Showing posts with label Steven Tanger. Show all posts
Showing posts with label Steven Tanger. Show all posts

Monday, August 26, 2019

Tanger Factory Outlets, whose Steven Tanger is funding Greensboro's new Performing Arts Center with $7.5 million, dropped from $40 per share to $14

https://www.marketwatch.com/investing/Stock/SKT
The Mistake You Are Making With Tanger Factory Outlet Centers: The Safety Of The Dividend

 Tanger Factory Outlet Centers (SKT) shares remain risky and the dividend is not as safe as it looks. I remain bearish on SKT and rate shares a sell.

The issue with SKT continues to be the secular headwinds facing lower quality mall and mall outlet properties.

The continued deterioration in long-term leases is worrisome, and they will need to continue to direct all excess free cash flow towards paying down debt indefinitely as long as cash flows continue to decline.
https://seekingalpha.com/article/4286374-mistake-making-tanger-factory-outlet-centers-safety-dividend

Tanger Factory Outlet Centers Short Interest 
Greensboro's City Council violated their oaths of office and the City Charter on TPAC, enabled by Kathy Manning

 http://greensboroperformingarts.blogspot.com/2018/03/greensboros-city-council-violated-their.html

 "concerning all documentation concerning the financial sustainability of the Tanger Performing Arts Center

 https://greensboroperformingarts.blogspot.com/2018/04/concerning-all-documentation-concerning.html

 From a Roch Smith City of Greensboro records request on STPAC funding; The City doesn't really know how much of the private donations received are actually in hand, and Walker Sanders of The Community Foundation of Greensboro appears to have not released the information while making investment fees on an unknown amount of assets

 http://greensboroperformingarts.blogspot.com/2018/02/from-roch-smith-city-of-greensboro.html

 Greensboro City Council member Tammi Thurm's former employer Randall Kaplan's Wife and Congressional Candidate Kathy Manning's Tammi Thurm $1,000 contribution before she voted them a $30 million unneeded parking deck from which they will personally profit

 http://greensboroperformingarts.blogspot.com/2018/01/former-greensboro-city-council-member.html

 Are City of Greensboro taxpayers and parking deck patrons on the hook for at least $35.1 million not including legal costs, for a parking deck which most of City Council doesn't even know much about, for Kathy Manning, Randall Kaplan, George House and Greg Dillon, who has a contract on the News and Record property?

 https://greensboroperformingarts.blogspot.com/2018/11/are-city-of-greensboro-taxpayers-at.html

 The Community Foundation of Greater Greensboro asks its donors to "bunch" 2018 donations without disclosing much of the money could be forcibly allocated to Greensboro's new Steven Tanger Center for the Performing Arts

 https://greensboroperformingarts.blogspot.com/2018/12/the-community-foundation-of-greater.html

 The Community Foundation of Greater Greensboro's Walker Sanders violated his fiduciary duty to his clients and donors

 https://greensboroperformingarts.blogspot.com/2018/07/the-community-foundation-of-greater.html

 How to mislead a community on $23,108,494.98 Publicly Funded TPAC costs, by Greensboro's City Council, Staff and the 'Private Donors' who knew and said nothing

 https://greensboroperformingarts.blogspot.com/2018/02/how-to-mislead-community-on-2310849498.html

 On US Senator Kay Hagan's Brother in Law David Hagan, Making a Nice Slice off Greensboro's Taxpayers while Sitting on CFGG's Board

 http://hartzman.blogspot.com/2013/09/on-us-senator-kay-hagans-brother-in-law.html

 Performing Arts Center: "[Notable]...Task Force Members"

 GPAC Development / Marketing Task Force; Kathy Manning, co-chair

 GPAC Economic Impact / Feasibility Task Force; Randall Kaplan

 GPAC Development / Marketing Task Force; George House, one of Randall's partners

 http://hartzman.blogspot.com/2012/02/performing-arts-center-notabletask.html

 Local Democratic delegates vote to tell the national fundraising arm to stay out of the North Carolina’s 13th Congressional District primary election, the state’s most heavily contested congressional race between Adam Coker and Kathy Manning, and Greensboro's News and Record reports nothing, two and now one day before the election = Another media rigged primary

 https://greensboroperformingarts.blogspot.com/2018/05/local-democratic-delegates-vote-to-tell.html

