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05-02-2010, 06:15 PM
  #3
smokes
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See, that's the thing. I am not "confident that the bonds will sell". I have no particular expertise in market demand for municipal bonds. What I DO know is that (a) all the people who are opining on it here have even less expertise in it than I do but it does not prevent them from trying their hand at it, and (b) in transactions of this nature, the parties work with their investment bankers to determine whether a deal is financeable, before they go down the road as far as these parties have gone. THat is all i have had to say about that. I can see a story that can be sold to the bond markets, but certainly if there is an out clause for JR it probably will not work. It is for this reason that I assume that the current lack of an "out clause" in the MOU will follow through to the AMULA.

THe one part that I do wonder about is how the parking assets themselves will get into the CFD. Will the CFD be required to pay fair market value (and thus raise additional funds)? If the City simply donates it to the CFD, how does that work? Would there be a reversionary interest in favour of the City? Who owns the parking assets right now? For that matter, are we talking about the existing parking lots, or are we talking about the indoor parking facility that is still to be built?

With the two exceptions above, then, I'm guessing that it is your professional opinion that the end of June deadline means little (is there some kind of deadline after that?), that GWI will not challenge or will not be successful in its challenge (and that the resulting legal limbo will not interfere with the transfer of ownership to JR), and that, at this stage in the game, the NHL will accept JR's bid as they likely already know what it is/will be and regardless of how some may eventually (and possibly) criticize it?

Thanks to you and others who patiently answer questions by us lay persons (sometimes many times over). By the way, you can have my 500 dollars of Vcash. I was planning on giving it to my wife for Christmas, but thought better of it.

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