Phoenix LXVI: Get Your Kicks On Thread LXVI
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12-15-2012, 10:58 AM
Join Date: May 2010
Location: Between the Pipes
Originally Posted by
Yup. I think we're pretty clear on why the Hulsizer and IEH deals fell apart. In fact, many on this Board had predicted that they would fall apart and why, beforehand. As many suspected, IEH didn't have the financial wherewithal, which was confirmed publicly by the COG after first giving them months of exclusive negotiating rights. The parking revenue bond deal looked like a moonshot to many, and turned out to be just that. In fact, if we go back to Reinsdorf, it was abundantly clear that his proposal for about $165 million in subsidies from a Westgate-backed CFD was an absolute howler, so it shouldn't have been a surprise when that deal cratered.
I don't see much mystery in the previous failed attempts. Jamison's deal is a bit more mysterious because the guy won't even reveal who the investors are. Skepticism is based largely on the fact that he had several months to put together an investor group leading up to the May lease agreement, and couldn't pull the trigger. Perhaps he has put together a group now, even though the lease terms are slightly less favorable to him. We shall soon see.
At least in the case of the Jamison deal it's fairly straight forward what's going on... The CoG is giving money to Jamison. I know they are calling it an AMF, but everyone knows that's just a cover story to try and keep the GWI at bay. It's a simple payment schedule.
No bonds, no CFD, no selling parking. In fact if the CoG had just come out 3 years ago and offered the potential buyer at the time the same deal they are giving Jamison, this could have been over 3 years ago. The last 3 years have been nothing but trickery on behalf of the CoG to avoid the "gift clause", yet that's exactly where we find ourselves. Money to owner.. will the GWI care? Could have saved everyone a lot of time if the CoG just had done this from the start. Put the money on the table and see if the dog bites.
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