I've been trying to follow the resolution of construction matters, and related WBBFC solvency, out at IGF, the plot thickens.
Language like "breach of trust" and "clean hands" showing up along with names like Bill Watchorn and Phil Sheegal re-appearing....
The apparent greatest concern is the steel erector (great name for a Stormy Daniels compilation) is claiming eight mil in "extra costs", hmmm. It seems he feels he was delayed.
Now The WAD assured us, some time ago, that somebody else's insurance will certainly be paying these costs, if awarded, however the Courts seem to want to continue with the Triple B Gang as named defendants.
Of note is the Judge's conclusion that all the dancing is done, she'd like to see the case management plan. GC, sub and Owner are on the clock.
Would eight mil fit on top of the existing debt (s)? Some say no.
His assurances about 'someone else paying" amount to a Trumpian “SLUFF-OFF”.
There is money at risk, of that there is no question.
Contractors want to get paid, certain parts of the bomber board & ownership group (ownership being a vague term)
would prefer no more funds be poured into an already significantly over-budget white elephant project . . .
My guess - and its only a guess based on moderate understanding of contractual law is the monies in dispute - 8 to 12 million (plus accrued interest) is sawed off like the proverbial baby in Solomon’s court.
Thus, the bombers and affiliated partners (U of M, Prov. of Manitoba) will be on hook for at least $6 to $8 million of monies in question.
If that’s the result - bombers will be unable to pay off the amount in one easy-pay.
They’ll trudge on - if the prov. of Manitoba and/or U of M refuse to fund the money - Wad will scramble into wedge formation and attempt to cut a long-term pay agreement with those on the other end - if it means $1 million a year for up to 10 years - SO BE IT. Wad will not let Winnipeg Football Club default if he can avoid it by long term promissory notes - held by securities on the field (aka the land).
If the contractors refuse a long term re-pay schedule - Wad will bounce the ball back to the provincial govt. (with a direct threat enclosed). Either help the team out - or the club suspends operations! Now that would be a threat, wouldn’t it?
Like the harangue in the states a few years ago, when a lot of money lenders were up against it over the mortgage fiasco ... for ex. their BIG banks...the oft heard cry was 'too big to fail'....Just keep that in mind Lyle when you take an overview of the stadium and the Bomber situation...vs, provincial government....This will all be papered over and filed and will all go away and everyone knows it....Just the way of the world when millions of dollars are at play....you know that. Court cases and proceedings 'be damned' lol...Cynical view....you bet
I agree with much of your cynicism Papa - funny little world, the judge who decides assignment of blame& thus flow of monies is now, by default chairman of the board for the football squad, the U of M and the provincial govt.
Hydro would squeal for joy if their overrun was anything close. Was going to say MH is taking it hard on their projects but then remembered that they are able to deflect that over to the rate payer then take the buyout and enjoy the pension. They are claiming Keeyask is 4 billion over and not half done. Truth is closer to 6.
Apathy is the issue imo. None of this is going in the right direction.
For Wade Miller the default position when these things are brought up is 'The Trumpian Sluff"
When things hit the fan and WBB, U of M, Prov. MB have to pay the piper (all or some percentage of total in dispute) the position will be identical
Default to "We'll See" or "We'll handle it" without providing so much as a smudgeon of detail.
Assuming 8 million of exposure - Wad will scurry behind the scenes with cap in hand to Mr. Pallister to underwrite the exposure. He'll also see if Mr. Barnard (U of M President) wants to throw some coin his way. And, yes of course Wad will no doubt threaten his insurance company with great harm if they don't come across.
As far as public's right to information goes - Wad's position from Day 1 is the public (us) are entitled to F-all......
Wad has developed a reputation as a secretive type performer. That won't change. But the U of M, Prov of Manitoba,Provincial Courtsare still public institutions - from their perspectives we may get a small peek into the state of affairs. And that's got to terrify Mr. Wadzilla.
Gameday tickets - 25,000 x $55+ avg/ducat = $1.33 million alone, bigger for special events like Kill Troy Westwood Day aka Spoon Bowl
Built in advertising sold by Miller = approx. $300,000/game
Food services = $400k/game
Parking = $300k/game
Programs = $50k/game
Bomber Shop = $30k/game
50/50 = $85k/game
Skybox rentals = $25k/game
Skybox catering = $45k/game
Broadcast radio rights = $10k/game
Broadcast TV rights = $400,000k/game (or more)
Total approx. gameday revenues = $3 million
Offset by major expenses = Players, coaches, managers, interest payments, mortage repay, share cost w/ Winnipeg Transit, Hydro & Power, Water, staff, cost of concessions, food, packaging, clean-up, etc.
Key to operations = Zero rent costs
Key questions with no answers =
Annual salary of W. Miller, Esq.
Annual salary of K. Walters, GM
Internal party costs
P.R. Costs to deflect focus on all above unanswered questions