IS IT TRUE April 7, 2014
IS IT TRUE that if one were to believe what is being circulated in the mass media of Evansville one would have to conclude that the wrath of the city is now aimed at Dunn Hospitality and it’s CEO John Dunn?…if it’s not some self serving group that has put up a Facebook page that attempts to make Dunn Hospitality look like the reincarnation of Bernie Madoff who is out to starve 200 (yes that is 200 out of the 117,000 who live in Evansville) union families to death, the local Scripps-Howard affiliate newspaper the Courier and Press doing their best to imitate the state owned Pravda that once spread the propaganda of the USSR?…whether the people of this little burgh like it or not the unacceptable tarring and feathering of John Dunn has its roots in the Communist Manifesto written by Karl Marx and proven to be folly everywhere it has been attempted?…property rights are one of the foundations of the United States of America but in Evansville today we have a Mayor, at least one member of the City Council, and a couple of mass media outlets piling on a man and his company for exercising their rights as property owners and entrepreneurs?…every one of you who holds resentment toward Dunn Hospitality for being good stewards of their employees, crediters and shareholder’s interest should either come out of the closet and join the Communist Party or hang your heads in shame?
IS IT TRUE in an editorial yesterday Tim Etheridge, the editor of the Courier and Press accuses Mr. Dunn of “throwing a wrench into the timetable of the construction projectâ€?…that is not exactly the whole truth Tim, and you know it?…Dunn Hospitality filed the complaint after they were officially notified that a Hilton franchise had been applied for ON MARCH 21, 2014 and being granted until APRIL 4, 2014?…this could have all been over with if HCW had actually applied for the franchise in December when they told Evansville Living Magazine they had already done so?…HCW threw a wrench in the construction schedule by waiting until March to set the application in motion after getting the commitment for local financial assistance 6 months ago?…it is unfair and disingenuous of the Courier Press to lay the blame onto John Dunn?
IS IT TRUE the that CP editor Etheridge goes on to accuse Mr. Dunn of “poor sportsmanship and poor citizenry†before lampooning him again for waiting until the last minute to file a complaint?…that former Courier and Press sports reporter called Tim Etheridge must not understand that UNTIL DUNN HOSPITALITY RECEIVED AN OFFICIAL NOTICE FROM HILTON, THEY COULD NOT HAVE FILED ANYTHING?…as with the Office of the Mayor, the Evansville Redevelopment Commission, and several members of the Evansville City Council it seems as though the powers that be in this little town have no comprehension of the fundamentals of business when it comes to collective rights over individual rights?…any prospective business that is thinking of coming to Evansville or any Evansville business that is thinking of expanding needs to pay very close attention to how Dunn Hospitalities rights are being ridiculed by the local press and leadership of Evansville?…looking from afar the Socialist Pressure Cooker put into place by the Mayor of Evansville and his sycophantic mass media buddies that are attempting to fan these Marxist flames against a private businessman with 5 hotels and a corporate headquarters in place are reason to remove Evansville, Indiana from the list of expansion candidates until this Marxist Posse of Komrads has passed?
IS IT TRUE that as a business owner and a citizen John Dunn has every right and reason to protect his multi-million dollar investment legally?…that is precisely what he is doing and the elected mob in the main stream media know it?…we wonder how the Courier and Press would feel if the City of Evansville and Old National Bank put together a $34 Million incentive package for the City County Observer to compete head to head with them in the printed newspaper business?…we bet the red queen would be howling for the heads of the City officials who okayed a deal that threatened their investments?
IS IT TRUE we should all ask ourselves why anytime the City does not get its way that the insults and obstructions to commerce get personal?…whether it is with the CVB, the EHA, Gage, or several other entities where a Mayor was challenged, the City’s response is always a personal attack and a character assassination campaign?…it seems as though that is all they really know how to do?…one thing is for certain and that is if John Dunn would have been in charge of VETTING for the City of Evansville that there would have been no Earthcare debacle, no McCurdy melt down, and there sure as hell would not have been 4 false starts on a downtown convention hotel?…if Evansville wants to apply tar and feathers for the lack of job opportunities and the failing infrastructure it needs to first look in the mirror?  …we are glad we have the Dunn Hospitality Group in our midst?