 STPAC VIP Parking Control Fraud Math

 http://greensboroperformingarts.blogspot.com/2017/12/stpac-vip-parking-control-fraud-math.html

 Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

 http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html

 Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats

 http://hartzman.blogspot.com/2013/06/one-reason-among-many-that-gpac-with.html

 Kathy Manning, Randall Kaplan's wife, lobbying for a GPAC and their new hotel

 http://hartzman.blogspot.com/2013/08/kathy-manning-randall-kaplans-wife.html

 On GPAC and the Community Foundation

 http://hartzman.blogspot.com/2013/08/on-gpac-and-community-foundation.html

 Jeff Sykes carves up Nancy Vaughan, Roy Carroll, Randall Kaplan and the rest of the crooked crew in downtown Greensboro

 http://greensboroperformingarts.blogspot.com/2017/12/jeff-sykes-carves-up-nancy-vaughan-roy.html

























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Sunday, April 29, 2018

As of November 14, 2017, only $20 million of the private donations had been "raised"; If the City of Greensboro's bond council (Robinson Bradshaw) doesn't know how much Walker Sanders of the Community Foundation has actually brought in for the Steven Tanger Performing Arts Center, then who does?


..."based on our possibly incorrect understanding of the facts relating to the private donations for the Project, we suggest adding the last two sentences below to the Risks section ...

Limited Value at Foreclosure

The Project will be specifically constructed as a performing arts center. The number of entities that could be expected to purchase the Project at a foreclosure sale is limited, and thus the ability of the Trustee to realize funds from the sale of the Project upon an event of default may be limited.

Completion of the Project is dependent on receipt of private donations.

Although most of the private donations required to complete the Project have been secured, the value of the Project in foreclosure would be negatively affected if the remaining amounts are not secured and the Project is not completed.

Edwin F. Lucas III
Robinson Bradshaw"




Through 2023...

Although most of the private donations required to complete the Project have been secured,
the value of the Project in foreclosure would be negatively affected 
if the remaining amounts are not secured and the Project is not completed.

Edwin F. Lucas III
Robinson Bradshaw


So how much is the parking going to cost, 
relative to taking a Uber/Lyft, or parking for free?

The City expects to sell out 330 premium parking spots 
at increased rates, to pay off the debt...


And they submitted the 2012 AMS Operating Pro Forma showing perpetual losses over time;




31 estimated events have no charge

149 - 31 = 118

$2,864,792.20 / 118 = $24,277.90 per shows with sold tickets needed to cover the debt costs, from Hotel, Motel Taxes, Ticket User Fees, Garage Parking, and 330 VIP Parking Spots
.
.
From: Kurt
to: "hartzman
date: Thu, Apr 12, 2018 at 1:51 PM
subject: City of Greensboro Public Records Request #7857

In response to your public records request #7857 concerning all documentation concerning the financial sustainability of the Tanger Performing Arts Center since 1/1/17, the City of Greensboro Coliseum responds, “The Coliseum has no records responsive to this request.  The Tanger Center budget for a full year of operation is being developed now.”

I hope this information is helpful to you.

Thank you for your public records request,
.
.
The City of Greensboro won't/can't produce a document confirming $41,826,000 of private contributions for the TPAC listed on the application for the debt approval,  meaning the application filed by Greensboro with the N.C. Local Government Commission has a bunch of numbers on paper, not backed up by underlying documentation or confirmed confirmation.

From a Roch Smith City of Greensboro records request on STPAC funding; The City doesn't really know how much of the private donations received are actually in hand, and Walker Sanders of The Community Foundation of Greensboro appears to have not released the information while making investment fees on an unknown amount of assets.

The City didn't come up with anyone elected or on staff which even asked for information confirming the whereabouts of more than $40 million


"Manning and Walker Sanders, the president of the Community Foundation,
also announced that they had met their goal
of raising $38.5 million from private donors."

Dawn DeCwikiel-Kane
Financially Illiterate News and Record reporter who lied to her readers

Costs for the entire project will be covered by private donations,
hotel and motel tax revenues, ticket fees and parking revenues
— not taxpayer money, [Matt] Brown said.

