803.
  3. January 2026 SBA check-in — Stuart Memory's reminder. Has the SBA EIDL servicing department come back with anything? Austin's default action is to hold-and-keep-paying-via-Brex; Michelle was pursuing a payment plan negotiation in parallel.
  4. Confirm Five Points BHM Notice of Forfeiture cure (Nov 12 2025). If still in forfeiture, the entity's right to transact business in Alabama is impaired — affects any active LOI / lease.

For advisors (Pearce Bevill primarily):

  1. The $7,965.60/mo EIDL booking treatment is on the right track but rests on the assumption that Austin's PG → personal payment of the guaranteed debt is the right framing once the loan is officially in collection from the SBA. Pearce should confirm whether the resurrection-from-charge-off changes anything (no reasonable expectation it does, but worth asking).
  2. 2023 1006 + Woolworth restated balance sheets — confirm Pearce has finalized these (they were in flight Oct 27–28, 2025 with Chuck and Michelle). These feed into the ongoing 2024 return work.
  3. 2026 property tax savings from Walter Scott Law protest — roughly half of the prior year's bill saved. Document for Schedule E / Five Points P&L planning. Walter/Skinner may bill on a contingency or fee basis — the engagement structure should be documented.
  4. Once a tenant signs: chart-of-accounts changes for Five Points moving from holding to operating (rental income, lease commissions to TRC, leasehold improvement amortization, etc.).

For Memory Legal (Stuart):

  1. AFR note search — promised Sep 9 2025, no update since. Follow up.
  2. Loan 7803 status as of January 2026 — the agreed reminder date.
  3. The other three SBA loans — what is Austin's exposure on each? What is the formal posture on each?

10. Open questions still unresolved after this mining pass

  • The exact original principal of Loan 7803 ($500K is the figure Austin cited Oct 3 2025; Stuart's email referenced the same loan but did not confirm the principal independently).
  • The identity of the entity behind the ~$1.2M loan seen in Austin's SBA portal — Woolworth or 1006? Charged off or active?
  • The identity of the fourth charged-off loan entirely.
  • Whether Michelle Kultgen's Oct 2 2025 SBA contact ever produced a payment plan offer.
  • The identity of the LOI counterparty in "LOI 1006 20th St S-1.docx" — TBD from broker thread context (Bill Clements at TRC is forwarding).
  • Whether Five Points BHM's right to transact business in Alabama was reinstated after the Nov 2025 forfeiture notice.
  • The exact payoff structure / amortization schedule of the AFR loan from Austin's parents — still no signed promissory note surfaced; the amortization template at accounting/afr-loan-amortization-template.md §1 remains TBD.

11. Cross-references

  • context/entities.md "Five Points BHM LLC" — sections need correction per §TL;DR above (SBA loan is on Woolworth not 1006; Hunter is borrower not Austin)
  • decisions/log.md 2026-04-19 "Casa Moksha SBA payments as personal (not Five Points) liability" — note title is misleading; the loan is the Woolworth EIDL, not Casa Moksha-related at all. The booking treatment is right; the entity attribution in the title needs a cleanup entry.
  • accounting/vendor-mappings.md Five Points BHM section — recurring cadence is right; add note on Oct 24 2025 ACH-to-invoice change
  • accounting/afr-loan-amortization-template.md §8 — Austin's parents' TIN + signed note + funding date are still gaps. Email confirms.
  • tax/2025-filing-prep.md Q12 (AFR loan) and Q13 (SBA pass-through booking) — both still relevant; Q13 should be sharpened with the Loan-7803-not-1006 correction.
  • Synology /mnt/synology-cloud/GDrive/Discovery Tranch 3/9. Woolworth and 1006 financial statements/ — has Woolworth historical financials 2018–2019 + a Nov 2023 Woolworth balance sheet + a Woolworth Combined Cap Table. These are historical bookkeeping, not the live SBA collection record.

Expansion — 2026-05-09 deeper mining pass

The original §§1–11 above were written from one mining pass. A second pass (Gmail + earlier-dated M365 mail + the Pearce-Bevill engagement paper trail) fills in pre-2024 history, identifies more counterparties, and adds detail on the SBA-loan-portfolio shape and the AFR-loan structure. The expansion is additive — corrections to the §§1–11 framing are called out explicitly where they apply.

