Phoenix XXIII - Bond: The Phoenix Project
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02-28-2011, 04:21 PM
Go Jets Go!
Join Date: Jan 2010
Originally Posted by
According to one report, JPM was putting the bonds out for subscription, which is different than offering. Subscription is to gauge interest in the bonds. IF it is taking this long, must not be a lot of interest in the bonds.
It's become fairly clear that the COG actually selling the bonds is a bit of a hail mary as investors are staying away for a variety of reasons. I think the more interesting factor is that rather than the COG just admitting that their end around didn't work and that their deal won't work as is, they're trying to pass the buck to blame the GWI as if the GWI is the only reason why people don't want to buy. The interest rate and the reports from all of the reputable sources of bond information like Moody's go hand in hand.
If anything, GWI will probably end up saving the COG some money as they won't have to pay back nearly half a billion dollars in interest and principle. In fact, if the bonds sell at 9%, it will actually cost the COG more than their "worst case scenario" of the arena getting boarded up while they move the entire COG five miles down the road.
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