You put it very well. The “in-crowd” thugs have actually resorted to a Facebook page to smear a successful and rather generous citizen of Evansville for acting to protect his business, and thus, the jobs of his employees. This is sickening.
I agree. Today is a day that I am ashamed to even admit that I am a native of Evansville. What a petty way for a Mayor and your local media to be. I rejoice in my decision to get the hell out of there and to take my education with me. The unions don’t push anyone around down here in Georgia.
I can think back ±15 years in time and put myself in John Dunn’s shoes today. When it comes to corrupt, back-stabbing,slanderous,lying, Nazi tactics the people of Southwest Indiana can not be challenged; they are definitely #1.
I am also so very grateful that I no longer live in Indiana!
+ 1..this is why if Wayne P. asks, “why not use your real name”, you don’t use it. Sort of like in the tradition of the writers of the Federalist Papers.
+1
Reminds me of the the disgusting feeling I get anytime I happen to have the news on to see the weather. I am always sadden to see how the supposed unbiased media lowers itself to be the lapdog of the Administrations local and federal). Whatever became of real investigative journalists. You used to be able to count on the news people to look into scandals and then report what those in power are hiding from the masses. Now all we get are regurgitated talking points sent out by those with the power and a scared group of non reporters repeating everything they are told to.
Can anyone fail to see some parallels here:
https://sites.google.com/a/hawaii.edu/ndnp-hawaii/Home/historical-feature-articles/overthrow
When the local oligarchs yell “PICK THAT UP”, about half the politicians around here, and one newspaper, bend over.
Luke 16:13
“No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.”
__
And Meanwhile..
http://realestate.msn.com/10-homes-for-sale-in-the-best-cities-for-first-time-buyers
Evansville was not on that list in spite of being much lower in price than any of the 10 places in the article. They must take into account opportunity and environmental malaise. Who would have thought there was more to life than just being the cheapest (sarc.)?
Much more to life than local leaders can grasp, there is!
We don’t always agree, but we’re on the same page on this one!
The pages are as many as the lists,and,the lists,as numerous as,the sources.
As we work on developing our “changed climate” buyers product* “to be available soon”,this is a “huge issue sticking out” for people who are in fact seeking to relocate forward. Why wouldn’t it be? Moving a family and those lives is a huge step for a person,or persons well being, and environmental aspects of life qualities.
Its why the product offering will be successful,we’ve decided to do the assessments get them certified,and just offer an true environmental snapshot of any listed property in the country. We have some partnering availability with some established companies already offering web based real estate sites.
Absolutely no bias,just confirmed data,its just good historical climate change science,and, in actuality allows leading edge science to drive markets for climate change actions positively for the consumers and their choices through ongoing informational accessibility.
No wool pull,on true environmental conditionals values per viability accessible by cloud 24/7, anywhere.
The apparent, media hack job,tossed out onto the Dunn group is probably just another strike in the inning evansvilles playing in for building an attractive community. That doesn’t bode well as seen from afar,or right there either,we’ve determined.
Listing perceived jobs viability’s is just “poking the bear.” One might ask the fella as he awakens from a hibernation kinda hungry, how many jobs his company and its suppliers actually “affect”?
With,the local revenues at the “touch points required” to operate at the locations in your regional.
“Do,include all cross functional banking commerce,as well as, local tax revenues.”
http://www.robertamsterdam.com/econ020508.jpg
http://4.bp.blogspot.com/-OHhqXat_V8g/ToFAnyb7yfI/AAAAAAAAAHI/q6veMMIMUeQ/s1600/beaqrandgirl.jpg
…together a $34 Million incentive package for the City County Observer…”
Honestly? While I say the following in a slightly more serious tone than not coupled with a bit of tongue in cheek; It wouldn’t bother me a bit now that I have become familiar with the CCO. The C&P has become a worthless rag and no more interested in journalism, balanced coverage or just the plain truth than FDR.
Not that the CCO is doing a shabby job, I have to wonder the degree of impact when you have to in a sense counter the Pravda-ness of the C&P. In any case, I think it would be spent a helluva lot better than on a hotel. And what would the ROI be? An unprecedented exposure of the hooligans and those who support them the likes Evansville since its founding has ever seen.
