BANKRUPTCY
Owners of $284 million of defaulted bonds will get only $2.4 million in cash, along with a ...
02 October 2021
Knocking-The-Hustle In Southeast Mesa/District 6: City Manager Chris Brady Wants To Speed-Up Fast-Tracking for A Water-Guzzling 'Sports Complex'
Holy Bullshit again, Batman!
Before a single softball is pitched or volleyball served on the under-construction park, the company – partnering with Oak View Group Facilities – already is making back some of its money. “The 320-acre complex will be called Bell Bank Park, designed to host youth and amateur sports teams and individual and team training, family fun via events, concerts, youth sports tournaments, and fitness opportunities,” the announcement last week stated. “It will be the largest of its kind in North America.”
Judge approves sale of bankrupt, bond-financed Arizona sports venue
2 Min Read
A federal judge signed off on the sale of an Arizona participant sports venue for a price that will result in a miniscule cash payment to owners of the bankrupt facility's defaulted bonds.
24 October 2022
RUNNING AFOUL HERE IN MESA: YOUTH SPORTS COMPLEX HUSTLE
Stephen Griffin, a whistleblower in Rhode Island who is a former executive and investor in a failed youth sports company in Boston, has been predicting trouble for Bell Bank Park since September.
✓ Griffin, an accountant for major firms before becoming an investor, doesn’t think the Mesa project is capable of generating the revenue needed to cover its current obligations.
He said the revenue potential and economic benefits of destination sports facilities like Bell Bank Park have been over-hyped to communities across the country.
✓ That’s also been true in the East Valley, where Mesa and Queen Creek officials have been especially enthusiastic about the park and its future potential as a magnet for visitors to their municipalities. Although some Gilbert officials were concerned about the park’s impact on the town’s Cactus Park sports venue, they too took a broader favorable view of its tourist potential.
✓ . . .Griffin said he is providing information to the Securities and Exchange Commission about Legacy Cares. He shared an email exchange with the Tribune showing communication with Rebecca Olsen, deputy chief of the SEC’s Public Finance Abuse Unit. . .
Whatever the outcome of Legacy Cares’ default and upcoming bondholders’ meeting, a statement Griffin posted in early September to kick off his whistleblowing campaign is resonating today.
(1).jpg)
“Whoever said municipal bonds are boring has never been to Mesa, Arizona. Stay tuned – this story is incredible,” he wrote."
.png)
Why people commit fraud and continue down the path of fraud: “I think very few people wake up and decide that today is the day I’m going to misrepresent financial statements or book an arbitrary general journal entry to record revenue. That’s inappropriate. I think it sneaks up on somebody typically, and they start making smaller, inappropriate decisions. And then it’s hard to dig out of those decisions. And then they find themselves at a really significant inflection point, which is, do I raise my hand and acknowledge that this business is not performing the way I’ve been reporting to my board or my stakeholders and bite the bullet and deal with the consequences at that momentO r do I continue to perpetrate?”
Go to >
Stephen Griffin Front Row Seat S1E34 - Sport Lifestyle Network
In this episode of the SLN Podcast, John Peters is joined by Stephen Griffin, someone who’s never been afraid of the numbers. Stephen is a father, husband and worked his way up the corporate ladder as a trained accountant. Stephen eventually found himself helping private equity firms as a forensic accountant of sorts and would go on to work as a board member while helping diligence investment opportunities before ultimately becoming a private investor himself. Stephen later invested in Legacy Global Sports, one of the largest youth sports operators at the time. Legacy, who reportedly generated over $1MM / week in revenues, provided elite programming and events in youth soccer, hockey, lacrosse, and more. Today, Legacy is bankrupt and still under an ongoing criminal investigation by the DOJ. John spoke to Stephen about what went wrong...
✓ REPORT
Default threatens owners’ hold on Bell Bank Park
"The organization that built the $280 million, 320-acre youth and amateur sports complex known as Bell Bank Park in southeast Mesa is in default of its loan that covered the project. . ."
THE BACK STORY
Providence Author Unveils Corporate Greed and Broken Business Ethics in New Book - GoLocalProv
Thursday, November 12, 2020
View Larger +An inside look at chaotic business in 2020
The new book from Providence-based Stephen Griffin is half John Grisham-esque thriller, and half Harvard Business School case study. And, that is a compliment.
Griffin is the most unusual author, but he is the perfect guide that unveils the inner workings of private equity, corporate greed and failed business ethics in 2020.
The book titled, Front Row Seat - Greed and Corruption in a Youth Sports Company is a fast-paced read.
✓
Stephen J Griffin
> FROM MESAZONA ARCHIVE
MESANOW: Nation's Largest $280-Million Multi-Purpose Sports-and-Entertainment Complex
From the City of Mesa's non-profit newsroom
Bell Bank Park Officially Opens as Nation's Largest Multi-Venue Sports and Entertainment Complex
ABOUT BELL BANK PARK
Bell Bank Park, a 320-acre world class family sports and entertainment complex, fulfills the mission of Legacy Cares.
✓ ABOUT OAKVIEW GROUP (OVG)
Oak View Group (OVG) is a global sports and entertainment company founded by Tim Leiweke and Irving Azoff in 2015. OVG is focused on being a positive disruption to business as usual in the sports and live entertainment industry and currently has eight divisions across four global offices (Los Angeles, New York, London, and Philadelphia).
✓ ABOUT LEGACY SPORTS USA
Legacy Sports USA is the organization behind Bell Bank Park, initially the vision of Randy J. Miller, Chairman of Legacy Sports USA, Chad J. Miller, CEO of Legacy Sports USA, and Olympic gold medalist Dan O'Brien, Director of Performance Training at Bell Bank Park. Legacy Sports USA is dedicated to hosting premiere tournament events for youth sports and offering opportunities for athletes of all ages and at all levels to develop skills and enjoy training and competition.
Bell Bank Park also includes outdoor and indoor team athletic facilities geared to high-energy entertainment, sports venues, and a multi-purpose arena and outdoor amphitheater for live events, family shows, exhibitions, and conventions.
“The 320-acre complex will be called Bell Bank Park, designed to host youth and amateur sports teams and individual and team training, family fun via events, concerts, youth sports tournaments, and fitness opportunities,” the announcement last week stated. “It will be the largest of its kind in North America.”
No comments:
Post a Comment