Well, perhaps you might want to explain why - in the absence of an agenda to "get Terry" - Burgess spun the positive news of the sale of the Century City complex into another "OH NOES NIX ARE DOOMED" story, and why John Morrison is going along with that narrative. Another explanation might be, I suppose, that Morrison is being misquoted by Burgess, but then that begs the question of why he tried to start panic with his "Giltrap buying Nix, moving to AKL" story.
Or, possibly, you agree with Burgess that the successful sale of properties is another reason for concern about the Nix's future? If so, please explain it to me, because I don't understand that logic at all.
Phoenix Ownership - Rob says FTFFA (Part 1)
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Or, possibly, you agree with Burgess that the successful sale of properties is another reason for concern about the Nix's future? If so, please explain it to me, because I don't understand that logic at all.
If he sells everything else, he doesn't have any assets to generate revenue and then invest in the Phoenix. Whether this was good or bad depends on how much he got for it and how much it was returning. The Dave Burgess article was just stating facts and giving quotes. It didn't express the writers opinion at all.
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The Dave Burgess article was just stating facts and giving quotes. It didn't express the writers opinion at all.[/QUOTE]
Nonsense. I quote:
[quote=Burgess]The sale of Terry Serepisos' flagship Century City Hotel and adjacent car park building to local investor Mark Dunajtschik has raised alarm bells over the future of football club Wellington Phoenix.
Nonsense. I quote:
[quote=Burgess]The sale of Terry Serepisos' flagship Century City Hotel and adjacent car park building to local investor Mark Dunajtschik has raised alarm bells over the future of football club Wellington Phoenix.
"Ŕaised alarm bells"? This is not backed up in the text by anything apart from John Morrison having "concern for the club's future" (although never stating what is concerning about Terry clearing debts). Honest, stating-facts reporting would have said "Cr John Morrison has raised concern over the future of the Phoenix". Instead, Burgess uses the passive voice to suggest a broader and more objective "cause for concern" (something they actually teach you not to do at journalism school).
Burgess doesn't explicitly give his own opinion, but his framing of facts is clearly designed to squeeze the most FUD possible out of the story. And Morrison's participation in the article, combined with his Giltrap scare story of a few weeks ago, suggest that they're working together.
Doloras2011-07-11 13:25:48
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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I think the alarm bells were already ringing, but having the owner backed into a corner where he has to sell off a $30 million asset, would confirm they are definately ringing. I'm not saying Terry hasn't been targetted in the past by unfair pieces but I didn't have any problem whatsoever with that article. I haven't kept track of which journalists have written crap in the past. It's good to get some news as harsh as this is on the clubs founder.
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I think the alarm bells were already ringing, but having the owner backed into a corner where he has to sell off a $30 million asset, would confirm they are definately ringing. I'm not saying Terry hasn't been targetted in the past by unfair pieces but�I didn't have any problem whatsoever with that article. I haven't kept track of which journalists have written crap in the past.�It's good to get some news as harsh as this is on the clubs founder.
Maybe it's time for me to get a coffee, but what exactly do you mean by the bolded text?
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Do not forget the impact on any mortgage holder when one of their lenders goes bust and the receiver wants the loan repaid immediately. I believe TS has had a few of these.
And when you are already extended refinance is not an option.
And when you are already extended refinance is not an option.
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Or, possibly, you agree with Burgess that the successful sale of properties is another reason for concern about the Nix's future? If so, please explain it to me, because I don't understand that logic at all.
Absolutely I do. But if I try to explain why you'll just accuse me of fear-mongering. As it is I don't have any facts to support my suspicions, so I'm keeping them to myself. I wish you would do likewise.
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I think the alarm bells were already ringing, but having the owner backed into a corner where he has to sell off a $30 million asset, would confirm they are definately ringing. I'm not saying Terry hasn't been targetted in the past by unfair pieces but I didn't have any problem whatsoever with that article. I haven't kept track of which journalists have written crap in the past. It's good to get some news as harsh as this is on the clubs founder.
Maybe it's time for me to get a coffee, but what exactly do you mean by the bolded text?
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I agree with Doloras that Dave Burgess would put a negative spin on Terry winning Lotto at the moment. Anyone who doubts that should read the original version of this latest story as it appeared in the Sunday Star Times and compare that with the Burgess version.
I'm less convinced that John Morrison has an anti-Terry agenda. I think Morrison is just a ruthless self-promoter and it suits him to imply that the Phoenix is in peril so that he can position himself as saviour.
I don't think anybody has enough knowledge of the inner-workings of Terry's empire to properly judge the pros/cons of this sale. If it means that Terry is no longer haemorrhaging mortgage payments that he can't afford then good. On the other hand if this significantly reduces his ability to generate income then not so good.
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I'm less convinced that John Morrison has an anti-Terry agenda. I think Morrison is just a ruthless self-promoter and it suits him to imply that the Phoenix is in peril so that he can position himself as saviour.
That's also a possible interpretation of the facts.
Seriously, I also agree that I have no way of knowing what's going on inside Terry's business empire, which is why I asked in the first place for comment on whether the sale of the buildings was a good sign or not. But we should all remember that if Terry walked on water, Burgess' headline would read "BELEAGUERED TYCOON SEREPISOS CAN'T SWIM, RAISES QUESTIONS OVER NIX FUTURE".Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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Burgess doesn't explicitly give his own opinion, but his framing of facts is clearly designed to squeeze the most FUD possible out of the story. And Morrison's participation in the article, combined with his Giltrap scare story of a few weeks ago, suggest that they're working together.