Dawn DeCwikiel-Kane


City taxpayers are going to borrow $43,450,000, which will cost $65,987,494.98, and no one at the City of Greensboro government level is able to produce any information as to where the private donations are, or what the money is invested in

The Local Government Commission, including North Carolina State Treasurer Dale Folewell and Greensboro's taxpayers have been played for fools, courtesy of the News and Record, Roy Carroll, via the Rhino Times' John Hammer, Matt Brown, Rick Lusk, Jim Westmoreland, Tammi Thurm, Allen Johnson, Nancy Vaughan, Nancy Hoffmann, Justin Outling, Marikay Abuzuaiter, and Yvonne Johnson, and the general population will remain uninformed with the help of the above persons.

How to mislead a community on $23,108,494.98 Publicly Funded TPAC costs, by Greensboro's City Council, Staff and the 'Private Donors' who knew and said nothing

http://greensboroperformingarts.blogspot.com/2018/02/how-to-mislead-community-on-2310849498.html

STPAC VIP Parking Control Fraud Math

http://greensboroperformingarts.blogspot.com/2017/12/stpac-vip-parking-control-fraud-math.html

Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html

Ethical Responsibilities of the Governing Body of the City of Greensboro

http://hartzman.blogspot.com/2013/04/ethical-responsibilities-of-governing.html

Greensboro's Tanger Center Budget, as of 12/19/2017; Tammi Thurm voted for legislation which gave her boss' brother $586,000

http://greensboroperformingarts.blogspot.com/2018/01/greensboros-tanger-center-budget-as-of.html

Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats

http://hartzman.blogspot.com/2013/06/one-reason-among-many-that-gpac-with.html

As the map by City of Greensboro's Adam Fisher notes, there are 488 free on street parking spots within 1,200 feet of the site, not counting the VF and the Marriott parking across the street;
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7yYf-FgaVvhZqm5CUFD95KQcGbAYKnfPEdcoaaR-MTUU_nwOjbn6I_xWlRX-WeYMoq8gWu_16EiroPZNyJ4S50BA2A8E9bTQYcv5bOi6YOhvdBisOAQ1PRntNBHJqZTH9b0URpz11Vow/s1600/Inside+Circle.jpg
$2,864,792.20 / 12 = $238,732.68 needed to cover the debt costs per month, not counting ongoing operating losses

The costs are unsustainable, and 'they' knew it
.
.
Performing Arts Center: "[Notable]...Task Force Members"

GPAC Development / Marketing Task Force; Kathy Manning, co-chair

GPAC Economic Impact / Feasibility Task Force; Randall Kaplan

GPAC Development / Marketing Task Force; George House, one of Randall's partners


.
.

City Council minutes, February 7, 2012




Please hold those who knew and misled our City's taxpayers accountable 
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Wednesday, August 30, 2017

Tear This Monument Down!

Speaking of monuments, monuments like the Steven Tanger Center For The Performing Arts should fall before they are built.

Spending almost $40 Million Dollars of taxpayer money on a monument to a man who never even operated one of his malls in Greensboro is a sin considering we still have the highest unemployment and worst economy of any comparable city in the state.

Why Mr Tanger wants his name attached to a project that represents the failure of Greensboro's leaders to do their duty to Greensboro's working classes is simply beyond imagination.

This monument represents white privilege of the highest order and elitism that we will never finish paying for. Destroy this monument before the first stone is laid.
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Thursday, July 20, 2017

Tanger Performing Arts Center: Another Promise Broken

Remember all the promises that were made by Greensboro City Council concerning the building of the infamous performing arts center? Remember how they promised us it would be paid for with private money? As Roch Smith jr reports in Not a good sign, Council has City assume risk for arts center cost overruns. yet another promise to Greensboro voters has been broken.

Correction: Sam Heib was the source of the quote above.

But then we here at EzGreesnsboro.com have been telling you that since this site was founded in 2012.

The cost of this project will exceed 100 Million Dollars before it is finished

I'm surprised men like Steven Tanger and the rest of the TPAC donors continue to allow their names to be associated with such deceit while the answers still elude us.




And interestingly, most of the naming rights are still available as of April 1, 2017.



I guess a lot of folks don't want their names attached after all.
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Saturday, May 20, 2017

More Problems For Tanger Performing Arts Center?

In a post titled Tanger Center for the Performing Arts site work grinds to a halt, someone called Gate City Pundit writes:

"A fee dispute has brought years of planning and engineering work on the proposed Tanger Center for the Performing Arts to a standstill.

