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Bo is hopeless

Started by hawgon, November 16, 2017, 03:43:26 pm

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hawgon

So, Irwin just told that one of the reasons that Long was fired was that the BOT is very suspicious that he has not yet and may not be able to sell 80% of the suites and boxes in the NEZ before completion and that if they don't, then the university is on the hook for payment of the bonds immediately.

So, Bo then immediately launches into his summation that Long was fired because of the preference for an Arkansas flavor to the athletic department.

What?!  I don't know the ends and outs of the NEZ project but if what Irwin said is true about the suspicions of the BOT then that is a pretty fricking HUGE deal.  That is a program, even university crippling big fricking deal.  It would at the very least make Arkansas a national laughing stock and poster child for excess.  It is also staggeringly reckless.


Ironhawg

I was listening and wish I had made notes.  Somehow if the UA doesn't sell 80% of the boxes before the construction is finished, the issuer of the bonds can call the full debt due immediately.  The BoT felt like the way the deal was financed was reckless.  But didn't they have to approve the deal?  Does that sound right?
I am really tired of Bo's attitude.  He is really angry today.  I know, I know.  I don't have to listen if I don't like it.  When Irwin goes off, my radio is off.

 

Hogimus Prime


factchecker

Suites are sold out.

Not sure about loge boxes but I heard it was close.

The area that will be a tough sell will be the NOC club seats.  It's a pretty big price jump from the SOC or the EOC.
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jst01

Did you hear Bo's loaded questions to Booger?

Bo: "Did AR make a huge mistake firing Long and are they better off today?"

Booger: "Well depends on how you define better off regarding an AD..."

Bo probably... *crap Boog, just say yes it was a huge mistake*

jst01

Quote from: Ironhawg on November 16, 2017, 03:45:09 pm
I was listening and wish I had made notes.  Somehow if the UA doesn't sell 80% of the boxes before the construction is finished, the issuer of the bonds can call the full debt due immediately.  Does that sound right?

I think it was more like:  The bonds wouldn't even get issued until they had verified 80% were sold, and without the bonds being issued, the full amount due to the construction contractor would be due.

hawgon

Quote from: Ironhawg on November 16, 2017, 03:45:09 pm
I was listening and wish I had made notes.  Somehow if the UA doesn't sell 80% of the boxes before the construction is finished, the issuer of the bonds can call the full debt due immediately.  Does that sound right?

That is pretty much it.  I have no idea if it is actually the case and I don't have any concrete information on what is sold.  But if it is the case and if the BOT has legitimate reason to doubt the sales figures, then frick yeah, that is reason to fire him.  Our butts are hanging way out in the wind.

Ironhawg

Quote from: jst01 on November 16, 2017, 03:47:46 pm
I think it was more like:  The bonds wouldn't even get issued until they had verified 80% were sold, and without the bonds being issued, the full amount due to the construction contractor would be due.

Yeah that sounds right.  Thank you.

factchecker

WORK FOR IT
PLAN ON IT
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OMAHOGS

thebignasty

Bo is just sad about all the knob slobbin' he did for access thats about to be 100% gone.  Its a reasonable enough reaction given his position.
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ricepig

Quote from: hawgon on November 16, 2017, 03:48:42 pm
That is pretty much it.  I have no idea if it is actually the case and I don't have any concrete information on what is sold.  But if it is the case and if the BOT has legitimate reason to doubt the sales figures, then frick yeah, that is reason to fire him.  Our butts are hanging way out in the wind.

Here is the document, find it in there, please.

http://media.arkansasonline.com/news/documents/2016/11/01/Download_of_Stadium_Expansion_bond_document.pdf

Karma

Ricepig will be here shortly to say that all the suites are sold and the BOT executive session was about tenure.

The Hawg Marshal

Quote from: jst01 on November 16, 2017, 03:46:01 pm
Did you hear Bo's loaded questions to Booger?

Bo: "Did AR make a huge mistake firing Long and are they better off today?"

Booger: "Well depends on how you define better off regarding an AD..."

