If he does own $300 million worth of mortgaged property his situation can change very quickly. Recent drop in interest rates could improve his cashflow dramatically. Tax return from depreciation (his last one) should be coming in. We don't know if he is not selling property because there is no equity or the price isn't acceptable. So long as he is covering the payments his equity should be improving every week.
A couple of people seem to want Terry to step away from the Phoenix in the hope of someone else, who may or may not exist, coming in and taking over. Well, it is Terrys choice. We wouldn't have had the Phoenix without him so the best thing you can do is pull yourself out of depression, hustle up some support and buy season tickets when they become available. That way, even if Terry does fold you are doing as much as possible to make it an attractive proposition for a potential new owner.