Phoenix bankruptcy/ownership Part XVII: Wake Me Up When September Ends
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09-08-2009, 11:04 AM
Join Date: Nov 2006
Originally Posted by
Ice Edge is intent on renegotiating the lease terms, and has been all along. Regardless of any "chilling" being done,
Ice Edge has never had any intention of "leaving the City whole".
That's the entire point of the lease renegotiations that were being pursued by Reinsdorf, are being pursued by Ice Edge, and will be pursued by the NHL (with the bonus of having the option of leaving the city with the entire 250M$ bag) should they win - to lower the amount that will be re-payed to the city under the lease. This needs to be factored into your math somehow -
every bid leaves the City with less, the exact amount less just remains to determined.
No bid currently on the table promises to "leave the City whole".
Actually, I'm pretty sure that's inaccurate. Every report I've seen says the City will not forgo any revenue, in fact they have been quoted saying they can't forgo any revenue. What they HAVE offered was to help with additional sources of revenue such as a special tax district. While there is no public record with details of a deal with Ice Edge, statements by Glendale's Beazley lead one to believe the City will remain whole.
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