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Phoenix Ownership - Rob says FTFFA (Part 1)

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Posted July 11, 2011 16:30 · last edited March 18, 2021 07:33

The only item of interest in the Burgess article is the quote from Morrison about the offers of several people to help the Nix out if they get into trouble.
The rest of it is a taudry piece of speculative bulls**t. Terry has just cleared over a $100 million dollars worth of mortgages.....probably saving himself over $10 million in interest payments annually. Great for cash flow.
 
Contrary to what was said these assets were not the "jewels in the crown".....try financial albatross instead. Maybe the car parking building but not the rest. The original hotel deal fell through.....the place is mostly empty. Next time you are in Tory street have a look....most of the ground floor retail is still bare concrete and has never been fitted out. Same with lots of the rooms.
 
As for the apartments. The cream on these sort of developments is the sale of the final units....well they have been trying to do discount sales on many of these apartments for the last few years.
 
The worst aspect of the article is the presumption that "Terry sells something = bad for the Phoenix". Without having all the facts of the deal then this is just ideal speculation. Why is this necessarily bad for the Nix? The owner has dramatically improved his cash flow situation.
 
The other side of " the Nix are doomed" campaign is that in some way it becomes a sell forfilling prophesy. How can you run a commercial business like the Nix with so much negative vibe going on? how much damage has this done to the prospect of attracting sponsors and season ticket holders?
 
In all my years of media watching I have never seen anyone hounded in such a way. Terry has not been charges with any crimes. The IRD, ACC and council are all happy. The Nix are recruiting and playing pre season......so whats the actual story here?????????
 
 
 
 

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Unknown editor edited March 18, 2021 07:33

The only item of interest in the Burgess article is the quote from Morrison about the offers of several people to help the Nix out if they get into trouble.

The rest of it is a taudry piece of speculative bulls**t. Terry has just cleared over a $100 million dollars worth of mortgages.....probably saving himself over $10 million in interest payments annually. Great for cash flow.
 
Contrary to what was said these assets were not the "jewels in the crown".....try financial albatross instead. Maybe the car parking building but not the rest. The original hotel deal fell through.....the place is mostly empty. Next time you are in Tory street have a look....most of the ground floor retail is still bare concrete and has never been fitted out. Same with lots of the rooms.
 
As for the apartments. The cream on these sort of developments is the sale of the final units....well they have been trying to do discount sales on many of these apartments for the last few years.
 
The worst aspect of the article is the presumption that "Terry sells something = bad for the Phoenix". Without having all the facts of the deal then this is just ideal speculation. Why is this necessarily bad for the Nix? The owner has dramatically improved his cash flow situation.
 
The other side of " the Nix are doomed" campaign is that in some way it becomes a sell forfilling prophesy. How can you run a commercial business like the Nix with so much negative vibe going on? how much damage has this done to the prospect of attracting sponsors and season ticket holders?
 
In all my years of media watching I have never seen anyone hounded in such a way. Terry has not been charges with any crimes. The IRD, ACC and council are all happy. The Nix are recruiting and playing pre season......so whats the actual story here?????????