Moving right along
The headline on SI.com supplies all the LOL you'll need on this one: "Allen buys Rose Garden... again." The bankrupt billionaire made a big deal of announcing earlier today that his reacquisition of the Portland arena was "complete." Financial details were, as they say, "not disclosed," but if DOS Boy thinks it's going to stay that way, he's dreaming. I'm sure that we educators whose pensions financed construction of the Rose City hoops palace will soon have the lowdown.
My guess is that he paid pretty much what he owed when he decided to play sissy-boy hardball and drag the lenders and his hapless employees through bankruptcy. Tens of millions in legal fees burned for nothing, no doubt. And now it's on to the next financial blunder.
| Posted at 11:34 PM | Permalink |
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Comments (9)
We just returned from a vacation in La Paz and were told about Paul Allen's yacht
that was so big it couldn't come into the port. Supposedly he has TWO yachts-does he not know the basics: One can only water ski behind one yacht at a time.
Talk about conspicuous consumption!
Posted by Kathe W. | April 3, 2007 7:23 AM
Does Paul Allen water ski? Wouldn't he hire a pro and watch?
Posted by Bark Munster | April 3, 2007 8:41 AM
According to Power and Motor Yacht magazine, Paul Allen owns three of the world's largest 100 megayachts in 2006. They are the Octopus, Tatoosh, and Meduse.
The Meduse, at ony 198 ft, is on sale for $56.5 million. It used to dock at the River Place Marina occasionally.
http://www.powerandmotoryacht.com/megayachts/megayacht-meduse/
Posted by TomC | April 3, 2007 10:17 AM
Considering Paul Allen has the development rights to much of the Rose Quarter area this deal was no doubt ushered along by city schemers, commonly referred to public officials and planners.
It's all about being a team player in the CoP public-private partnership world of the unaudited.
Let's all here it for the upcoming Rose Quarter Couplet, Rose Garden Hotel, Rose Tower Condominiums and Rose Quarter/Convention Center Tram.
On three, Chris & Kari, you lead.
Posted by John | April 3, 2007 10:27 AM
And have you read about his new mini computer thingy that is supposed to be on the market soon?
I guess it pays to be a bankrupt billionaire.
Posted by Anne K | April 3, 2007 1:27 PM
Back in the mid 90's, when I started investing on my own, I made the mistake of thinking that if Paul Allen had a financial interest in a company, (Egghead Software) it should be a success.
It was an expensive lesson.
Now I know to short any stock that he has influence in.
Could it be he has guilt over his Microsoft wealth and subconciously wants to lose it?
Posted by James J | April 3, 2007 1:33 PM
From what I can tell Allen's never been a great businessman, but I never understood how his finances were anybody else's business. When he asked for public assistance that was one thing but that went nowhere so why does any of that matter now? If he wants to buy fifty arenas and 10,000 yachts, so what?
Anyway it's a good thing for Blazer fans, particularly if you bought into the 'franchise moving to Seattle' stuff.
As far as developing the Rose Quarter, good luck, they tried that once.
Posted by Chris | April 3, 2007 2:24 PM
Sort of off topic, but I'm really getting needlessly worked up about the Blazer's lottery chances. There's gonna be some nice talent in that draft.
Posted by Sebastian | April 3, 2007 2:45 PM
I never understood how his finances were anybody else's business.
He borrowed tens of millions and then tried to walk out on his debt. The biggest lender was a pension fund that's lending my money on my behalf. That makes it my business.
Posted by Jack Bog | April 3, 2007 10:11 PM