The Ongoing Coyotes Sale Thread

[Jordan!]

http://coyotes.azvibe.com/2011/02/28...s-gonna-close/

Bit of a transcript from an Interview that was live on Fox Sports AZ. Sounds like this deal is done but Matt wants to help Glendale in getting Goldwater to back off which would reduce the interest rate on the bonds. With or without that, the deal will close.

[cam_wmh]

Ya know, mid-season Flames away game road-trips, are much more appealing in Arizona, than Winnipeg. So that's my bit of backing.

[Lester]

isnt there a thread for this already?

[Sidney Crosby's Hat]

They can't issue the bonds at anything more than 6% as they don't have a parking study which would show the ability to recover funds at anything more than 6%. Right now the rate is 9%. That would cost the city an extra $100 million over 30 years (bringing it to $350 million). They would lose in court and lose big.

[Lester]

id love to know more about this parking revenue thing. honestly i havent followed this whole phoenix/gold water thing too closely.. what is the legal issue at hand?

[nickk382]

Man, I can't wait till this thing is absolutely 100% a done deal.

[Resolute 14]

"We have everything we need...."

...except other people's money.

[dissentowner]

Sure they do. Not buying it.

[Da_Chief]

Originally Posted by Lester

id love to know more about this parking revenue thing. honestly i havent followed this whole phoenix/gold water thing too closely.. what is the legal issue at hand?

Why don't ya just read this other thread you speak of?

[PegCityFlamesFan]

Didn't I hear this in January? December? Last summer? Ice Edge? Reisendorf?

[Northendzone]

so the deal is not 100% completed then because of something with people....

[Cowperson]

Originally Posted by Northendzone

so the deal is not 100% completed then because of something with people....

The Goldwater Institute is a taxpayer advocacy group.

They're in a tough pickle because defeating the deal might cause taxpayers to lose $100 million up front.

OR, in this case, the buyer is saying their advocacy and objections might cause taxpayers to pay $100 million in additional financing costs through the next 30 years.

You're not much of a taxpayer advocacy group if you're costing taxpayers $100 million at every turn.

It almost looks like Goldwater is giving up on the bigger solution of defeating the this on grounds the city couldn't llegally enter the deal in the first place, which would render the $100 million poison pill irrelevant.

Now they're just being irritating and in danger of turning into the bad guys.

This doesn't look like a detail that will prevent closing.

Cowperson

[Regular_John]

It's always closing "in two weeks time"

[Locke]

Originally Posted by Lester

isnt there a thread for this already?

Theres always another thread.

[troutman]

The Coyotes called me last week in Calgary, to see if I will be in Phoenix for the next Flames visit.

A marketing plan that relies on fans of the visiting team is not long for this world.

[automaton 3]

This parking revenue is a live issue IMO and Goldwater is right to look into it.

The City of Glendale hasn't helped its own cause here by not releasing documents in a timely fashion or at all, apparently not even to their own City Counsel members before they voted which is hugely concerning. If there is nothing to hide here and the deal is above board in evey respect, why would they not release the information to Goldwater...they could probably do so under a non-disclosure agreeement if there is information in there not for public consumption. What do they have to hide, and what do they have to lose?

If the parking revenue will not service the debt, the taxpayers will be on the hook pure and simple. Easy for Hulsizer to say "we have everything we need" when he isn't playing with his own money.

Seems to me that there is some posturing going on right now as to who to point the finger at if this thing fails.

[valo403]

Originally Posted by Sidney Crosby's Hat

They can't issue the bonds at anything more than 6% as they don't have a parking study which would show the ability to recover funds at anything more than 6%. Right now the rate is 9%. That would cost the city an extra $100 million over 30 years (bringing it to $350 million). They would lose in court and lose big.

And who is going to bring suit? Goldwater? I'll beleive it when I see it. Until then they are self aggrandizing blowhards.

[Cowperson]

Originally Posted by valo403

And who is going to bring suit? Goldwater? I'll beleive it when I see it. Until then they are self aggrandizing blowhards.

I agree. Goldwater really looks like its stumped.

It's either go for the whole enchilada - winning the principle the city couldn't legally sign the deal - or get lost since anything less than total victory costs taxpayers $100 million.

And the more I think about it, the more it looks like the poison pill was designed for exactly that all or nothing purpose.

Goldwater = gnats.

Cowperson

[fokkerfan]

After reading the following it looks like he is getting the franchise for free:
http://goldwaterinstitute.org/article/5741

[Sidney Crosby's Hat]

Clock ticks again on Coyotes, Hulsizer deal as Goldwater lawsuit lingers

Read more: Clock ticks again on Coyotes, Hulsizer deal as Goldwater lawsuit lingers | Phoenix Business Journal

Sources familiar with the Coyotes situation said the deal with Hulsizer may only have a few days to get done, or the entire package could fall apart. It was just a few weeks ago that the city of Glendale and Coyotes officials were optimistic a bond sale that would help finance the team’s sale was moving forward.Read more: Clock ticks again on Coyotes, Hulsizer deal as Goldwater lawsuit lingers | Phoenix Business Journal