PDA

View Full Version : More than meets the eye in Orlando?



Sssmush
07-30-2012, 07:44 PM
Not sure how to put all these pieces together... but perhaps "rebuilding with picks and prospects" simply isn't an option for the Orlando Magic.


The city of Orlando sold $311 million in bonds in 2008 to help finance the facility. But Fitch Ratings downgraded those bonds to junk status in 2010 and warned that Orlando faced the threat of defaulting on the debt payments as early as November 2012. That could mean more public dollars will have to be thrown at the project than had originally been anticipated. DeVos took about $400 million in public financing and gets the lion’s share of the revenues for basketball in the building. Under federal law, an owner can keep up to 92 percent of all revenues generated in a stadium or an arena with the remaining eight percent going to pay down the debt. That is why municipalities have to tap into other tax resources such as hikes in the hotel tax (that was used in Orlando) to pay off obligations.

If there is a default, the glamour of the NBA, the Magic’s “franchise” player Dwight Howard, the billionaire owner DeVos doesn’t mean squat to creditors who want their money.



http://sportsmediamasters.com/nba-2012-all-star-game-amnesia-schemes-handouts/

Aust
07-30-2012, 07:50 PM
Federal law? That is such ********. 92% is ridiculous

Dade County
07-30-2012, 09:35 PM
Federal law? That is such ********. 92% is ridiculous

boss:cool:

They should have had better pieces around Howard, some of their signing's are just ridicules.

justinnum1
07-30-2012, 09:38 PM
politics

Sssmush
07-30-2012, 11:37 PM
Oooh wait, there's more:


A new wave of school voucher bills is sweeping the nation, which would allow public education funds to be used in private or parochial schools. As with past waves of voucher initiatives, these new bills are largely promoted and funded by the billionaire DeVos family and a core group of wealthy pro-privatization supporters. They include Pennsylvania SB-1, soon coming to a vote in the PA Senate, and the "Vouchers-for-All" bill approved by the Florida Senate Education Committee on April 14. Betsy DeVos is at the helm of organizations that have set the stage for both bills, but you would never know it based on the propaganda being marketed to Pennsylvanians. Even if you are from another state, keep reading. Chances are a Betsy DeVos-led campaign is already at work in your state or will be there soon.

The DeVos family is recognized as one of the top national contributors to the Republican Party, free market policy institutes, and Religious Right organizations. Many of their previous attempts at using voucher initiatives to privatize the nation's public schools have been transparent. Recent campaigns have been more covert and are camouflaged behind local efforts described as grass roots and bipartisan.

http://www.dailykos.com/story/2011/04/21/968905/-Report-Exposes-DeVos-Plot-To-Destroy-Public-Education

So I guess that on top of all the financial pressure surrounding the team, there is also a substantial amount of controversy regarding on the one hand initiating this movement to de-fund public education in Florida and elsewhere, and on the other hand having pressured Orlando into giving $400M of public funding to the Magic's Amway arena, which belongs to the Magic, a privately owned sports franchise.

This is the backdrop for what is occurring now, with the city of Orlando possibly defaulting on the $400M debt, which would leave the Orlando Magic ownership on the hook for the full amount.

akesh99
07-31-2012, 12:02 AM
Dwight ****ed Florida

Sssmush
07-31-2012, 12:23 AM
One possibility that hasn't been discussed in the media... is that if Dwight gets traded before the November election, and let's say the Magic get boned in a trade, sending him to the Lakers for Kevin Martin, Lamb, Walton and two firsts, and then Dwight just starts posting awesome numbers in LA and the Lakers are undefeated, the backlash might actually swing Florida for Obama.

Conversely, if the Magic hold Dwight in Orlando, and if maybe Dwight even skips training camp, doesn't play because he says his back hurts, or goes Starbury, then Orlando can play up this very bad image to the media, that Dwight is a lazy malingerer, a faker and a lyer, a quitter who abandoned his team and the city of Orlando, a cheater who threw games and doesn't care, the selfish jerk who is the embodiment of all that is wrong in sports, etc.

The media can be inundated with images of Dwight Howard, the ungrateful lazy malingerer, the ungrateful egotistical stupid rich athlete EVERY DAY from, say, September to November 2nd.

It is probably only a matter of time before reports begin to surface that Dwight is secretly a Kenyan Muslim communist who doesn't have a birth certificate and can't legally play in the united states, an unAmerican "outsider" and subversive who once attended a lecture by Bill Ayres, and who has said positive things about socialized healthcare while doing hospital charity appearances for the NBA.

It all starts to make sense now...