§12. Pre-foreclosure history (2018–2024) — what came before Five Points

The Birmingham building and the entities that operated inside it have a long pre-RFH history. Important for both basis and tax-attribute analysis.

§12.1 Original ownership (1006 20th St S LLC, multi-member)

1006 20th St S LLC was a multi-member LLC held by Austin, his brother Hunter Renfroe, and at least one third party. It owned the 1006 20th St S commercial building. Inside the building, multiple operating businesses ran as separate legal entities:

  • The Woolworth LLC — bar / restaurant operating business inside 1006. Multi-member at points; Murray Brown signed a "Woolworth Term Out" agreement Feb 2, 2023 (DocuSign), suggesting he was a co-investor or co-owner being bought out / removed at that point.
  • The Hive BHM LLC — third entity in the Birmingham mix. Synology confirms a Feb 7, 2024 financial statement for "The Hive BHM LLC" sitting alongside the Woolworth files; relationship to 1006 / Five Points / Austin not yet pinned down. Possibly Hunter's separate venture; the Nov 13–17, 2020 "Grand Opening of The HIVE in Five Points South" mass-RSVP emails came from [email protected]. Worth confirming with Hunter and Pearce whether the entity has any Austin-side exposure.
  • Urban Parc — a tenant business that leased space in 1006 and paid rent to 1006 LLC. The "Urban Parc Rent Payment and Debt Service" thread ran heavily Aug 2023 (Roger Spain at Warren Averett, Hunter, AJ Mercer and Kayla Mitchell at Orchestra Partners). Urban Parc later became a litigation matter — see §15 below.

§12.2 Pre-foreclosure ServisFirst loan portfolio

Austin's full ServisFirst Bank relationship spanned multiple loans, only one of which was 1006-related. From Gmail archive search:

  • 1006 20th St S (the senior loan that Five Points eventually acquired — see §13 below). Servicing contact: Matt Dennis ([email protected]).
  • Woolworth Building / The Hive — additional ServisFirst loans also secured by the 1006 building (per Jul 14 2023 thread "ServisFirst Bank Loans secured by The Woolworth Building/The Hive" with Matt Dennis and James Sellinger at Ajax Partners).
  • 2205 Morris — separate ServisFirst loan, not Five Points-related.
  • 1620 3rd Ave N — separate ServisFirst loan, not Five Points-related.
  • 210 Lavaca St 3109 — separate ServisFirst loan, not Five Points-related.
  • 433 Oceana LOC — separate ServisFirst line of credit on the fideicomiso-held condo, still active as of 2024 (per Pearce 2024-tax- return list). Servicing contacts: Shelly Finney (SFinney@), John Anderson (JAnderson@).
  • Personal Line of Credit (PLOC) — separate from all of the above, renewed annually. Renewal contact: Sophie Membrino ([email protected]). Latest renewal email May 5, 2026.
  • Dormant ServisFirst checking account flagged by Layla Bryant ([email protected]) Mar 12–13, 2026 — needs closing; not the same as the 1006-defunct Brex 0926 (which Five Points should NOT close, per §4 above). This is an actual ServisFirst checking that's separate from the loan history.

The takeaway: ServisFirst was Austin's primary commercial bank for ~5+ years pre-foreclosure. The repo's framing of "ServisFirst was the 1006 mortgagee" understated the relationship breadth. The 1006 buyout was one loan; the rest of the relationship continues.

§12.3 The TEN-X auction attempt (Feb 2024)

Before the foreclosure path was chosen, Hunter attempted to sell 1006 through a TEN-X commercial real-estate auction. Email thread "TEN-X Auction: 1006 20th St S, Birmingham, AL" runs Feb 6–8, 2024 with Hunter forwarding listing details. Outcome: the auction did not produce a successful sale — implied by the subsequent foreclosure-path planning that began later in 2024. Worth understanding for any §1031-related or basis-related questions Pearce might ask: 1006 was on the public market in early 2024 and chose not to sell.