Now that I got that off my chest.
…every one of you who holds resentment toward Dunn Hospitality for being good stewards of their shareholder’s interest should either come out of the closet and join the Communist Party or hang your heads in shame?…
Could not have said it any better.
IIT that there are mounting issues with the competency of those who do the day-to-day tasks at the Courier and Pravda?…Tim Ethridge is digging a deep grave for what was once a worthwhile newspaper?
IIT that today’s e-edition’s opion page is a reprint of the one that was published 4/4? … It is not currently known if that is true of the print edition also, but will be verified shortly?
IIT that there are several regular posters on CCO with the skills to create a Facebook page in support of Dunn Hospitality?… That there are those who post here and others who would surely support such an effort?
IIT that there are those who would gladly pay for access to CCO rather than continue to pay for access to the C&P?… That there are life long followers of local news that are stopping their subscription to the dying newspaper and donating the savings to feed the hungry and homeless?
Ethridge is merely a “placeholder” Editor until a competent one is found or the paper folds it’s tent and packs up in EVV, whichever comes first.
It’s in death throes. It’s a shame they had to sully the paper’s memory with the likes of Ethridge. It should have been allowed to die with a little dignity.
The opening salvo:
“In another interesting news story this week, we rolled from the equivalent of church vs. state to the equivalent of business interests vs. common good.” (Tim Ethridge)
Let the media war begin!
___
Leon Trotsky could have written that with a straight face. That statement was pretty common to say the least. I would not advise Ethridge to start a war of words with the Wallace guy. If this turns into a battle of wits, Ethridge will be humbled. Wallace doesn’t need or care about the approval of the local goon squad.
I think Sporto got hit with too many many foul balls when he writes the above comment with respect to this issue. He has watched too many Star Trek movies and sounds like he is channeling Spock.
The fight from Dunn’s perspective is the good or well being of an individual vs a political machine that has a tendency to treat property rights lightly (i.e the exemption debacle). Maybe Sporto should pick up a copy of the Decleration of Independence.
Give them hell Editor Joe Wallace. Thanks CCO for making strong pro-business statement. The only thing the Courier seems to like about local businesses is their advertising money.
Mr. Ethridge comments in Sundays Courier and Press is shameful!
Someone needs to send this ex-jock writer packing.
The Courier & Pravda is not about reporting the news. The new Courier & Pravda editorial board has a far left leaning Occupy Wall Street mentality. They really believe how dare that Mr. Dunn stand in the way of favored government by requesting his franchise contract be honored. I expect the Courier & Pravda will now sick their political cartoonist on Mr. Dunn. Very predictable the Courier & Pravda.
I hope Mr. Dunn sues Tim Ehridge ass off for defaming his character. I bet attorney Scott Danks would just love to represent Mr. Dunn.
That would be fun to watch.
Various musings on today’s IIT.
1) I understand that we need jobs, that we have any empty lot with a stadium and a convention center next to it with no hotel but this has gotten WAY out of hand.
2) They could have settled for a smaller hotel and yes that would have turned off some event planners but so what? That’s part of the problem. Overcapacity it’s a buyer’s market. Nothing is perfect and if they had gone that route we would probably already to building a hotel.
3) This cocktail party crowd wouldn’t know value and cost benefit if it gobsmacked them across the face.
4) Why isn’t the cocktail party crowd mad at Bob Jones and Weenie for giving not only them but everyone else the impression that the private financiing of $11.5M was in place the night of the CC vote?
5) Why isn’t this Ethridge shill asking the same question to the mayor and Bob Jones?
6) How big of an ego do you have when you want to sit on top of a $40M hotel (that wil be worth $25M) to have a cocktail and steak dinner at the cost of the taxpayers and gloat about “progress”. Geeeez.
7) IIT that certain elements of local D pinky shakers conducted a smear campaign against Scott Danks when he ran for county chairmen.
+1
+ as well. First comment on this is being moderated though,leave that one. and you can lose this one.
+ 1
Well, I just bought my last copy of the C&P! Sure enough, even in the print edition, the Opinion page is a reprint from 4/4! It makes no sense to me to pay out good money for the privilege of reading a rag that can’t even publish the right news of the day, and/or sniping with the intellectual midgets who defend our Mayor.