I agree that Burgess wont be giving Terry any change at all, he has a bent perspective on him. But the bold above, thats a long bow. Morrison is good for a quote or two, that is the only real conclusion you can draw on their relationship.
This is the worst part of that article to me, we've been hearing this for a while and I dont think anyone else believes it, it undermines confidence rather than strengthens it
"Mr Ali is absolutely still in the picture; I say that with a lot of confidence," Mr Serepisos said.
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If I lived in Wellington I would vote for Morrison. He is into his sports and means well. Whilst I hope he never has to get involved he is the sort of person you need in your team if the sh*t hits the fan one week before the season begins. Best we have a contingency plan if need be
Auckland will rise once more
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Burgess doesn't explicitly give his own opinion, but his framing of facts is clearly designed to squeeze the most FUD possible out of the story. And Morrison's participation in the article, combined with his Giltrap scare story of a few weeks ago, suggest that they're working together.
I agree that Burgess wont be giving Terry any change at all, he has a bent perspective on him. But the bold above, thats a long bow. Morrison is good for a quote or two, that is the only real conclusion you can draw on their relationship.
This is the worst part of that article to me, we've been hearing this for a while and I dont think anyone else believes it, it undermines confidence rather than strengthens it
"Mr Ali is absolutely still in the picture; I say that with a lot of confidence," Mr Serepisos said.
Dolorus your quote above fully convinces me you are Michael Brown (one of your personas at least)...FUD to you too!
I don't know whether Burgess is colluding with John Morrison.
Morrison may have been maintaining his profile but more likely I thought the Giltrap article might have been an attempt to raise awareness of a threat to our Nix remaining here in Wellington, a cry to "rally the troops" so to speak, galvanise some reaction and prevent the Jaffas from nicking the Nix,perhaps smoke out a new potential investor or two, should they be required.
Improving,,on the up, a work in progress from Italiano and the Nix. Bring on the bathroom bling in '24! COYN!
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Well, perhaps you might want to explain why - in the absence of an agenda to "get Terry" - Burgess spun the positive news of the sale of the Century City complex into another "OH NOES NIX ARE DOOMED" story, and why John Morrison is going along with that narrative. Another explanation might be, I suppose, that Morrison is being misquoted by Burgess, but then that begs the question of why he tried to start panic with his "Giltrap buying Nix, moving to AKL" story.
Or, possibly, you agree with Burgess that the successful sale of properties is another reason for concern about the Nix's future? If so, please explain it to me, because I don't understand that logic at all.
Or, possibly, you agree with Burgess that the successful sale of properties is another reason for concern about the Nix's future? If so, please explain it to me, because I don't understand that logic at all.
DOloras - Terry selling a trophy income producing asset and all of the proceeds of that sale being used to pay off Lender's is most certainly not a good thing!!
Terry has been forced to seel his 2 prized assets, his offices in Hunter Street and now the centurty city hotel. He is selling his good quality buildings but getting nothing himself - that is a very bad thing.
He does still have a property management role which will help with income but there is no reason to sell that property unless you are under pressure from Lenders.
Normo's coming home
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And as for Burgess, let's look at the facts. Terry is supposedly worth about 200m (or was). Let's say he's probably worth on paper 100m with recent disposals and falls in property values - but with leverage that might be much lower, maybe even as low as 20m but possibly much lower, there are 2-3 mortgages attached to most of these propertues which means he will see very little from most disposals.
He sells about 35m worth of properties (i.e. take that off the 100m) - but he receives $0 from that disposal. And this is for a trophy asset. So his total asset pool drops by about a third but he gets no cash. That sale has clearly been forced through by his bankers.
Now you try and tell me that isn't a concern for his business and therefore for the Phoenix.
TX, Deloras - this is not negative spin. These are real, serious issues for his portfolio. Terry is a property investor/developer. You don't go round selling buildings and getting nothing for them if you don't have to.
Burgess is absolutely right to be highlighting these issues because they are serious!!
Normo's coming home
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everyone knows that Pattrick Smellie has always had a vendetta against the Nix/Terry/anyone who is Greek.
From now on we should refer to him as Patrick Smelly (*snigger*)
All I do is make the stuff I would've liked
Reference things I wanna watch, reference girls I wanna bite
Now I'm firefly like a burning kite
And yousa fake fuck like a fleshlight
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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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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.[
can you explain how you think this works??
Normo's coming home
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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.[
can you explain how you think this works??
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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.
The car park is largely empty in there as well, which is pretty crazy considering its in a decent spot.
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Doloras will love this!
https://thenationalbusinessreviewisarag.ning.com/tpmyhill2011-07-12 15:32:16
https://thenationalbusinessreviewisarag.ning.com/tpmyhill2011-07-12 15:32:16
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[QUOTE=tpmyhill]Doloras will love this!
https://thenationalbusinessreviewisarag.ning.com/[/QUOTE]
https://thenationalbusinessreviewisarag.ning.com/[/QUOTE]
Where's this site based? Not NZ by the look of it.
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