§12.4 Pre-foreclosure CPA and bookkeeping (Warren Averett / Orchestra Partners)

1006's books were kept by Warren Averett (Will Aderholt, Roger Spain, Claiborne Morris) through at least August 2023. Hunter ran day-to-day from Orchestra Partners (Hunter Renfroe, AJ Mercer, Kayla Mitchell, Henry Costa, John Boone — all @orchestra-partners.com). Pearce Bevill did not handle 1006/Woolworth pre-2024.

§12.5 First SBA-distress signal (Nov 2020)

The earliest SBA-related touchpoint in Austin's records is Nov 30, 2020: "Letter for SBA r.e. 1006 20th Street South LLC" from Henry Costa (Orchestra Partners). Likely a COVID-era forbearance / hardship request. This pre-dates the SBA EIDL Loan #4300957803 collection saga (the EIDL loans were issued during 2020 as part of COVID relief, so this letter is contemporaneous with the loan funding). Implies Hunter/Orchestra Partners already knew 1006 was struggling at the start of the COVID period.

§12.6 The 2022–2024 distress arc

Email traffic pattern shows 1006 progressively distressed:

  • 2022: address updates with ServisFirst (Jul 19 2022 thread); routine servicing.
  • Feb 2023: Murray Brown signs Woolworth Term Out (Feb 2, 2023); Woolworth itself winding down.
  • Mar 2023: 1006 LLC issues 2022 K-1; Hunter wiring debt-service payments.
  • Apr–May 2023: Austin starts contributing money to keep 1006 afloat ("Austin Contributions for 1006" thread, Apr 22, 2023).
  • Jul–Aug 2023: Urban Parc rent / debt service thread heavy. Employee Retention Credit (ERC) work for Woolworth (likely COVID refund recovery).
  • Sep 2023: Will Aderholt at Warren Averett still doing 1006 financials.
  • Nov–Dec 2023 and Jan 2024: ongoing 1006 servicing; Hunter coordinating wires; Stephen Reynolds at Pillar 3 LLC ([email protected]), Kimberly McCall at BBRC ([email protected]), Will Tucker at MCRM PM ([email protected]) all entering the SBA-related thread — likely SBA loan brokers / consultants Hunter had engaged to evaluate options.
  • Feb 2024: TEN-X auction listed and unsuccessful (§12.3).
  • Mar–Apr 2024: still active SBA correspondence on Loan #9651575003 (Hunter Apr 2 2024).
  • Mid-2024: foreclosure path chosen. Memory Legal engaged sometime between Apr and Sep 2024 (first Stuart Memory email visible Sep 26, 2024 — subject simply "Woolworth").

This timeline matters because: (a) the AFR loan from Austin's parents needed to be in place by Dec 2024 to fund the ServisFirst note buyout, so its origination is plausibly Q3 2024; (b) Five Points BHM LLC was likely formed Q3 or Q4 2024 — confirm formation date with Pearce / Skinner.

§13. The Dec 2024 foreclosure execution — multi-counsel coordination

The repo's earlier framing said "Five Points used the parental loan to buy the ServisFirst note and foreclosed." That's right at a high level — the detail is much richer:

§13.1 Counsel team and their roles

Counsel Role
Stuart H. Memory at Memory Memory & Causby (Montgomery) Lead Renfroe-side counsel. Drafted the Austin-to-Five-Points-LLC loan note and proofed the ServisFirst assignment docs. Coordinated approvals from Gene, Jana, and Robert Gilpin.
McKenna J. Meldrum at Memory Memory & Causby Junior — handled paperwork mechanics with Walding LLC (provided Five Points address etc.)
Kaz Espy + Cindi McCord at The Espy Firm (Birmingham) Local Birmingham counsel co-coordinating with Memory Legal
Robert E.L. Gilpin at Gilpin Givhan PC (Montgomery) Family-side counsel — reviewed loan docs on behalf of Gene, Jana (Austin's parents) before they signed. Jana was "adamant that it went through a round of review with you/Kaz instead of just being done" by Austin
Donna Knotts Byrd + Brian Walding at Walding LLC (Birmingham) ServisFirst-side counsel — drafted and recorded the Assignment of Mortgage paperwork (Walding LLC works as ServisFirst's collection counsel; their email signature carries the FDCPA "debt collector" disclaimer)

§13.2 Three-week chronology (Dec 16, 2024 – Jan 7, 2025)

