Phoenix LXIV: Will You Still Need Me, Will You Still Read Me, on Thread LXIV?
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11-14-2012, 09:21 PM
Join Date: Nov 2009
Location: Bay Area, CA
Originally Posted by
In addition to "omnishambles", Ken Jones also introduced the concept of "bundling" last night.
"It is a legal term even if it is something that I would use to tie up a pile of wood."
... classic explanation.
Question: Who is giving Ken this material? I don't think he came up with concept of "Attorney General/bundling/open meeting law violation" all by himself. It goes beyond his normal superficial rants. Elaine Scruggs? Norma Alverez? Joe Cobb? David Kimmerle? Rod Williams? Goldwater? Balsillie?
Yeah, I heard that too. It sounded like he was trying to make two accusations: violation of arm's length principal; illegal contract bundle in the transaction. Or maybe he really was talking about fire wood? I don't know but he did make me think about it for a second.
Arm's Length Principal is pretty straight forward. To preserve market value, the buyer and seller have no relationship. If the meetings occurred as Jones describes, it could be an irritation. I'm not familiar with AZ contract/procurement law to know what the regulations are. Maybe there aren't any regulations at all. Either way, it's still pretty great if it turns out that some members of the city council did meet with Jamison. Maybe they should mix in a COI orientation once in a while.
Bundles are probably not as straight forward, if I understand what Jones is trying to say. In this transaction, JIG is a series of LLCs. But none of them have substantial physical assets. The value of JIG is it's ability to assemble contracts. A handful of those contracts would be with Glendale. In those contracts, the ability to assign, and the counterparty ability to prevent an assignment, is where many opportunities reside. I don't know if they are necessarily illegal opportunities or if there are AZ regulations on public contracts in this area. But if you can bundle the contracts together and the city allows the bundle to be freely assigned, then JIG would have liquidity.
I saw Othmar say the Odham Tribe rumor was one that makes sense from a potential investor perspective. It would be the best work ever if the tribe was the money behind JIG and the rubes at city hall never did due diligence before handing over bundled assignability for contracts on city assets. I know, it's a really unlikely scenario, but it is Glendale.
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