Phoenix LXIV: Will You Still Need Me, Will You Still Read Me, on Thread LXIV?
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11-10-2012, 04:16 PM
Join Date: Feb 2012
Originally Posted by
I still can't understand who in their right mind would be counterparty to the lease with Glendale. The Tohono conspiracy theory actually seems to make the most sense since they probably want the COG to default.
It's astonishing really. They're about to enter into an agreement with a party that will become their single largest creditor and to our knowledge they don't even know who it is, never mind what their true intentions are.
Municipal bankruptcies are extremely rare. Obviously there are a number of them all over the US right now but given the number of municipalities its still rare. Also while the US and the world in general has been through an economic calamity the worst is over and it is past the inflection point and things are getting better. With Tanger coming in you can expect more traffic at Westgate regardless of what the Coyotes do. The Federal Reserve will keep rates low for another year or two so Glendale will be able to refinance its debt.
Worst case scenario is that at some point in the future Glendale tells the Coyotes "we can afford this deal anymore so either take a lower payment or we'll let you leave" then Jamison can go to Hamilton, KC, Portland or wherever there is an open arena with no team or he can sell to PKP in QC or Hansen in Seattle and pocket a nice profit. I don't think the NHL will be as stringent about the relo fees as they were with Atlanta because this time its an owner that was helping the league in the first place being pushed out by his city.
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