I agree
We dropped the C&P a long time ago.
What an ensemble of Despicable Creeps we have here, doing their best to stamp their will upon the Evansville dialogue, it’s Citizens and it’s Future. Words fail to describe the Contempt these Bums deserve..
Mr. Dunn I implore you to now build your Convention Center next to your East side properties,–it’s time to Checkmate these “Sons of Dogs”!
I agree ,go for it Mr.Dunn
don’t get mad at our mayor and his cronies ,get even
Where were Tim Ethridge & Winnecke during the whole ball fields blunder which is going the same route as the hotel- the whole city suffers because one group wants it out by their hotels? Now Ethridge decides to come roaring out with his cape? Fuhgetaboutit. Their precious hotel should receive the same treatment.
I’m on Dunn’s side on this project although I do think HCW is having a harder time here largely because they are from out of town. It wouldn’t hurt my feelings if every single project was designed and built by people from a city a little bit smarter than this one (and no I’m not talking bringing the whole gang of Indy cronies down here).
I will say, the current hotel design looks good even after they keep altering it. But it’s turned into nothing but a weapon for the machine (like the arena) which in turn has also made it a financial disaster as everyone has gotten their hands in this cookie jar.
The best outcome is for the plug on this whole thing to be pulled until a new mayor takes over.
And if those 200 union workers want a job, I highly suggest they turn their applications into Klenck Demolition Co. That’s where all the business is.
Rails: When the public cause, and its leadership actually do what innovation teams put #1 you might get some viability in some of the things projected there.
Every single innovation that is in reality going to find success in its design must show how the innovation is a balanced and sustainable* creation in the first place.
To our team,what we’ve determined to be an sustainability is to actually improve mans infrastructures to start them forward for the changing climate. Sustainability means continuous evolution of those needs forward.So.
The amount of careers and jobs created by that balance is driven forward,as well. When we set a project in motion the goal is to be successful with a the blending of technologies required to meet every objective,at each point of the planning.
In other words no set employee numbers,the projects will drive those,no set business plan timing either. Basically the planet is changing,so we must change as,well as, keep up.
The work isn’t done, so too speak,it evolves as demanded.
Not 200 contract employees,short term,the sustainable balance* is more like 2000,contractors,and 2 Million employees. With every career touch point required,in other words, Sustainable recovery programs to build Americas viability into the next 500 years,if,the planet and solar system even care to wait on us.
Every project configuration anywhere should meet those design requirements today,then the rest is stuff You,and “We” all really care for,history,due, our given heritages.
“destinant tempore,quo hominis notas”
“men mark time,time marks man”
If this thing doesn’t get done this time, it’s going to need a couple of years for a “cooling off period.” Afterall, one town can only take so much humiliation before it has to step back and give it a rest.
Does anybody know what we’d have to go through to legally change the name of the town? It might be worth it if this hotel lays an egg, too.
How could the city not have seen this coming? As understandably prevalent as territorial challenges are in the hospitality business it’s inexcusable to think it wouldn’t happen with this vexed and unfunded hotel. It would have been easier to deal with earlier on, Dunn is a businessman, he’d have listened.
This is just another low rung on the ladder of ineptitude our city’s ‘leaders’ have descended. If they keep digging they’ll find themselves in the 3rd circle of former newspaper hell, with Haney waiting and holding something for them to sign. It’s mostly populated by sportswriters turned political commentators and the miscellany detritus of what was once known as Scripps Howard .
The CCO can go after Ethridge all it wants but it’s like taking shots at a high school softballer who lost her fastball, change-up and boyfriend the same day. I don’t think the CP is a competitor to the CCO any longer. Not sure when it happened. The change has been gradual but accelerates with each mindless editorial on behalf of an administration that does not deserve it. It is underscored by the general low quality of the editorials and reporting emanating from what was once our city’s newspaper. Watching them flounder is sad on that level.
“The CCO can go after Ethridge all it wants but it’s like taking shots at a high school softballer who lost her fastball, change-up and boyfriend the same day.”
Now that is funny!
So is Joe Biden the VP!
