IS IT TRUE that Vanderburgh County government officials have said they had tried for the last few years to sell naming rights on the 13-year-old Downtown convention place formally known as The Centre?.. they now say after supposedly selling the 30 year naming rights for $14 Million to the Old National Bank that they found no takers in all other efforts?…it is not a stretch to postulate that these people had approached Old National at some point in the past and were turned down?…the reason given by these officials is that the building is too old?…this revelation sort of makes a public declaration that the value of the naming rights for The Centre is exactly ZERO which should raise the eyebrows and interests of the shareholders of ONB because their company is proposing to invest $14 Million to pay for something that has no value?…the more these people spin the more ridiculous this loosy goosy potential transaction looks?…the most nonsensical words uttered in a while came from the mouth of County Commissioner Joe Kiefer in a TV interview when he said The Centre could not continue to operate without this new deal?…we wonder of Commissioner Kiefer realizes that if all of the money from the transaction goes toward the convention hotel and not to The Centre that the $500,000+ per year losses will continue infinitum?…this statement by Commissioner Kiefer ranks right up there with proclaiming an empty plate as manna from Heaven that will provide immediate nourishment?…the 2013 antics of the City of Evansville and the Vanderburgh County Commissioners offers the kind of entertainment that can’t be bought at any price?

IS IT TRUE that we have been asked many times in the last 24 hours about the status of the $11.5 Million of private investment that was giddily announced by Mayor Winnecke and ONB CEO Bob Jones back when the City Council voted to borrow $20 Million to subsidize the downtown convention hotel project?…there is no official update to that status to report but MOLES tell us the offering was not well received by the wealthy individuals that were offered the opportunity?…many of these people were no doubt all gung-ho to build the hotel when it was regular everyday taxpayers footing the bill to the tune of $37.5 Million but seemly balked when the reality of the return on investment was staring them in the face?…if we happen to be wrong on this (and we hope we are wrong) then there should be $45.5 Million available right now to move forward with?…that would constitute $11.5 Million from the private investment offering, $14 Million from the naming rights, and the $20 Million previously committed by the City of Evansville and the County Commissioners?…with a warchest like that HCW is not even needed and the people of Evansville will soon be the owners of a new downtown convention hotel?…if anyone believes that is the reality of this Christmas Season we have some beach front land in Warrick County for the IU Medical School that we would like to sell you?

IS IT TRUE if ONB ponies up $14 Million for the naming rights for The Centre, that money should go into the coffers of Vanderburgh County?…then the County Commissioners will have a real decision to make?…they can take that money and operate The Centre at break even for the next 30 years OR they can give it to the City of Evansville for a downtown convention hotel?…for the County Commissioners led by Marsha Abell who reportedly brokered this deal to take County dollars or assets and give them to the City of Evansville after the voters of Vanderburgh County defeated consolidation by a 2 to 1 majority is to spit in the face of the will of the people?…shenanigans like this are exactly why the consolidation vote failed?…it may just be time for some mutiny on the bounty if the County Commissioners have the audacity to violate the duties that the voters have entrusted them with?…loyalty stops at the asylum door?

IS IT TRUE this is the kind of thing that happens when local government has no master plan, no vetting, no cognizant thought process, and lives hour to hour like jungle animals?…if Councilman Friend had been allowed to VET this hotel deal in full up front the panic of the month would not be playing out on a frozen lot on January 23rd, 2014?…that which the voters have sown is what the voters will reap?…the exception to that is if the County Commissioners clearly make a decision that mocks the will of the voters with respect to consolidation?

IS IT TRUE we hear that political activates  Bruce Ungethiem is postured to announce that he shall be a candidate for County Commissioner in the Republican primary?  …if he does we predict that President  and County Commissioner Marsha Abell shall have the political battle of her life?

Pharmaceutical giant AstraZeneca said on Thursday that it would pay up to $4.1 billion to acquire Bristol-Myers Squibb’s stake in an alliance to jointly develop diabetes drugs.

AstraZeneca will initially pay $2.7 billion, plus up to an additional $1.4 billion in other payments. As part of the deal, AstraZeneca will make royalty payments to Bristol-Myers until 2025.

The transaction is subject to regulatory approval and is expected to be completed in January 2014.

Following the deal, AstraZeneca will own the rights to a number of drugs to treat diabetes, including Onglyza, Kombiglyze and Byetta.

Bristol-Myers and AstraZeneca entered into the alliance in January 2007 in order to jointly develop drugs to treat type-2 diabetes. The alliance later expanded to other diabetes-related products.

The agreement includes the sale of a manufacturing facility in West Chester, Ohio, and covers the future purchase of Bristol-Myers Squibb’s manufacturing plant in Mt. Vernon, Ind., about 18 months after the closing of the transaction.

The deal is subject to local consultation and legislation. Substantially all employees of Bristol-Myers Squibb dedicated to the diabetes business will be transferred to AstraZeneca.

