Firestorm
Pedant
My understanding was that RM was trying to buy Delancey out of the deal before the Stadium was built, etc[b said:Quote[/b] (fbm @ April 08 2005,13:35)]I'm not sure he is buying out Delancey, is he?[b said:Quote[/b] (C'mon you Blues @ April 08 2005,11:53)]Matt however I do agree 2 years seems optimistic. I think the sticking point at presen s Ron buying out Delancey. I should imagine it's stalled because Ron is offering less than Delancey want. However I think he may hold the aces. Hopefully it'll be sorted soon.
My impression is that IF the Hall gets developed and IF the new stadium gets built then Delancey get their pay off from those projects. Don't forget, Delancey are only financial backers, not owners. So once they have been paid off, they're gone. Nothing to buy out.
This level of debt is small change to Delancey so they are hardly likely to a) call it in, or b) settle for less than the debt now as they don't need the money.
I also think that because the development was called before 2 jags and subsequently passed, that's it. The whole development allows for a football stadium doesn't it? I'm not sure exactly what hurdles are left to overcome but I don't think there are many and whatever ones are left aren't particularly high.
My own view is that work on the stadium will start at some point in the next 18 months and we'll be in by August 2007. Not quite 2 years, but not far out.
Delancey have wanted out for a while now, the deal has dragged on a bit for them. So I believe Ron was trying to get to an agreement were the debt and a projected profit figure would be paid over to Delancey and then MD/SEL would be the sole beneficiaries of the FF/RH developments (Plus of course the financiers of the buy out )
But the last thing I heard was that the two parties were a little apart in their numbers and RM was reaching his limit...