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Old 06-28-2004, 05:06 PM   #1 (permalink)
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Hmmm....I Didn't Know That Paul Allen...

....is attempting to buy back the Rose Garden for pennies on the dollar?

Quote:
Global Spectrum was negotiating a contract last week to manage the Rose Garden in Portland that would take effect once the primary creditors of the arena take possession of the facility.....

(meanwhile)

.......Allen is attempting to buy back the building, which opened in 1995, for $89 million. Bondholders are still owed about $193 million for financing construction of the arena, according to published reports. Those creditors believe the venue, built for $267 million, is worth much more than what Allen is willing to pay.
From: PDX Biz Journal
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Old 06-28-2004, 05:20 PM   #2 (permalink)
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Fortunately, if the creditors think it's worth more than $89m, they can either negotiate a better price from Allen or they can sell it to another entity.

Of course, if there isn't another entity willing to pay more than $89m, I guess it's not worth as much as the creditors think it is.

We shall see.

Ed O.
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Old 06-28-2004, 06:14 PM   #3 (permalink)
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Mr. Allen can I Have a loan
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Old 06-28-2004, 11:00 PM   #4 (permalink)
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Split the difference.... ( $193 mil owed + $89 mil offered ) = $282 mil / 2 =

$141 mil...............

and get it out of the headlines. Its only a good day on wall street diff to Mr. Allen.. and better press if its settled


and $1 mil to me for settling this dispute....
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