 City of Greensboro officials notified council members Friday that negotiations for a guaranteed maximum price for site preparation have broken down with Skanska Rentenbach, the construction firm selected in 2014 to serve as the project’s construction manager at risk.

 Greensboro’s City Council voted in late April to split work on the delayed project into two phases. Phase I work was approved by council in April and was to include site preparation for a fee not to exceed $2.5 million.

 Greensboro Coliseum Director Matt Brown notified council on Friday that the contract negotiations had broken off because Skanska Rentenbach is unwilling to remove two sets of fees from their Phase I proposal."

Oh, and like myself, this guy provided actual links to documents.

My predictions: After being sold at a huge loss to taxpayers, that big empty lot in the middle of Downtown Greensboro is going to make a great location for that trendy grocery store on the first floor of a mixed use building just as soon as Kotis and Carroll put their personal differences aside, team up together and decide to become long awaited saviors of Downtown Greensboro.

With incentives, of course.

Perhaps they can even talk Steven Tanger into putting one of his outlet malls on one floor.

I look forward to seeing more from Gate City Pundit and added the site to the aggregator to the left bar here at EzGreensboro.com
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Wednesday, April 26, 2017

Some Things Are Worth Saving



The preceding graphic was stolen in its entirety from Greensboro101.com. It is indeed a classic that should be saved and shared in perpetuity. In it Roch Smith Jr quotes Margaret Moffett, who writes:

"GREENSBORO, NC — Ground breakings are ceremonial — fun, but not necessary to build a building. But Wednesday’s celebration at the $78.1 million Steven Tanger Center for the Performing Arts really will be all for show. That’s because as of Tuesday night, the city hadn’t finished negotiating a contract that allows work to be done at the downtown site. The City Council went ahead and approved the contract anyway."


In reference to the article, Tanger groundbreaking goes forward without a contract by Margaret Moffett of the Greensboro News & Record. In it Margaret writes:

"That’s because as of Tuesday night, the city hadn’t finished negotiating a contract that allows work to be done at the downtown site.

The City Council went ahead and approved the contract anyway.

At a special meeting just 18 hours ahead of the ground-breaking ceremony, the council voted 8-1 to spend up to $2.5 million on “Phase 1” of the Tanger Center. The work will include site excavation and utility preparation at the 5-acre property between North Elm Street and Summit Avenue.
Councilwoman Marikay Abuzuaiter voted “no.”

The council took the vote even though Greensboro Coliseum Director Matt Brown, who will oversee the center, hadn’t settled on a “guaranteed maximum price” with Skanska Rentenbach, the project manager in charge of preconstruction services.

The council’s vote gives Brown the authority to keep negotiating with Skanska, but sets the price cap at $2,501,729.15.

“This means that we are voting on a contract that is still being negotiated?” Abuzuaiter asked moments before casting the lone “no” vote."

That's right, "Mr Conservative" Tony Wilkins voted yes to spending $39.6 Million of your tax dollars, probably even more, without a contract.

The only person on city council looking after your money, as usual, Marikay Abuzuaiter.

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Tuesday, April 25, 2017

Walker Sanders And Lomax, Part 3

On Saturday, September 1, 2012 I posted part 1 of Walker Sanders And Lomax in which I wrote:

"Is that Walker Sanders next to Lomax in Bermuda three weeks ago...the same Walker Sanders who's wife (Dabney) is in charge of the $24,000,000 Greenway...the same Greenway that just paid Lomax over $800,000? Just askin? Clicking on the photo makes it bigger."

You'll actually have to click on the link above to view the picture. There were also updates to the post on September 5, 2012, September 6, 2012, and December 17, 2012. You'll want to take the time to read them all.

Then on September 24, 2012, Roch Smith jr wrote, Sanders on Bermuda trip: "Everyone paid their own way" Only thing was, Dabney Sanders was not willing to provide any evidence of any kind.

We were patient. Sometimes you have to be. On March 6, 2016 I posted Walker Sanders And Lomax, Part 2 in which I explained to my readers how I believe Dabney Sanders embezzled the Greenway money away from the City of Greensboro.

"But you see, all the while I've known that Dabney Sanders was lying. And I'm not the only one who knew Ms Sanders was lying. Others who I had hoped would expose her were keeping what I am about to tell you a secret. For you see, as director of Action Greensboro at that time Dabney Sanders was also the sole person in charge of the for profit Action Greensboro subsidiary Greensboro Downtown Greenway LLC."