RLundi
07-31-2012, 12:30 AM
Lol it's a slow day on PSD.

xILLN355
07-31-2012, 12:34 AM
i dont get all this crap hahaha

8kobe24
07-31-2012, 01:56 AM
damn

Aust
07-31-2012, 02:21 AM
**** the Magic then(sorry Magic fans). I didn't realize their owner was such an *******

Sssmush
07-31-2012, 06:47 PM
Wait... Obama DID comment on this situation back in March:


But President Obama took the opportunity on Monday during a local television interview to address the fear and loathing that has enveloped central Florida, telling the host, “If I were the owner, I’d do everything I could to get him to stay.”

So... it looks like DeVos has been taking the President's advice on this one...

SteveNash
07-31-2012, 07:09 PM
Orlando will be fine, and even if they did, it would really hurt the Magic.

Nothing really new, Devos is still a scumbag, and taxpayers who shell out money for stadiums are morons.

Wade>You
07-31-2012, 07:14 PM
So I guess I'm the only one who's wondering why our president cares about Dwight Howard?

justinnum1
07-31-2012, 07:18 PM
So I guess I'm the only one who's wondering why our president cares about Dwight Howard?

He was in orlando and asked a dwight question by an orlando news station...

nickdymez
07-31-2012, 07:29 PM
So I guess I'm the only one who's wondering why our president cares about Dwight Howard?

because he's not a robot I guess.

Aust
07-31-2012, 08:09 PM
So I guess I'm the only one who's wondering why our president cares about Dwight Howard?

:confused: He was asked a question..

omagicdon
07-31-2012, 10:17 PM
He wants to sign with Fegan too?

Sssmush
08-02-2012, 02:24 AM
This is richly ironic, that the Orlando Magic are now in the position of desperately hoping that the city of Orlando will increase taxes in order to pay of its $400M debt of building the Amway center, which was financed with public funds.


The downgrade to "junk" of the Amway Center's debt—although reversible—signals that unless local government either expands tax revenue or drastically reduces both Amway Center and non-center expenses, creditors could in just a short few years seek bankruptcy relief in the form of repossession or auctioning off the new center. Such a move would probably not threaten the Magic's status as tenant in the venue.

http://en.wikipedia.org/wiki/Amway_Center#Debt_Problems

Wade>You
08-02-2012, 02:30 AM
This is richly ironic, that the Orlando Magic are now in the position of desperately hoping that the city of Orlando will increase taxes in order to pay of its $400M debt of building the Amway center, which was financed with public funds.



http://en.wikipedia.org/wiki/Amway_Center#Debt_ProblemsAnything having to do with Amway is a scam. Those people once tried to recruit me to "start my own business." They got to my friend, but they didn't get to me. Once my friend found out it was a pyramid scheme, he never talked to me about it again lol.

http://i2.kym-cdn.com/entries/icons/original/000/006/216/7nTnr.png

Sssmush
08-02-2012, 06:19 PM
Anything having to do with Amway is a scam. Those people once tried to recruit me to "start my own business." They got to my friend, but they didn't get to me. Once my friend found out it was a pyramid scheme, he never talked to me about it again lol.

http://i2.kym-cdn.com/entries/icons/original/000/006/216/7nTnr.png

I saw that they are being prosecuted in the UK as a pyramid scam; apparently there is evidence that 90% of people make zero dollars after joining, and like 9% of people make approximately $30 total after joining.

Allegedly, they spend as much or more on political lobbying in the US as any other corporation, in order to keep the FTC from shutting them down. According to what I read, since the election of W. Bush there haven't been any prosecutions for pyramid scams and shady MLMs have been allowed to operate freely in the US without restriction, even when they wildly misrepresent themselves.

8kobe24
08-02-2012, 07:14 PM
Rebuilding is not an option, but letting DH12 walk for nothing after the season is?

Sssmush
08-02-2012, 08:21 PM
Rebuilding is not an option, but letting DH12 walk for nothing after the season is?

That seems to be the twisted logic.

To me it looks like for them (Amway, DeVos, etc) everything revolves around the November election, trying to win Florida for Romney and somehow block Obama from winning a 2nd term.

Betting big on Romeny is obviously another huge loser, just like trying to keep Dwight. But they probably reason that they can prevent Los Angeles from having a big party, and all this fun and excitement in the NBA.

So, leading up to the election, instead of a huge party in LA and a 20 game win streak, what everybody will see on ESPN every night at the top of every show will be a disgruntled Dwight Howard sitting behind the Orlando bench, while the newscasters fall over each other finding new ways to call him an ungrateful cheating lying egotistical spoiled athlete who is a traitor to Orlando and his team and is 100 million times worse than Lebron etc etc ETC all the way till November 2nd.

Dwight Howard, the Kenyan muslim communist homosexual liberal etc etc.

I don't really think Amway cares a lick about basketball or the NBA at this point, really. If anything, the other consideration besides the election is just the stadium financing, whether they will be held partially accountable or will be allowed to just skate when the city of Orlando defaults on its $400M bond.