Apparently no one in the administration talks to the lawyers receiving a ton-o-taxpayer dollars about issues until after the fact. I can only assume these lawyers the administration uses are bottom of the barrel types. Though I’m not sure they have even done that.
My sentiments exactly. Why is this not cause to call ZSWS on the carpet and read them the riot act?
__
It would seem that way, but I think the lawyers are outsmarting the city. Lawyers are not in the business of making decisions or finding solutions. They prolong problems as long as possible to keep the billable hours coming in. Anytime I see problems that make no sense I look for something to make sense, in this case it has to be money. A lot of people are doing well financially on the backs of local taxpayers.
Here’s what I just posted on the thread on yesterday’s editorial in the C&P :
“I have long loved this newspaper. I was a fan before I could read, as my father always read me the “funnies” twice a day. I have understood for sometime now that I have been watching an old friend die, and that the death is not a very dignified one.
Sadly, this editorial and the content of Tim Ethridge’s accompanying column have really brought home the fact that this publication bears little resemblance to what it once was. Then, this morning the lack of competence at the C&P was really brought home, with the reprinting of the Opinion page of 4/4. This is the third similar incident in the past few months.
With sadness, I am posting this final comment just before I cancel my subscription to this once-loved publication.”
I decided it was time to vote with my wallet!
Bravo !!
EKB,I know of several people that have done that,”vote with the wallet”. One things for sure an outfit like say ONB has such an impact on so much,one really has to use some analytical skills about how to address that.
http://en.wikipedia.org/wiki/Analytical_skill
All those points of commerce,We’ve been investigating where all the points actually are,no one would want to be detrimental to a community through some silly boycott. Clearly.
However,as far as we’ve seen other than advertising if you avoid one news media source in preference over another,only the source funding to support those employees would take the hit. Economically the employees will bear the weight. That’s the stuff we don’t like.
We’d prefer to find’um another better job first then send the management packing,being Innovationist’s maybe we can brain “storm” a bit,and find an easy solution get those people a good job,and save’em the trouble looking.
“Money is like manure,you have to spread it around,or it smells.” (J.Paul Getty)
Excellent comments.
We took both papers when there were two dailies here. It was a given. After I graduated from funnies only and could actually read I had to beat my parents to the crosswords, seldom did.
It’s a tough sell to get someone to buy ‘news’ that’s by defintion a day or so old by the time it misses your doorstep. Print papers have adopted strategies to survive with varying degrees of success. The NY Times tried it a few years ago and had to give it up, advertisers don’t like it. Now they’re trying it again. Not many are doing well no matter what.
Willfully printing poorly edited (if edited at all) crap as the CP does would seem to be a poor way to try to eke out a few more obituary dollars. It has become an embarrassment to the community. It is getting to be time to quiet the presses. The CP has become so inept, so much of a joke that it cannot continue much longer.
I can remember when the newspaper editor’s opinion, as well as the editior himself, was respected in the community.
Second paragraph ‘strategy’ refers to paying for content. Scripps might have a copyreader job I’d never take waiting for me.
When I was a kid, there were three editions a day that came out. The Courier, the early edition of the Press, and the final edition of the Press. We usually had all three, the two that were delivered and the early Press was sold on streetcorners.
Great job. In an interview years ago, Ben Bradlee of the Washington Post was ask this question. How many clubs, groups and organizations do you belong to? His reply, none. Tim could follow that advice to help him stay biased free.
Glad to see you in the club, Laura. Welcome.
Who is the creator of this group?
https://www.facebook.com/pages/Let-John-Dunn-know-we-are-mad/478469262281053
Apparently it isn’t very big, as it only has 37 “likes”. I see Missy Mosby is one of those “likes.” ‘Nuff said!
She has seen the light and it has seen her. Not sure where it came from, I’m glad she’s been enlightened though. Then again, there’s a lot to be said for darkness under some circumstances.
Perhaps she’ll come here and tell us what ‘truth’ it is that’s recently been revealed to her.
I like how she’s acting all shocked to hear the news that a protest had been filed against the hotel. But then again maybe she literally just found out. That wouldn’t surprise me either. This is Missy after all.
I hope I’m not the only one who finds a public official like her being on a page like that to be unprofessional. These are the people that represent our city? Geez.