And

"Greensboro Downtown Greenway LLC is a fully owned for profit subsidiary of the non profit Action Greensboro and there is only one reason to form a for profit business-- to make a profit for you and your partners. Now you know why the cost of building the Downtown Greenway have been out of control for so long. Please share this post so that everyone else knows as well."

Well as it turns out, 5 years later this story hasn't gone away. As a matter of fact, the City of Greensboro just made the story even bigger than before by refusing a public information request that could have proved Billy Jones wrong. That is, if I'm wrong.

Today Roch Smith jr publishes Institutional Racism in which he writes:

"GREENSBORO, NC — Institutional racism is not just a catchphrase. It has real manifestations. I encountered an unfortunate but obvious one today. The City of Greensboro denied my request for copies of audits of Downtown Greensboro Greenway, LLC, the organization the City does business with to help build and help maintain the City’s Downtown Greenway.

 The City said that such records are not public records under state law. This position is legally ignorant and inconsistent with the City’s treatment of the audits of the International Civil Rights Center and Museum."

Thing is, as Roch points out, such records are public records. That is, if they exist. By all means, please read  Institutional Racism by Roch Smith jr and decide for yourself. And remember: the amount of money that has been spent on the civil rights museum is pocket change compared to the bill the City is going to be stuck with now.

And all this at a time when the City is raising taxes and almost 25% of our population lives below the poverty line.
Now why would the City of Greensboro want to hide the one thing that proves the innocence of several of our City's most well known elite white citizens at a time when the very man they hired to run their glorious performing arts center has turned out to be under not one but two investigations since he was hired by Walker Sanders.
         
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Monday, April 24, 2017

James “Lynn” Singleton Comes To Greensboro

On Wednesday, April 25, 2015, James “Lynn” Singleton will be having lunch with Matt Brown, our Mayor, City Council and the folks working to build the Tanger Performing Arts Center. I'm told the Coliseum staff paid for his hotel room at the Sheraton.

So who is this James “Lynn” Singleton you ask? You can read all about him in the Providence, Rhode Island story, INVESTIGATION: PPAC Bosses Make Millions from Secret Companies.

Then ask yourself what he's doing here? And why would local non profits want to give him their money when almost 25% of Greensboro's population lives below the poverty line.
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Monday, April 4, 2016

HB2, The Good, The Bad and the Ugly

For starters, HB2 (Link to actual law as passed)  is a Civil Law and not Criminal Law. What that means is that if you catch someone breaking the law and you are in-fact the injured party then you have the legal right to sue that person. If you know that person's name. What you cannot do is take out criminal charges against the violator of HB2 and have him or her put in jail. You can call the cops but there is a very good chance the police will tell you that since it is a civil matter the problem is out of their hands. And even if the police do come the most they can legally do is tell the person to leave the restroom. Which the person probably planned on doing soon anyway.

This is a classic case of what Conservatives have long complained of passing new laws when what was really needed is better enforcement of the laws that are already on the books. After all, it's already against the law to be a sexual predator.

Here's another thing they didn't tell you about HB2: While it is true that Private Clubs are not subject to HB2, businesses with restrooms that are open to the public such as restaurants, bars and retail establishments, are subject to HB2. So even if you own a restaurant that is LGBT friendly the law still applies to you.

 "Whereas, the General Assembly finds that laws and obligations consistent statewide for all businesses, organizations, and employers doing business in the State benefit the businesses,organizations, and employers seeking to do business in the State and attracts new businesses,"

In other words, North Carolina voters have again been tricked by those persons they elected to office. Now that's ugly.

HB2 prohibits Cities and Counties from establishing their own minimum wage levels. Some of my readers will think that good, others bad.

Of course you've already heard the stories of the many companies who say they will no longer do business in or with North Carolina. That's bad. If they really follow through on it things will get ugly for our state's economy which is bad to begin with.

Then there's Angel Carey who was suing her employer on claims of disability and age discrimination until she found out Thursday that HB2 means discrimination lawsuits like hers can no longer go to state court. Now she must start all over again and go through Federal Court, a lengthier and more expensive process. That's bad.

“It remains the public policy on the books that North Carolina prohibits discrimination in the workplace,” said Laura Noble, her employment attorney. “But now we have no enforcement mechanism in our state.”

Going through the federal process extends the suit, perhaps by years, plus the plaintiff can’t recover damages for pain and suffering, Noble said."

