Thursday, July 16, 2009

Please send check forthwith....

I really thought today I'd have to pull something from the stack for whenI have nothing else to put up. I thought this was awfully understated news: Casino given week to settle arena funding dispute. (I didn't catch at the time, but the Trib had a piece on this dispute last week). Remember all the ink over the whole casino/arena payment issue when the casino license process was working its way to a conclusion. Post-arena construction, or maybe it's post Stanley Cup it almost does not make it to print.

I thought I had a copy of that agreement between I guess it was Barden and the SEA or the state over the promised payments, but maybe not. I do have a copy of the SEA Bond at issue. The big thing that I still find curious was the debate that flared up briefly over the state's ambiguous status guaranteeing this bond. It wasn't clear to me at least at the time, but it turns out it the state is backstoping the payments. But then why did the bond need bond insurance. Oh, nevermind.

Looks like it could get ugly and headed to court. Not much middle ground. $7.5 million now or in 3 years looks like the issue. I am unclear if the dispute extends to the other payments the casino is expected to make such as to the city, county, and other groups. You would wonder how the SEA is getting by without these payments, but they have the proceeds of the bond net of what has been spent thus far on construction so I presume it's not a cash issue for the time being.


But some general public finance notes:

Talk is escalating of a potential chapter 9 bankruptcy for the Detroit Public School system which would be historic I think. Not sure when the last large school system went bankrupt.

But also there is a new one. There has been plenty of coverage of the financial miasma at the Jefferson County (Alabama) Sewer system.. but it looks like the actual Jefferson County government down there is heading toward bankruptcy as well.


Anonymous MH said...

Dear Sir,

I sincerely write to seek your co-operation and trust to enable my colleagues and I carry out an urgent business opportunity in my department. I work with the Pittsburgh and Allegheny County Sports & Exhibition Authority, currently I am the senior manager of bills and exchange at the casino remittance department. I have an urgent and confidential
business proposal for you. On October 1, 2009, casino will begin to make deposits into our bank account. According to Pittsburgh banking law, after three years, the money will revert to the ownership of the local government if nobody comes forward to claim it.

Thursday, July 16, 2009 1:03:00 PM  
Blogger n'at said...

Tell you what, MH. I confess my agitation is real, and my words are my bond in this proposal. The previous administration diverted this fund acquired from the over influencing of sin taxes and the like, now they deposited the money with a BANK IN HARRISBURG BY FIXED DEPOSIT FORM, where I am residing under political asylum. It is on this note that I am contacting you, all I needed from you is to furnish me with your bank particulars:

1) Bank name
2) Account name
3) Account number
4) Bank address, telephone and fax numbers to enable me transfer this money in your private bank account, the said amount is tweenty Six Million United States Dollars (US$

I am compensating you with 20% of the total money amount, now all my hope is banked on you and I really want to invest this money in your city, where there is stability of Government, political and economic welfare.


Thursday, July 16, 2009 4:20:00 PM  
Anonymous DBR96A said...

Nigerian scammers FTW!

Friday, July 17, 2009 5:59:00 AM  

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