Date Event
2024-12-16 22:35 ET Austin agrees to division of labor with Stuart, including for "the me <> Five Points loan doc"
2024-12-17 12:29 ET Stuart confirms ServisFirst assignment docs review complete; sends redlines to Gene, Jana, Robert (Gilpin) for review
2024-12-17 17:56 ET Austin emails Stuart further
2024-12-18 05:52 ET Stuart confirms loan doc + ServisFirst doc proof to be done that day
2024-12-19 Multi-party traffic with Robert Gilpin, Jana, Stuart on terms
2024-12-20 Final signatures + finalization
2024-12-23 11:21 ET McKenna Meldrum emails Donna Byrd at Walding with Five Points BHM Holdings, LLC's official address: 210 Lavaca Street #3101, Austin, TX 78701 (Austin's W3101 unit)
2024-12-23 11:46 ET Donna Byrd files the Assignment of Mortgage with Jefferson County Probate
2024-12-23 12:36 ET Donna Byrd confirms recording: Instrument # 2024117943
2024-12-23 14:56 ET Mark Bontrager ([email protected]) at ServisFirst replies on the wire-side concerns
2024-12-23 16:14 ET Laurence Reeves marks "Time Sensitive - 1006 20th Street" — wire concern
2024-12-23 16:47 ET Austin replies to time-sensitive wire issue
2024-12-24 11:20 ET Stuart fwd Walding's recorded assignment to Austin, Kaz, Jana, Gene, Robert Gilpin, Laurence
2024-12-24 11:54 ET Laurence forwards "Assignment of Mortgage - Renfroe" again
2024-12-27 Austin "FW: FW: Wire info for 1006" — final wire details
2024-12-29 Jana on "Legal notice publication - foreclosure sale" — pre-sale public notice
2024-12-30 Memory Legal coordination on legal notice publication
2025-01-07 Eugene + Austin + Stuart on "The Woolworth" thread — wrap-up

This was a 3-week intensive multi-counsel, multi-state coordination. The documentation produced should all be on file with Memory Legal.

§13.3 The two-level loan structure (correction to repo)

The repo's framing of "AFR loan from Austin's parents to Five Points" appears to be wrong on structure. What actually exists per the email record:

  1. Parents → Austin loan: an intrafamily loan from Gene + Jana to Austin personally. Austin asked Stuart Memory Sep 9, 2025: "do you happen to have the note between me and my parents for the loan between them and me that funded the Five Points/ServisFirst transaction?" — This is the parents↔Austin note; AFR / §7872 / 1099-INT compliance applies here.
  2. Austin → Five Points BHM LLC loan: a separate loan from Austin personally to his disregarded LLC, drafted by Stuart Memory in the Dec 16–18, 2024 window. Per Stuart's Dec 17, 2024 email: "I'll also flip over my template loan docs when I get to the office later this morning." Austin offered to do a draft round himself: "if you have one to work off of, I can also do a round with it myself to save you some time. I've done plenty of these, Jana was just adamant that it went through a round of review with you/Kaz."

This is the Austin↔Five Points note. Because Five Points is a single-member disregarded LLC, this is same-taxpayer for federal income tax — §7872 doesn't apply, no AFR concern, no 1099-INT. Stuart drafted the doc anyway because Jana wanted formal review for the family-side comfort, but it has no tax-compliance teeth.

The AFR / §7872 compliance work in accounting/afr-loan-amortization-template.md applies to the parents↔Austin loan, NOT the parents↔Five-Points loan the template describes. Action item: update the template's "Borrower" row from "Five Points BHM LLC" to "Austin Renfroe (personally)" and relabel section 6 (Xero integration) — the Xero entry at Five Points should be a separate Austin↔Five Points intercompany loan (same-taxpayer, no tax effect), with the parents↔Austin loan tracked at Austin's personal ledger if at all (it's a personal-side debt, not RFH-side).

This is the most material correction in this expansion pass.

§13.4 The actual ServisFirst payoff figure

The Brex history shows $2,325,725 wired from Five Points to ServisFirst Bank on a wire memo'd "FCC: 1006 20th Stree" (per accounting/vendor-mappings.md). This is the price Five Points paid for the ServisFirst note, and therefore the basis Five Points carries in the note (which it then used to foreclose). After foreclosure, this basis converts to Five Points' basis in the 1006 20th St S building.