Bristol-Myers expects to receive about $3.4 billion in the first quarter of 2014 as part of the transaction, and it will conduct some clinical trials that were started as part of the alliance.

AstraZeneca also said that it would incur a noncash, pretax charge of about $1.7 billion related to Bydureon, a diabetes drug whose sales have been below expectations.

AstraZeneca said it did not expect the Bristol-Myers transaction to affect its core earnings per share in 2013.

Goldman Sachs was financial adviser to Bristol-Myers Squibb and Kirkland & Ellis was its legal adviser.

IS IT TRUE December 19, 2013

IS IT TRUE with yesterday’s publishing of the naming rights agreement for The Centre between Old National Bank and the Vanderburgh County Commissioners comes the scrutiny of that contract by anyone who wishes to clink on the link and read it?…there are indeed things in this contract that can only lead to a conclusion that all of the financial ducks are not in a row for a serious ground breaking ceremony for the downtown convention hotel?…the first oddity about the contract has to do with the amount of money that will or won’t be changing hands for the advertising value of putting the ONB brand on The Centre?…in section 4.1 of the agreement it clearly states that ONB will make “UP TO” $14 Million in “economic investment in downtown Evansville, Indiana, including specifically the downtown hotel project”?…while the County may think it has consummated a $14 Million deal, the reality of the situation is that ONB is not on the hook for more than a dollar contractually?…those words “UP TO” are in that contract for a purpose and that purpose is for the shareholders of ONB to have an out of this deal at a much smaller price than the $14 Million that the headlines proclaimed?…all this contract really does is hand ONB a lock on advertising, 10 free VIP tickets to every single event held at The Centre, 2 FREE RENT private events for ONB annually, for an investment “up to” $14 Million?…this is not a minimum investment at all, it is a maximum fee for the naming rights?…ONB could invest only $1 during the term and technically not be in breach of this contract?

IS IT TRUE that the agreement is not binding on ONB due to a 60 day cancellation provision granted to ONB that can be exercised by ONB for any reason at all?…things are not so good for the County because the cancellation rights of the County are only exercisable for ONB’s failure to satisfy a material obligation?…that basically translates into ONB can get out of this up until they write a check for some amount that they are free to determine themselves as long as it is less than $14 Million and that the County can get out of it if ONB does not give them a thin dime for the 30 year naming rights?…all three of the Vanderburgh County Commissioners (Marsha Abell, Joe Kiefer, and Steve Melcher) signed this agreement on behalf of the County?…only CEO Bob Jones signed on behalf of ONB?…ONB seems to be very safe in its commitments but the County seems to have exposed itself to unnecessary risk?

IS IT TRUE it would be interesting to learn just how the $14 Million maximum figure was arrived at and how ONB will spin whatever the investment in naming rights ends up being for their shareholders?…one thing for sure is that the investment in naming rights value will need to be backed up by some formal valuation of the benefits provided by the advertising?…usually things like this are determined by comparable investments and the closest thing to it sits across from the Civic Center in the form of Ford Center?…the naming rights deal for the Ford Center was a 10 year deal at $400,000 per year?…if this was a 30 year deal the math works out to a total of $12 Million for the Ford Center naming rights?…in most instances when one pays up front there is a discount extended based on an assumed interest rate?…of course the two free rentals and 10 premium seats at The Centre have some value as well?…given all of that the $14 Million could well have come from an analysis based on the Ford Center deal?…that value will have to be tested to pass the smell test?

IS IT TRUE the deal to get a hotel seems to have changed dramatically with this new revelation?…the previous deal which we had deemed to be a good deal involved a $20 Million assistance package from the City and County, an $11.5 Million local investment in equity (led by ONB), and the balance of the equity being paid by HCW in cash and loan?…the truth of the matter is that any naming rights to The Centre are revenue that should be accrued to The Centre and owned by the taxpayers of Vanderburgh County?…the hidden change in this deal is that in a $14 Million naming rights deal THE PUBLIC ASSISTANCE PACKAGE JUST WENT FROM $20 MILLION TO $34 MILLION, the $11.5 Million local investment may just go away, and the equity investment by HCW will be reduced by $2.5 Million?…the public assistance percentage just went from 29.4% (20 of 68) to 50% (34 of 68)?…the reality today my friends is that this deal has put us right back to where we were when the City Council balked at putting up $37.5 Million toward a $75 Million project?…three card monty is a thriving game in downtown Evansville when it comes to handing out taxpayer dollars to subsidize a convention hotel?

…we wonder if the naming rights for The Centre have this much value why it has sat there collecting not one dime for 13 years?…at the rate ONB may pay the County Commissioners have squandered a $6 Million opportunity by sitting on their hands for the last 13 years and leaving The Centre naming rights to rot?…this is once again a SNEGAL activity to cover up laziness and complacency on the part of elected officials?