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Friday, March 27, 2009

Everything he touches

Another Paul Allen venture reaches its logical conclusion.

Comments (11)

The Accidental Billionaire....

"Charter had recently hired Doody as a turnaround specialist and adviser."

They're kidding? Right?

Point 2 - A cable company going broke?

They're kidding? Right?

I would take an "accidental billionaire" over a spoiled brat who rode off of his daddy's accomplishments and wealth any day of the week.

If anyone thinks that Henry Merritt Paulson III has actually earned the majority of what he has now, then you need a major, major dose of reality.

Is anyone stupid enough to find it unusual how Merritt Paulson acquired an MBA from the same business school (Harvard) that his daddy went to?

I wonder how Merritt Paulson rationalizes the opportunities and wealth that was given to him?

Envy? No, just pointing out the obvious to my incredible disgust [Profanities removed. --JB].

Paul Allen is just trying to boost our tepid economy.

If he can achieve full employment for bankruptcy attorneys, turnaround artists, and bondholder representatives, the broader economy is sure to follow.

Mister Tee,

Ok, what is Merritt Paulson trying to achieve?

Is he trying to take millions in taxpayer dollars that would be better spent towards schools and infrastructure in Multnomah County for some jagoff business venture that may not work?

Is 300 new jobs worth those tens of millions of dollars?

Is Merritt Paulson putting out the philanthropy dollars on the same level as Paul Allen and Bill Gates?

Is Merritt Paulson capable of making a product that is on par with Microsoft?

Save those snarky comments because they don't fly in face of reality. Paul Allen may have his negatives, but can you really argue that his ventures such as the Portland Trailblazers are worth less than Merritt Paulsons?

That is how you evaluate someone, not by some bullcrap story.

In 5 years, lets see you say the same towards Merritt Paulson when Portland MLS is in default and he has not even paid back a dime that was given to make MLS in Portland a reality.

I would have more sympathy if Merritt Paulson did not have a well-to-do dad who set the example for him to follow. Merritt Paulson like others is just another "born with the silver spoon in the mouth" individual who followed daddy's advice and went to the same business school.

I do not respect him for that and never will. All of his success in my mind goes back to his last name and his dad.

Paul Allen may be "accidental" compared to Bill Gate's genius, but he is not some East Coast blue blood who thinks that he can stake his claim out here in the Wild Wild West and be hailed as a hero by us "unenlightened" common folk.

Compared to Merritt Paulson, Paul Allen is that Horatio Alger success story, thus I hold no bones in bringing up Merritt Paulson whenever individuals start dogging Paul Allen. Merritt Paulson and Paul Allen are on the same level in that they own sports franchises (very different ones) and use taxpayer dollars to enhance those sports franchises.

Background differences aside, the Portland Trailblazers are worth every single penny of taxpayer dollars. There attendance numbers will NEVER EVER be rivaled by BOTH of Merritt Paulson's teams COMBINED.

YOM, thank you, but please calm down.

Take a chill pill YOM....

Let me begin by saying that I'm adamantly against LLP and his baseball/soccer teams.

My Paul Allen accolades were tongue in cheek/damning with faint praise.

That said, I think LLP is much smarter than Paul Allen. There is no way LLP could afford to service the debt on a PGE Park remodel and a new AAA ballpark. So he's doing what lots of (formerly) rich folks are doing: rent a much nicer house (or car) than you could possibly afford to buy.

LLP's business plan only works with a majority investor who brings new sources of debt service (taxes/fees on tourists, nearby businesses, property tax increases): other people's money is the fuel for LLP's carbon busting dreams.

If LLP tried to service all that debt on his own, he would be out of business in the first three years. With City of Portland subsidies, he has a chance of living through the significant start-up costs and staying in the game long enough to reach positive cash flow. If he fails, he just has to make certain that his personal assets/guarantees are separate from his wife's (who will have the house, cars, yachts, treasury bonds in her name). Rinse, repeat.

I believe that i have read that there is a tax side story relating to this bankruptcy. The Federal Stimulus Act changed the tax rules in a way that will save Paul Allen HUNDREDS OF MILLIONS OF DOLLARS on this bankruptcy. Thank you, Taxpayers! The change is in the rules on the cancellation of debt.

Boys and girls, can you say "Reverse Midas touch"? I knew you could.

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