Nationwide Arena/CBJ Finances Discussion II
View Single Post
05-22-2012, 12:17 PM
Join Date: Oct 2006
Originally Posted by
Ultimately, you will have the fringe people that blame the CBJ simply because they wanted no part of the bailout itself because the CBJ are the lone tenant. The fact that Priest is obviously the most visible cog in this wheel as well as the CBJ president makes its easy for some to cast blame at the feet of the organization itself.
Let's back up for a second.
Mike Priest may be incompetent as a president of a hockey franchise. That's not surprising for a guy whose only prior sports experience is about 30 years ago playing football.
But, incompetent as he may be at that job, he's a sophisticated accountant and fully capable of reading and understanding legal documents. Beyond which, he no doubt had a cadre of high paid attorneys to read in more detail and give him the overview of the document and point out any issues. Given what happened when JHM
read the original lease, I'm sure this go 'round the Jackets didn't take any chances.
The proposition that Mike Priest didn't understand the purpose of the document he was signing doesn't pass the smell test. Particularly since he agreed to serve on the board for the CAM. Generally when one serves on a board certain questions come up like "so, what does this board do?" And "what type of time commitment is involved."
Jennison is just the bumbling idiot too dumb to keep his mouth shut when the press came calling. But a bumbling idiot like that also wasn't the person who got the bright idea to create the CAM in the first place.
I think all of the parties involved in the CAM need to come clean on why it was created. Because that is really what is at issue here.
As someone who has worked on transactions where part of the project was to be owned by a public body, I see no discernible reason for this structure other than to avoid public records law--most other vestiges of control could have easily been handled by reworking the lease or entering into a management contract, etc. As such, this was is a shameful overreach that really gained the Jackets very little in the long run and looks bad to the public, particularly at a time when that public is distrusting of public bailouts in the first place.
View Public Profile
Find More Posts by CapnCornelius