§14. Additional pre-foreclosure SBA loans (correcting the four-loan inventory)

§1 above said there were "four SBA loans" Austin saw in his portal. The mining gives more shape to that:

Loan Original principal Entity Austin PG? Status (as of late 2025)
#4300957803 ("loan 7803") ~$500K The Woolworth LLC Yes Active collection — Stuart Memory's primary mandate. $7,965/mo Brex outflow on the legacy schedule
#9651575003 ("Parent loan", larger) ~$1.2M The Woolworth LLC (likely) TBD Tracked by Stuart since Sep 2024 ("Parent 9651575003 / Liquidation 6543519110"). Subject of Hunter's Jan–Apr 2024 thread, so was still active and being managed pre-foreclosure
$150K loan $150K 1006 20th S LLC No (confirmed Oct 2 2025) Passive, not actively pursued
Fourth (charged off) unknown unknown unknown Visible in Austin's SBA portal as charged off

The "Parent / Liquidation" framing: Stuart Memory's email subject line "Parent 9651575003 / Liquidation 6543519110" suggests Loan 9651575003 is the parent and 6543519110 is its liquidation file number. Speculatively, the larger ~$1.2M is the original entity loan (a SBA-7(a) or 504 loan) and the EIDL is a separate COVID-era loan.

Loan-broker consultants Hunter engaged Jan 2024

Three SBA-loan-related consultants pop up Jan 2024 only: - Stephen Reynolds at Pillar 3 LLC ([email protected]) - Kimberly McCall at BBRC ([email protected]) - Will Tucker at MCRM PM ([email protected])

These appear to have been pre-foreclosure brokerage / workout consultants Hunter brought in to evaluate options. None of them surface in 2025+ traffic, so the engagements appear to have ended once the foreclosure path was chosen.

§15. The Urban Parc lawsuit (separate active matter)

This is a meaningful active matter the repo did not have at all.

Urban Parc was a tenant business that operated inside 1006 building, paying rent to 1006 LLC in 2023. The relationship deteriorated. By Sep 10, 2024, Laurence Reeves was forwarding "Urban Parc - 1006 20th Street S." emails to Lyndsy Yim at SRS Real Estate Partners ([email protected]) — implying SRS was being asked to relet the space or evaluate the tenant relationship.

By Nov 4, 2024, John Boone at Orchestra Partners was forwarding "Urban Parc lawsuit re: 1006 20th St" — confirming a lawsuit had been filed against Urban Parc (likely for unpaid rent, lease default, or related claims).

The lawsuit is still active as of Oct 16, 2025: Christian at Skinner Legal ([email protected]) sent Laurence a status update titled "2025_10_16 1539 - Austin Renfroe - Urban Parc - Bell" — "Bell" is likely the Urban Parc principal or the case caption. David C. Skinner is the defending counsel (already in vendor-mappings) — Christian appears to be his junior.

Why this matters for the books: - Likely an outstanding receivable from Urban Parc (rent + damages) on 1006 LLC's books - Likely legal fees flowing through Five Points / 1006 to Skinner Legal that should be tagged Urban-Parc-litigation specifically - Any settlement / judgment will be a 1006 LLC-side recovery (not Five Points), so it's a defunct-entity issue. Need Pearce's read on whether the recovery flows to Austin or sits in 1006 (which would need to be brought back to active to receive it).

Add to legal/ folder as legal/urban-parc-litigation.md (deferred to a future pass — flagging here so it doesn't get lost).

§16. Pearce Bevill engagement (correcting timeline)

The Pearce Bevill engagement is much newer than the repo implied. Email confirms it began Mar 22, 2024 — a year-and-a-quarter ago — for the 2023 personal tax return. Pre-2024, Austin's tax work was done elsewhere (Warren Averett handled the entity-side, possibly someone else handled personal). Pearce is NOT the firm that historically handled 1006/Woolworth — they've inherited the cleanup work.