+1 Look for half the Weinzapful-Winnecke alliance to join the FB page.
I believe Phyllip to be one or three of the others. You smoked him out through his self-generated fog of spite and Phoenixigasm. Got him to reluctantly admit he is a proud Associate Degree holder from, where’s that damn drum roll thing, …. the University of Phoenix. He’s a Phoenix, knew it all along. The miasma of Phoenixyism that attends and surrounds such folk is is an inerrant indicator.
Online education faces enough obstacles without something like that running around as an advertisement. Maybe they promised him a letter sweater, delivered from the sky. Not from a Phoenix or even a stork but by a saddlebroomed Jan Brewer.
Go Phoenix.
He seemed to speak with such authority and I had never heard of him, so I checked his LinkedIn profile, when I first noticed him rattling on here. I guess that is “stalking” in his mind.
I just happened to remember that because he tries to present himself as an authority on everything, I was really surprised at his “credentials.”
I’m picturing him in that sweater, teeheehee!
Interesting choice of the word miasma and as my good friends Merriam and Webster likes to say; “an influence or atmosphere that tends to deplete or corrupt”.
Though I have to admit that was not the first to fill the brain cavity but this; http://www.uesp.net/wiki/Skyrim:Waking_Nightmare
Phoenixyism, Phoenixigasm….priceless, Bandana priceless
smoke’em out or cut through the fog layer or try these guys methodology.
https://www.youtube.com/user/Phenomenex
https://www.youtube.com/watch?v=tu1jeo_5zK8
Just about priceless,still working on,I’ll bet.
Ahe,he http://www.quickmeme.com/img/ab/ab93291b9e9a58f92a5afbaa1a7b9682a735e087f9f7536884560d1d40609d52.jpg
I don’t do facebook so dunno. If you read their About page;
“We only hope to spread awareness through educating the citizens of Evansville about this poor decision by a company headquartered here locally. This page is not about bullying or hate, but about caring for the people around you, and the broader society in which we all share. Our Facebook page simply serves to promote awareness and education of our cause founded to protect both taxpayers and the concept of greater good within the City of Evansville, Indiana.
If they only had a clue all the “poor decisions” have been made by the Mayor and his cronies and no understanding of franchises.
Just when you thought that the C&P had completely destroyed the remaining shreds of its credibility, Tiny Tim Ethridge has another tantrum and digs out a whole new sub-basement of cluelessness.
Tim, I understand that your reportorial experience on the ball diamonds of Indianapolis’ least competitive T-ball leagues did not prepare you adequately for your current position. Likewise, we understand that the C&P’s ownership is playing the end game and hopes to either find a sucker to unload it on or to go to an all-online or perhaps biweekly publication. In the meantime, they don’t want to pay for the services of a real editor; hence, your employment.
Now Tim, here’s the deal: when Business A pays money to Business B in exchange for a franchise of Business B and such services as are provided by Business B to its franchisees, there are typically contractual agreements between the parties about exclusivity within a certain area. No one is going to pay big money for a McDonald’s franchise if five other people are able to secure franchises for restaurants built on adjoining lots. When it comes to corporations like Hilton with multiple brand franchises, the situation is more complex, but there is virtually always a contractual process to adjudicate exclusivity disputes. There is no question that Dunn’s properties will be harmed by the construction of a large hotel. It is entirely reasonable that he complain. It would be a sign of outright insanity if he did not.
Tim, how many franchises of anything will want to bring their goods, services, and employment dollars to Evansville once they discover that the editor of the local newspaper is an ignorant, clueless socialist willing to use his editorial page for foot-stamping tantrums against businessmen who invested in a franchise in good faith and expect their contractual guarantees to be respected?
This episode makes clear how utterly corrupt a newspaper the C&P has become and how compromised its management is.
It makes me nervous to type these words, but you really have this right, howler.
+1
I fully expect as this issue matures, the Mayor, someone from the administration or a hostile third party to declare a real estate version of the Chewbacca Defense.
The CCO and CP editors should be calling Bob Jones and Mayor Winnecke every day for a status update on the $11.5 REIT or whatever it is ONB is calling it.
That’s the key to the this whole story.
If they don’t respond or say no comment just publish that every day until these guys crack.
I’m betting the money isn’t there, not even half of it.