Bo probably... *crap Boog, just say yes it was a huge mistake*
He really asked this question to a man named Booger?

 

HoggyCat

But but but...... I said the NEZE was a major reason Long was GOING TO BE FIRED before it ever happened..... and I was darn down by ricepig and a couple others on here.
I'm only responsible for what I say, not how you perceive it.

onebadrubi

If there is a "marketshare" or "fullfilment" percentage tide to a financial agreement, they can create a market promotion to get those seats sold.  Especially if it tied to a default or early call on the bond debt.  They profit or revenue might not be at the target revenue, but they can sell them to students for $1 if they simply need them "sold" beyond 80%. 

I just don't see how this construction rumor stuff can be completely accurate yet not really see any contractual evidence to support this.  It would have to be public by now I would think...

hawgon

Quote from: factchecker on November 16, 2017, 03:50:47 pm
https://twitter.com/KATVChrisMay/status/924011624272420866

And if the BOT discovered that some of those "sales" were far less concrete than had been represented?

RME


Tweeter

Quote from: hawgon on November 16, 2017, 03:43:26 pm
So, Irwin just told that one of the reasons that Long was fired was that the BOT is very suspicious that he has not yet and may not be able to sell 80% of the suites and boxes in the NEZ before completion and that if they don't, then the university is on the hook for payment of the bonds immediately.

So, Bo then immediately launches into his summation that Long was fired because of the preference for an Arkansas flavor to the athletic department.

What?!  I don't know the ends and outs of the NEZ project but if what Irwin said is true about the suspicions of the BOT then that is a pretty fricking HUGE deal.  That is a program, even university crippling big fricking deal.  It would at the very least make Arkansas a national laughing stock and poster child for excess.  It is also staggeringly reckless.

Bo is not from Arkansas and he now realizes that the GOBN is back and he now is an outsider!

onebadrubi

Quote from: HoggyCat on November 16, 2017, 03:51:57 pm
But but but...... I said the NEZE was a major reason Long was GOING TO BE FIRED before it ever happened..... and I was darn down by ricepig and a couple others on here.

Long isn't the one that signs off on it.  He merely compiles architect drawings and says I prefer this one.  Others had to approve, unless I am missing something?

Tony Perkis

Bo is an angry angry man about this situation and it's painfully obvious.

Edit: insert Low T center joke.

Grizzlyfan

Quote from: jst01 on November 16, 2017, 03:47:46 pm
I think it was more like:  The bonds wouldn't even get issued until they had verified 80% were sold, and without the bonds being issued, the full amount due to the construction contractor would be due.
How did they start construction if the bonds haven't already been issued?

Grizzlyfan

Quote from: Tony Perkis on November 16, 2017, 03:53:42 pm
Bo is an angry angry man about this situation and it's painfully obvious.

Edit: insert Low T center joke.
Why does it have to be that he is "angry"?  Why can't he be confused?  like many of us.

Hogwild

Quote from: jst01 on November 16, 2017, 03:47:46 pm
I think it was more like:  The bonds wouldn't even get issued until they had verified 80% were sold, and without the bonds being issued, the full amount due to the construction contractor would be due.

That makes the most sense.  If we don't hit a certain benchmark in sales, they won't issue the bonds and contractor would want payment on completion.


The big question is how many of the boxes and suites are unsold. Posters have stated that the suites are all sold, and the boxes are close, if that is true why is the BOT so concerned?

Tony Perkis

Quote from: Grizzlyfan on November 16, 2017, 03:54:31 pm
Why does it have to be that he is "angry"?  Why can't he be confused?  like many of us.
Confused would be fine. But he is angry.

 

factchecker

Quote from: hawgon on November 16, 2017, 03:52:35 pm
And if the BOT discovered that some of those "sales" were far less concrete than had been represented?

I don't chase windmills.

You can "what if?" all you want.  I have yet to see any information that makes me not believe the sold seat stats.

I also know that there is a HUGE dislike for the stadium expansion/renovation because of where it's located.