Pearce contacts (correcting the people.md and entities.md "Don Buck" reference)

  • Daisy B. Buck, CPA ([email protected], direct 205-313-4522) — account lead for Five Points / Woolworth / 1006 work as of late 2025. NOT "Don Buck" as I had it in the prior pass. Same firm, same email, different first name.
  • Robert Cook ([email protected]) — Pearce account lead, introduced to Austin Mar 22, 2024 (the original engagement contact)
  • Nancy Hollaway ([email protected]) — Pearce admin
  • Anthony Kim ([email protected]), Nicholas Rosado ([email protected]) — at Kim & Rosado (separate tax/CPA firm introduced Mar 28, 2024 alongside Pearce). They appear to handle specialized tax work (likely R&D credits, ERTC, captive insurance, MSO structure planning) that Pearce contracts out. As of Oct 2025, Chuck removed the Kim Rosado team from the 2024-tax-return email thread to avoid running up a separate bill.
  • Mailing address: 110 Office Park Drive, Ste. 100, Birmingham, AL 35223-2402. Main 205-323-5440. Fax 205-747-1222. Web pearcebevill.com.

What Pearce delivered Oct 2025

Per the Oct 7-14, 2025 thread between Daisy and Chuck, Pearce was preparing the 2024 personal return (extension due Oct 15, 2025). The 11-item Pearce list of needed materials (per Daisy's Oct 6, 2025 email):

  1. TD Ameritrade 1099 acct ending 3742
  2. Renfroe Innovations Income and Expenses
  3. Lavaca St. Rental Properties (income/expense per unit, 1099-Misc, 1098, property taxes, mgmt fees)
  4. 433 Oceana (ServisFirst LOC interest, Mexican Trust filing)
  5. Mexican Corporation financials (Casa Moksha)
  6. K-1s: Crosslink Ventures VIII, Bluestone Entertainment LLC, Untapped Capital Fund LP, Untapped Capital Fund II LP
  7. Vehicle registration receipt 2024
  8. 1098 Mortgage Interest for Unit 3101
  9. ServisFirst Personal Line of Credit interest for 2024
  10. Japanese Corporation formation docs + decision on 2024-vs-2025 disclosure
  11. Updated Renfroe Holdings org chart

Notable: Pearce confirmed Oct 14 2025 that Japanese Corp disclosure can hold off until 2025 filing — i.e. GK does not need to be on the 2024 return. This aligns with the repo's existing position (tax/2025- filing-prep.md).

The 2024 return itself is separate from the Five Points $6,250 + RFH $18,300 Pearce billing in March 2026 (already in vendor-mappings.md). That March bill was for tax-year-2024 work finalizing in early 2026.

The 1006/Woolworth restatement work

Daisy worked the 1006/Woolworth balance-sheet restatement in parallel through Sep 2025 (separate "RE: 1006/Woolworth" thread Sep 22-23, 2025). Final restated 2023 balance sheet delivered to Chuck/Michelle in person during the Oct 27-28, 2025 Birmingham visit (per Chuck's Nov 29, 2025 work-done-ITD recap).

§17. Operational playbook (Edgewood + TRC + ongoing OpEx)

§17.1 Edgewood domain change (Jul 2025 → Apr 2026)

The Edgewood email domain changed sometime between mid-2025 and early 2026:

Same firm, just rebranded their email domain. AppFolio reports come from [email protected] — older domain.

§17.2 Insurance broker

Not yet identified by name in the email mining — only the renewal back-and-forth between Austin and Edgewood. The insurance vendor pulling $32,204 across two payments (per vendor-mappings) is the actual carrier; Edgewood is intermediary. Action: identify the broker — likely attached to Joshua Allan's Apr 22, 2026 "Insurance Issues" email.

§17.3 Birmingham property-side OpEx contacts

Counterparties paid through Five Points / 1006 building OpEx, all confirmed in Brex history + email:

Vendor Email / Contact What
Edgewood Partners / Edgewood CRE [email protected], [email protected] Property mgmt; AppFolio reports
The Retail Companies (TRC) [email protected] (Bill Clements), [email protected] Leasing brokers
Skinner Legal (David C. Skinner) [email protected], [email protected] Birmingham counsel — Urban Parc lawsuit + general
Walter Scott Law [email protected], [email protected] Property tax protest counsel (Nov 2025; cut bill in half)
Pearce Bevill [email protected] (Daisy Buck) Tax / 2024 return / 1006 restatement
Memory Legal [email protected] (Stuart Memory) SBA collection + post-foreclosure cleanup
Pye Barker FS [email protected] Fire / sprinkler / alarm system (2022 invoice still being reconciled in Nov 2025 thread)
Downtown Birmingham CAP [email protected] Capital Assessment Plan business district billing
Alabama Power [email protected] Electric (late-payment notices Mar 5, May 8, 2026)
Jefferson County Tax Collector (no email — direct payment) Property tax (JEFFCOTAXCOLLECT $52,261 in Brex history)
City Center District (no email — direct payment) Special-district assessment ($10,780 in Brex history)
Maestro Maintenance [email protected] (Jason Clotfelter) Pre-foreclosure 1006 building maintenance contractor; Jan 2024 traffic. May still be engaged or replaced by Edgewood-side vendors.
T2 Building Services (no email — Brex memo) Recurring building services
Dirt and Grime, Co (no email — Brex memo) Cleaning
Bill.com / Billpay (automated) $160/mo accounts-payable service

§17.4 Edgewood billing change (Oct 24, 2025) — operational implications

Already noted in §1, repeating for completeness: Chuck got Edgewood to switch from automatic ACH draws to invoice-based billing on Oct 24, 2025. The implication for the Brex 5803 ledger:

  • Pre-Oct-2025: regular $500/mo Edgewood Partner SETTLEMENT ACH every ~30 days, reliable cadence
  • Post-Oct-2025: Edgewood sends an invoice → Five Points ACH-debits whatever the actual amount is. Should be similar magnitude in steady state but cadence may shift (could be monthly or per-event).

The Apr 16, 2026 Brex alert confirms a $500.00 ACH SETTLEMENT debit went through under the new system (still using the same memo). The Apr 2026 spike to $1,563.24 was a separate utility-variance event, not the recurring $500.

§18. Five Points expense ledger (consolidated, from Brex + email anchors)

This is the comprehensive expense view, drawing on accounting/vendor- mappings.md (Five Points + 1006 sections, with aggregated 2024-2026 totals) and the Brex alert email enumeration. Cadence column captures known frequency; lifetime $ column reflects what's already counted in vendor-mappings.md as of the 2026-04-19 Brex history pull (878 transactions through Apr 16, 2026). Items added after that date will need a refreshed pull to enumerate fully.

§18.1 Five Points BHM (Brex 5803, ~104 transactions through Apr 16, 2026)

Inflows (capital injections from RFH Primary 8798) — frequency every ~14-30 days. Brex memos: "Gavon made a transfer" (Austin) or "L made a transfer" (Laurence Reeves, pre-Sep-2025).

Period Pattern
Jan 2025 – mid 2025 Mostly Laurence-initiated transfers, ~weekly to bi-weekly
Jul 2025 onward Austin-initiated ("Gavon made a transfer"), ~weekly
Late 2025 onward Mix, with Chuck added as Brex-authorized (per Oct 2 2025 Chuck access grant)

(No public dollar amounts visible in Brex alert subjects; full transaction-level amounts are in Austin's local Brex CSV not committed to repo.)

Special inflow: 2025-02-26 — "L made a transfer from 1006: Operations to Five Pts: Operations" — the $15,500 wind-down sweep from defunct 1006 Brex 0926 to Five Points 5803. Already in vendor-mappings.md.

Outflows — recurring:

Vendor Cadence Per-event $ Treatment
SBA EIDL LOAN Monthly (~1st) $7,965.60 Booked as Five Points → Austin distribution, Austin's personal payment of guaranteed Loan #4300957803 (Woolworth EIDL). NOT a Five Points expense or liability.
EDGEWOOD PARTNER Monthly (~mid-month) $500.00 ACH SETTLEMENT (regular); $1,563.24 (Apr 2026 utility variance) Utility passthrough. Five Points expense. After Oct 24, 2025 changeover, may include other invoices.
Bill.com / Billpay (0000000160) Monthly ~$160/mo Software subscription. Five Points expense.

