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Thread: Yankee Stadium Parking- now a distressed bond

  1. #1

    Yankee Stadium Parking- now a distressed bond

    Just hitting the tape- things aren't trending positive in Yankee-land these days....too bad for bondholders who thought the general public would shell out $53 ($45 + fee's/taxes) just to park outside Yankee Stadium for a game. If you recall Bloomberg & the city swindled the taxpayers of NY by understating the value of the land (for tax purposes)

    Yankee Stadium Parking Misses Bond Payment on Opening Day (1)
    2013-04-02 19:34:05.340 GMT


    (Updates with payment history in third paragraph)

    By Michelle Kaske
    April 2 (Bloomberg) -- The operator of parking garages at New York’s Yankee Stadium missed a $6.9 million interest payment to bondholders yesterday, according to a securities filing.
    It was the the first time Bronx Parking Development Corp.
    has skipped a payment to investors, Steven Polivy, an attorney at Akerman Senterfitt LLP representing the company, said in a telephone interview from New York. The next scheduled one is for
    $8.1 million on Oct. 1. Polivy wouldn’t say if the October payment would be made.
    Bronx Parking issued $237.6 million of municipal bonds in
    2007 through New York City’s Industrial Development Agency to build three garages and renovate two others. The structures haven’t generated enough revenue and Bronx Parking has hired Willkie Farr & Gallagher to serve as bankruptcy counsel.
    “Due to the continued financial difficulties experienced by the company, the interest payment scheduled on April 1, 2013 will not be made,” according to a filing on the Municipal Securities Rulemaking Board’s website.
    The New York Yankees began their 2013 season yesterday at home, losing 8-2 against the Boston Red Sox.
    The Bond Buyer reported the missed payment today.

  2. #2
    some add'l snippets:

    Even amid CEO testimony, Bernie Madoff grimaces and Rick Santelli diatribes, nothing better captures the moment's destructive greed than a billionaire politician using the municipal office he bought to defend charging $2,500 a ticket to a new Yankee Stadium he forced the public to finance. If there is a single act showing how kleptocracy and let-them-eat-cake-ism are systemic and local rather than momentary and exclusively federal, Bloomberg turning the House That Ruth Built into the House That Taxpayers Built is it.

  3. #3
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    Maybe they should start renting space to Cirque du Soleil.


  4. #4
    [QUOTE=DDNYjets;4849790]Maybe they should start renting space to Cirque du Soleil.

    [/QUOT

    Agreed, that was ridiculous. Mets suk too, charging $50 for fans to stand up to watch opening day yesterday. But Yankee Stadium Parking fiasco is a scandal....taxpayers were massively ripped off.

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    Quote Originally Posted by Tucker134 View Post

    Agreed, that was ridiculous. Mets suk too, charging $50 for fans to stand up to watch opening day yesterday. But Yankee Stadium Parking fiasco is a scandal....taxpayers were massively ripped off.
    We (taxpayers) have gotten hosed on every single one of these new stadium deals. That is the nature of the beast.

    Oddly enough, I heard Dolan is doing everything at MSG with his own money. Kudos to him.

  6. #6
    Quote Originally Posted by DDNYjets View Post
    We (taxpayers) have gotten hosed on every single one of these new stadium deals. That is the nature of the beast.

    Oddly enough, I heard Dolan is doing everything at MSG with his own money. Kudos to him.
    Agreed, but what Dolan did w dirtball Sheldon Silver to keep the west side stadium for the Jets from happening was filthy. I'll never forget the one time I ever sat courtside at a Knicks game (sat w actor Billy Baldwin who I grew up with in Massapequa ), Silver was with his little spoiled son in the halftime VIP bar area.

  7. #7
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    Quote Originally Posted by DDNYjets View Post
    We (taxpayers) have gotten hosed on every single one of these new stadium deals. That is the nature of the beast.

    Oddly enough, I heard Dolan is doing everything at MSG with his own money. Kudos to him.
    Odder still, MSG hasnt paid property taxes for decades.

    http://www.nytimes.com/2013/02/13/ny...ine-print.html

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