The GSD is alive and well.
WORK FOR IT
PLAN ON IT
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Wildhog

Quote from: factchecker on November 16, 2017, 03:56:15 pm
I also know that there is a HUGE dislike for the stadium expansion/renovation because of where it's located.

The GSD is alive and well.

This is fact.
Arkansas Razorbacks Football National Championships:
1909/1964/1965/1977

HawgTide

Quote from: Ironhawg on November 16, 2017, 03:45:09 pm
I was listening and wish I had made notes.  Somehow if the UA doesn't sell 80% of the boxes before the construction is finished, the issuer of the bonds can call the full debt due immediately.  The BoT felt like the way the deal was financed was reckless.  But didn't they have to approve the deal?  Does that sound right?
I am really tired of Bo's attitude.  He is really angry today.  I know, I know.  I don't have to listen if I don't like it.  When Irwin goes off, my radio is off.


I shut Bo off because he was so whiny. That little weasel loves to play both sides. Wish I could have heard Mike though

hawgon

Quote from: Hogwild on November 16, 2017, 03:54:40 pm
That makes the most sense.  If we don't hit a certain benchmark in sales, they won't issue the bonds and contractor would want payment on completion.


The big question is how many of the boxes and suites are unsold. Posters have stated that the suites are all sold, and the boxes are close, if that is true why is the BOT so concerned?

Do they have the money yet?  Because if they don't, then they aren't "sold".

You know how the BOT might get suspicious?  If they start getting calls from boosters who had bought some of those suites and boxes who say things like "I told Jeff Long that he can stick that suit up his arse if ....". Then it would be a simple matter of seeing if Jeff was forthcoming with the information on calls like that.

jst01

Quote from: Grizzlyfan on November 16, 2017, 03:53:52 pm
How did they start construction if the bonds haven't already been issued?

Usually a bond underwriter does a very large analysis and looks at repayment sources if the bonds are issued. A lot of bonds are guaranteed by other entities (i.e. maybe the foundation) or the underwriter of the bond also carries insurance sometimes. They can be seriously complicated things to discuss and I'm not sure of the details. Rice's document he linked froze up my computer!

factchecker

Quote from: hawgon on November 16, 2017, 03:58:23 pm
Do they have the money yet?  Because if they don't, then they aren't "sold".

They don't have money for any of seats next season.

Should they tear down the whole stadium?

I sure you would like that.
WORK FOR IT
PLAN ON IT
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OMAHOGS

onebadrubi

Quote from: Wildhog on November 16, 2017, 03:56:56 pm
This is fact.

Can you or Factchecker expand on this, first I've heard of it.

ricepig

Quote from: HoggyCat on November 16, 2017, 03:51:57 pm
But but but...... I said the NEZE was a major reason Long was GOING TO BE FIRED before it ever happened..... and I was darn down by ricepig and a couple others on here.

Find the 80% number in the bond document.

"The term "Pledged Revenues" is defined as (i) Athletic Gate Receipts (defined in the Indenture as those
revenues of UA, Fayetteville derived from men's intercollegiate athletic events, including settlements, guarantees,
the sale of tickets, television and radio revenues, concession revenues, and all amounts transferred from the
Razorback Foundation, Inc., or the successor thereto, representing priority seating requirement proceeds, which are
received by the Men's Athletic Department of UA, Fayetteville, less amounts paid to State and local taxing
authorities and amounts paid by UA, Fayetteville, for settlements and guarantees for scheduled men's intercollegiate
athletic events), together with (ii) revenues of UA, Fayetteville, derived from any Student Athletic Fee (defined in
the Indenture as any fee charged to students attending UA, Fayetteville to support intercollegiate athletics, whether
such fee is imposed pursuant to Arkansas Code Annotated Sections 6-62-801 through 6-62-806 or pursuant to
Section 711 of the Indenture). The Pledged Revenues do not include (A) tuition or fee revenues collected by UA,
Fayetteville, sales and services revenues, or auxiliary enterprises revenues, or (B) any fees authorized or imposed by
UA, Fayetteville and dedicated to a specific purpose unrelated to obligations issued pursuant to the Act or to
facilities funded with such obligations

