Phoenix LXIV: Will You Still Need Me, Will You Still Read Me, on Thread LXIV?
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11-11-2012, 10:53 AM
Join Date: Nov 2009
Location: Bay Area, CA
Originally Posted by
Since that issue they're looking to put up probably over $100 mm in PV AMF obligation, serious internal control issues have come to light, and their seriously underfunded pension and OPEB are only a few years away from becoming cashflow.
The internal controls thing alone could easily 86 their refi, never mind the support for the Coyotes (which Moody's highlighted as a possible negative to their credit before the JIG lease was disclosed)
I'm interested to see if any other accounts were Beasleyed (or would I drop the "y" on that? Beasleied?) I would think they're going to have to do an extensive audit to find out what their true GF balance is.
It's got to be a gut punch for the city to survive the tax vote only to have this blow up in their face. If Skeete's (-$20MM) estimate is correct, and I have no reason to believe it isnt, they're essentially in the same place they would have been if the tax failed.
Skruggs is the only person on the council who has displayed any competence. It's pretty much up to her and Skeete to solve it. Alvarez and Clark are belligerent idiots. Martinez and Frate figure if they cover their eyes and plug their ears, the problem goes away. Knnack just stares blankly and talks about the good old days. Lieberman up and left.
Do they sell "I (heart) Glendale" t-shirts? I want one.
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