May I pose this question. If ONB has sold securities to anyone on the basis of false information wouldn’t that make them guilty of securities fraud? Maybe that is why they aborted their efforts to find local investors and decided to take it out on their own shareholders by purchasing the worthless naming rights for the Centre at a price of $14 Million.
If the offering never got completely filled then there would be no exchange and therefore no fraud.
Any money would be refunded to those who put money in intially.
I’m not sure if this was a private placement REIT or not, if so no prospectus would be required.
Private placements are very risky and illiquid.
Why any sophisticated investor would put money into this Hotel REIT is beyond me. If you want Real Estate exposure in your portfolio there are dozens of mutual funds that offer that with more diversification, less risk and can be sold at any time.
This whole thing was arranged to try and save the Mayor’s face and political career and that is
JMHO
“Why any sophisticated investor would put money into this Hotel REIT is beyond me. ”
I don’t even qualify as a “sophisticated investor”, and I’ve got that figured out. All you have to do is look at the track record of the prior hotel on that site and the competition at the other end of Main St. and you should be leery of putting money in that venture.
REIT started by ONB with it as an active investor is not an option. ONB is not an investment bank. They would have to have a subsidiary (like a Trust Bank) that owns investments in up to a max of two entities, that is sort of like a mini investment bank. However, ONB does not have a subsidiary set up to do that and it would require OCC approval; it is not easy to get and it takes time.
The original story was ONB was organizing a group of investors ;I don’t recall ONB specifcally saying how much it was willing to invest. I could be wrong about that but I think a lot of people are assuming that ONB was willing to fund a large part of this. ONB was merely coordinating like Fred Sanford the investors.
This subsidiary would require a significant equity investment from ONB, which has to know that the return required would be way more risk than they could afford, given their size and risk management ability. If this scenario did occur, the OCC would be on them like stink on poop. Ditto if they directly loaned into a second lien position on a hotel that will not likely cash flow, resulting in a reduced collateral value, resulting in a write down of the loan and a loss, most likely within a couple of years of the hotel opening. Again this would draw significant regulatory review.
I hope it works out but if ONB could not get the investors then it will be difficult for them to fund the entire $12 milion on their own. HCW not getting a franchise license would be a way out for ONB which might be best.
I much appreciate calling out the C & P for being in the tank for this City Administration.
A few months back, a poster stated that the Courier & Press was changing its name to ‘City Administration News’ (CAN).
Loved it, ” yes, I read it IN THE CAN ” !
After this latest dissertation COMMUNIST PRAVDA is a better use of the initials CP.
Do you wipe Weinecke with it?
Yes, I read it on the CAN, while visiting the JOHN (a.k.a. the Ford Center).
LOL, good one Dutch !
Does the timing on this seem odd to anyone else. HCW announced months ago it was building a Hilton yet they did not actually file with Hilton until March 21, some 10 days before the financing deadline; financing they have NOT been able to obtain. How convenient! Could John Dunn be a scapegoat to hide the real delay? Will the Disneyland Inn ever be built or is it destined for never neverland?
Wonder what the elite wine drinking snobs living on S. E. First Street in the Historical District are thinking about the Courier editors attack on a successful business person?
Wonder when the Mayor is going to give taxpayer money to install historical street lights in the downtown historical district? Could it be when Marsha Abell is re-elected?
The answer is to read past minutes of the Historical Preservation board. I hear when you read the minutes you might see some possible conflict of interest issues. Also If you really want to know how this group works behind close political doors please have a deep conversation with a lady named Gloria. I think she is a member of the Wheeler Neighborhood Association.
Which one; http://www.vanderburghgov.org/index.aspx?page=1851
It’s the Historical Preservation Commission listed on the city web site. Look at the names of the board members. Very interesting. How many live on S. E. First Street?
Just heard from a person in the know that John Dunn has been talking to his high power attorney’s about the Courier and Press article written current news editor Tim Etheridge defaming him and his business practices. I pray that Mr. Dunn sues the Courier and editor Etheridge for everything they have.
What they have done to this most honorable man (Mr. Dunn) is shameful!
While I agree with Dunn’s right to protect his investments in this instance, calling him honorable is a bit much. You do remember what this honorable man did to us with the parking lot at the McCurdy don’t you?