Grizzlyfan

Quote from: jst01 on November 16, 2017, 03:58:47 pm
Usually a bond underwriter does a very large analysis and looks at repayment sources if the bonds are issued. A lot of bonds are guaranteed by other entities (i.e. maybe the foundation) or the underwriter of the bond also carries insurance sometimes. They can be seriously complicated things to discuss and I'm not sure of the details. Rice's document he linked froze up my computer!
I'm fairly familiar with how bond issues works.  My point is, all that material and labor taking shape in the north end zone is being for as work is done.  It's called progress payments.  Where is the money coming from to pay for the work if the bonds haven't even been issued?

ricepig

Quote from: factchecker on November 16, 2017, 03:45:57 pm
Suites are sold out.

Not sure about loge boxes but I heard it was close.

The area that will be a tough sell will be the NOC club seats.  It's a pretty big price jump from the SOC or the EOC.

63 out of 70 is the last number from Scott Varady.

GuvHog

Quote from: hawgon on November 16, 2017, 03:58:23 pm
Do they have the money yet?  Because if they don’t, then they aren’t “sold”.

You know how the BOT might get suspicious?  If they start getting calls from boosters who had bought some of those suites and boxes who say things like “I told Jeff Long that he can stick that suit up his arse if ....”. Then it would be a simple matter of seeing if Jeff was forthcoming with the information on calls like that.

That is correct. They haven't sold them yet but people have committed to buying them.
Bleeding Razorback Red Since Birth!!!

Wildhog

Quote from: onebadrubi on November 16, 2017, 04:01:12 pm
Can you or Factchecker expand on this, first I've heard of it.

Long story short (and simplified): Non-NWA board members are pissed about taking games out of LR.  The stadium expansion too.
Arkansas Razorbacks Football National Championships:
1909/1964/1965/1977

Darren DeLoach

Quote from: factchecker on November 16, 2017, 03:56:15 pm
I don't chase windmills.

You can "what if?" all you want.  I have yet to see any information that makes me not believe the sold seat stats.

I also know that there is a HUGE dislike for the stadium expansion/renovation because of where it's located.

The GSD is alive and well.

We can harp on Long for much, but he was spearheading a move fully away from LR. Now, that is in jeopardy. Also, Bo's show will never lack access to the BAC, I think he just genuinely liked Long and thinks he was a very good AD. That is well within his rights to believe so, and yours to disagree. Not sure why it is always necessary to make the jump to the extremes and start name calling when someone disagrees with our side of things. Especially when our position isn't as founded in experience or facts as the other's.
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ricepig

Quote from: Grizzlyfan on November 16, 2017, 04:02:38 pm
I'm fairly familiar with how bond issues works.  My point is, all that material and labor taking shape in the north end zone is being for as work is done.  It's called progress payments.  Where is the money coming from to pay for the work if the bonds haven't even been issued?

The bonds were issued in Sept 2016.

onebadrubi

Bo is mad because his entire livelihood is based on the Athletic Department.  When shake up happens on the hill, his livelihood is shaken.  What if the new staff doesn't like Bo and doesn't give him any access?  It can be a very troubled time for him in the way he makes his income, he has to go back and recreate relationship with all new people.  That requires time and effort that his reaction shows he is too lazy for.

It's not different than a salesman getting a new salesmanager, he is scared that the new guy may make changes to what the salesman knows or want his new people.  Bo was tight with the Long/Bielema regime, what happens if Bo's competitor is a better fit for the next guy?  Bo's livelihood is effected. 

HogRockCafe

Hire the right coach and problem solved.

factchecker

Quote from: hawgon on November 16, 2017, 03:58:23 pm
Do they have the money yet?  Because if they don't, then they aren't "sold".

It doesn't matter who was the athletic director.  The seats were not going to be paid for until next season.  That's the way the seat selection process happens.