Outflows — one-off / annual:

Vendor Date(s) $ Treatment
ServisFirst Bank 2024-12 (recorded) $2,325,725 ("FCC: 1006 20th Stree") Note acquisition — capitalize as cost basis of the ServisFirst note Five Points bought, then converted to building basis on foreclosure
JEFFCOTAXCOLLECT ("PROPTAX") 2 transactions, total $52,261 Jefferson County, AL property tax for 1006 building
CITY CENTER DIST ("SALE") 2 transactions, total $10,780 Birmingham city-center BID assessment
INSURANCE PMT IN 2 transactions, total $32,204 Building insurance
David C. Skinner LLC 2 transactions, total $3,300 Birmingham counsel (general + Urban Parc)
Edgewood Partners, LLC (distinct from $500 recurring) 2 transactions, total $4,653 One-off rebill / large utility passthrough
T2 Building Services 2 transactions, total $1,775 Recurring building services
Dirt and Grime, Co 1 transaction $1,500 Cleaning
Pearce Bevill Mar 2026 $3,750 + $2,500 = $6,250 Five Points-specific tax work
0000000160 BILLPAY 13 transactions $2,584 Bill.com / Billpay service fees recurring

§18.2 Defunct 1006 (Brex 0926, ~14 transactions, zero balance)

Per accounting/vendor-mappings.md:

Vendor $ Treatment
The Espy Firm (Kaz Espy) $1,400 Birmingham counsel — 1006 wind-down
1006 20TH STREET SOUTH (transfer label) $15,500 outflow Internal transfer to Five Pts 5803 (the Feb 26, 2025 sweep)

Account is zero-balance and must NOT be closed (Sep 2025 Chuck/Stuart analysis — see §4).

Per vendor-mappings.md, additional Five-Points-context outflows from RFH Primary, not from 5803:

Vendor Date $ Treatment
Pearce, Bevill, Leesburg, Moore Mar 2026 $18,300 RFH-general tax work (separate from the $6,250 Five-Points-specific bill same day)

§18.4 Things NOT in 5803 that ARE Five Points / 1006 expenses

These are paid from RFH Primary or other accounts but pertain to the 1006 building operationally:

  • Walter Scott Law (property tax protest, Nov 2025) — likely paid from Primary or as a contingency; check Brex for any payment.
  • Memory Legal (Stuart's SBA work + Dec 2024 closing) — payment path not yet visible in Brex history; may be billed direct to Austin personally given the personal-PG nature of the work.
  • Gilpin Givhan PC (Robert Gilpin) — Austin's parents'-side counsel for the AFR loan review; payment path unknown.
  • Walding LLC — paid by ServisFirst (their counsel), not by Renfroe side.

These should be tracked separately when the expense ledger is fully formalized in Xero — a "Five Points / 1006 building" tracking subcategory that captures all these crosscutting expenses regardless of which entity account paid them.

§19. Updated open questions

Refines and replaces §10 above:

  • AFR / parents↔Austin promissory note: still missing from email; Stuart was looking Sep 2025. If never papered, reconstruction needed.
  • Austin↔Five Points BHM loan note: drafted by Stuart in Dec 2024 but the executed copy isn't visible in repo; should be on file with Memory Legal. Not tax-load-bearing (same-taxpayer), but useful for internal records.
  • Five Points BHM LLC formation date — formation papers not in repo; ask Skinner Legal for the certificate of formation. Likely Q4 2024.
  • Hive BHM LLC — what is Austin's exposure? Was it a co-investment with Hunter? Pre-foreclosure shutdown? Confirm with Hunter and Pearce.
  • Murray Brown Term Out (Feb 2, 2023) — what was Murray's pre-Term-Out position in Woolworth? Did the term-out require any payment from Austin or 1006? Reconcile against Pearce restated 2023 balance sheet.
  • The four SBA loans, fully inventoried — see §14 above. Three of the four still TBD on detail.
  • Urban Parc lawsuit settlement / judgment status — Christian at Skinner Legal has the active file; pull a status update.
  • Insurance carrier / broker — not identified; check the April 2026 renewal email chain for the broker's name.
  • Five Points BHM LLC Notice of Forfeiture cure status (Nov 12, 2025 filing) — already flagged in §9. Verify it's been cured.
  • TEN-X Auction Feb 2024 — outcome details: pull the result. Did any binders / earnest money flow? Any reservation costs?
  • The Hunter↔Austin RPH "non-encumbrance" agreement (Synology) — what was it for? Distinct from the AFR loan; pre-dates this stack.