For the record kodiak, John Dunn showed up at a public auction and bought the land from ONB. The city did not bother to show up for the auction so it went to the highest bidder who happened to be John Dunn.
When the city came out of its coma and decided to buy the land a couple of years later the law said they have to pay appraised value. That number was $603,000. It would have been illegal for the city to have paid less to a private owner.
Dunn was smarter than the city and it paid off. Do you really want the city to have the power to take your property for whatever they want to pay or are you just offended that a wealthy man made a legal profit on a risky transaction. Mr. Dunn could have been stuck with that POS parking lot for the rest of his life.
Couple of years later? I was thinking of only a few months went by, I could be wrong? Was it not bought for $128,000 originally? Nice profit without doing much!
It was something like that. It is not illegal nor is it wrong to make a profit on a transaction. It is no different than buying and selling a stock in your 401k for a tax free profit.
I don’t see the problem, Mr. Dunn saw an investment opportunity and took advantage of it. The guy is smart and with it, that’s why he’s got the big bucks. I envy and admire brain power and risk taking that pays off. I find it hard to demonize decent people who are successful, that’s a liberal trait. The people that allowed the situation to exist that Mr. Dunn capitalized on were elected by us, we deserved it. Shame we didn’t learn from it. Remember sewers before stadiums. Every time we have a big flood and basements flood I hope the low info voters remember how they voted.
Great job CCO….I am some what amused the evansville government and “main street media” is just a small microcosm of what is going on with the commie Obama administration….
Wonder if Courier and Press former “Jock Writer” Tim Etheridge ever owned a business? Did Tim ever worry about paying his employees a livable wage? Did Tim ever worry about paying his creditors? Did Tim ever worry about paying his State and Federal business taxes? Did Tim ever worried about how to market a business so he can increase profitability?
Most of all I wonder if Mr. Etheridge has a college degree in Finance, Business, Marketing or Public Relations? If not, he needs to shut the hell up!
It’s obvious he is an empty suit when it comes to business. Maybe it’s time for Publisher Pate return this jerk back to the sports desk.
Just decided to drop to the Courier and Press after 43 years. After going back and reading Tim Etheridge Sunday Editorial article I was totally insulted for the Dunn family. I have known John Dunn all my adult life and consider him a personal friend. This the first time I have read the City County Observer and must say I’m extremely impressed by the way they stood us for free enterprise and the Dunn Group.
I shall be contacting John Dunn and see if its possible for a group of us well healed retired business people to invest in taking the CCO to the next level.
I also have talked with a couple of my Republican friends and they are becoming feed up with the Mayor’s spend and tax attitude.
Watch out Courier No More because Marsha Abell will cause you political problems because she thinks retired people are useless.
Jack Pate: pays peanuts & gets monkeys.
http://www.urbandictionary.com/define.php?term=assmonkey
Tim Ethridge: definition of Generalized Peter Principle.
http://jobs.aol.com/articles/2010/11/22/peter-principle-promotion/
I believe in karma. If so, your butt is in deep doodoo.
http://www.merriam-webster.com/dictionary/karma
http://www.buddhanet.net/e-learning/karma.htm
Have a great day.
Went to a social gathering this evening and was told by a Dunn Hotel Executive that they are looking into suing the Courier and Press and its Editor Tim Etheridge for slander. I was told they have had enough of the Mayors media puppets.
I hope they do it, if for no other reason, to put the Courier out of its (and our) misery. Watching what’s left of it be ravaged and savaged by the bipartisan “special interest” thugs is painful.
It occurs to me that the downtown “in-crowd” has quite a sense of entitlement. They want something John Dunn has some control over, but because they want it, they think he should just hand it over. If they used a tangible weapon, it would be called “armed robbery”, so they’re using the intangible weapon of public opinion. The public should take it away from them and turn it on them.
Those types of tactics are used by government officials quit often, I know this from first hand experience! I have also been told by others that I am not along in my local government experiences.
Years ago Muncie,IN was considered a “magic town” due to its demographic being a perfect match to the entire United States.A poll there would translate to the whole country.
Could Evansville acquire the same status today by being a “magic town” of what not to do?
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