I'm not a suite holder so I'm sure there is a different protocol but for club seats we had to put down a deposit.  The stats are true if we secured deposits for the bulk of the boxes and sold out the suites.
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onebadrubi

Quote from: Wildhog on November 16, 2017, 04:03:29 pm
Long story short (and simplified): Non-NWA board members are pissed about taking games out of LR.  The stadium expansion too.

Sorry I read it wrong, I thought he meant where the expansion was located to the current DWR stadium, not GSD.  Understood now.

cjack

Quote from: RyanMallettsEgo on November 16, 2017, 03:52:43 pm
Get that outta here. It doesn't fit the pitchfork narrative!

Because someone tweeted it, it's true.   Sounds like HV logic.
Woooo Pig Soooie!

BR

Quote from: The Hawg Marshal on November 16, 2017, 03:51:43 pm
He really asked this question to a man named Booger?
Not much of a football fan huh...    Booger McFarland former LSU All-American, Tampa Bay Buc's-Indy Colt's, 2 Super Bowl Rings, ESPN/SEC Network Analyst 
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Martygit

Quote from: Grizzlyfan on November 16, 2017, 03:53:52 pm
How did they start construction if the bonds haven't already been issued?

Look at the bond document referenced above - the bonds have already been issued by the entities on the bond document, led by Stephens.  They've been sold to investors.  The money from the sale of the bonds has been and is being advanced by the bond issuers on some sort of periodic basis (probably monthly) to pay the contractor and subcontractors.  It may be that when it comes to the final advance there is some requirement that 80% of the suites/seats be sold but I'm not going to read through the entire thing to find that out.

The bonds only make up $120M of the projected $160M cost.  That's about 80% and Irwin may be confused about the 80% deal.  Most lenders will only lend 80% of the purchase price/cost - you can see that the university is responsible for coming up with the other $40M from other revenue sources - it's in the bond itself.
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Polecat

Bo is just a fatter Paul Finebaum without the connections
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hawgon

Quote from: Grizzlyfan on November 16, 2017, 04:02:38 pm
I'm fairly familiar with how bond issues works.  My point is, all that material and labor taking shape in the north end zone is being for as work is done.  It's called progress payments.  Where is the money coming from to pay for the work if the bonds haven't even been issued?

That's why I think Irwin was mistaken on that.  The bonds were issued.  I suspect that if Irwin was right, then they would mature immediately if certain sales numbers weren't reached.

cjack

Quote from: hawgon on November 16, 2017, 03:43:26 pm
So, Irwin just told that one of the reasons that Long was fired was that the BOT is very suspicious that he has not yet and may not be able to sell 80% of the suites and boxes in the NEZ before completion and that if they don’t, then the university is on the hook for payment of the bonds immediately.

So, Bo then immediately launches into his summation that Long was fired because of the preference for an Arkansas flavor to the athletic department.

What?!  I don’t know the ends and outs of the NEZ project but if what Irwin said is true about the suspicions of the BOT then that is a pretty fricking HUGE deal.  That is a program, even university crippling big fricking deal.  It would at the very least make Arkansas a national laughing stock and poster child for excess.  It is also staggeringly reckless.



This is the same Mike Irwin that doesn't say anything unless he knows it's true.  I'll take that over a tweet that Jeff Long supposedly had everything sold that he needed to sell.
Woooo Pig Soooie!

The Hawg Marshal

Quote from: ricepig on November 16, 2017, 04:02:49 pm
63 out of 70 is the last number from Scott Varady.
Even if people think Long was a weasel and doing underhanded stuff, Varady would have no reason to lie about it.

Grizzlyfan

Quote from: ricepig on November 16, 2017, 04:03:41 pm
The bonds were issued in Sept 2016.
thanks.  I thought that was the answer.  So as to Mike Irwin's first statement that the contractor can't be paid if 80% of the boxes aren't sold.  that's just not correct. 

As to Mike Irwin's other statement on Bo's show.  If 80% of the boxes aren't sold the bondholders can call the bonds?  I haven't heard of this?  What would their plan be? to foreclose on the stadium?