And last but not least, the good news that HB2 brought us. From Carolina Under Siege: It appears that  Broadway composer Stephen Schwartz, best known his hit musicals such as “Godspell,” “Pippin” and “Wicked.” has decided that none of his creations will be allowed to play anywhere in North Carolina including the soon to be constructed Steven Tanger Center for the Performing Arts. Or as Fec prefers to call it, the I've Got Mine Fuck You Performing Arts Center:

 "How deliciously delightful.  First, we were mocked by a NYC architect and now we are shamed.  This will, of course, be a terrible shock for the sycophantic whores in our arts community, who cling to their corrupt patrons like starving orphans, rather than accuse, mock and shame them as has been properly done by their betters."

I guess it's really true, every cloud does have it's silver lining. That's good! That is, unless you happen to be Greensboro Mayor Nancy Barakat "Grasshopper" Vaughan and the Greensboro City Council who voted to build the il fated performing arts center under the guise that it would be great for economic development for our entire city despite the fact that every measurable metric indicated otherwise. In that case I guess HB2 is still ugly.

You see, folks, no matter which side of the issue you stand on it's really about truth and who you get in bed with. And as long as you are willing to get in bed you are going to get screwed like it or not. And when you get in bed with a political party you end up having an orgy.

It's time you learned to make better choices before you end up catching something for which there is no cure.



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Wednesday, January 13, 2016

The Great Steven Tanger Performing Arts Center Lie; Part 28; Building Materials

https://research.stlouisfed.org/fred2/series/WPU136201

If the price index 
of Roofing Asphalts, Pitches, Coatings, and Cement 
was about 265 in September, 2013, 
and about 220 now, about 17% lower, 
and the price for the center went up about 15%,
some are very, very lying as to what actually happened,
and one of  them is Steven Tanger
with the help of Matt Brown, Nancy Vaughan, Walker Sanders
and Nancy Hoffmann

"Naming announcement event!

On September 9, 2013, we announced the name of the center
– the Steven Tanger Center for the Performing Arts
– and Mr. Tanger challenged the community to raise $35 million."

http://tangerperformingarts.com/
.
.
Roy, Jim, Marty, Tanger, Nancy's and etc's High Colonic; "All the phantom wealth piled up in China's boost phase is now melting down and ...will trigger a meltdown in global phantom assets."

 http://greensboroperformingarts.blogspot.com/2016/01/roy-jim-marty-tanger-nancys-and-etcs.html

 Who said STPAC construction cost went up and why?

 http://greensboroperformingarts.blogspot.com/2016/01/who-said-stpac-construction-cost-went.html

 City of Greensboro Tax Dollars at Work; "Mayor to form arts task force"; Vaughan has no sense of shame or fiscal/political responsibility

 http://greensboroperformingarts.blogspot.com/2015/12/city-of-greensboro-tax-dollars-at-work.html

 Greensboro and oranges; Don and Nancy Vaughan, STPAC, Joe Killian, Allen Johnson, Walker Sanders, Jeff Gauger, Susan Ladd etc...

 http://greensboroperformingarts.blogspot.com/2015/12/greensboro-and-oranges-don-and-nancy.html

 City of Greensboro taxpayers are now directly guaranteeing $3,500,000 STPAC private donor contributions and some Say Yes to Education correlations with Mo Green and Mary Vigue

 http://greensboroperformingarts.blogspot.com/2015/12/city-of-greensboro-taxpayers-are-now.html

 Tonight Greensboro's City Council appears ready to violate an oath of office, which will take place a few minutes before the STPAC vote based on a willful, premeditated fraud on the City's taxpayers

 http://greensboroperformingarts.blogspot.com/2015/12/tonight-greensboros-city-council.html

 On STPAC etc... by the News and Record's Allen Johnson and Doug Clark, in the comments;

 "The council should support this proposal, which it could vote on as soon as Tuesday’s meeting, because it rightly places the focus on arts center users, not all taxpayers."

 Allen Johnson and Doug Clark,
employed by Jeff Gauger
.
.
Control Fraud enabled by Greensboro's News and Record and the City of Greensboro

 http://greensboroperformingarts.blogspot.com/2015/12/control-fraud-enabled-by-greensboros.html
.
.
It's just a flat out lie gentlemen.

 You are lying to your readers.

 Don't you have any sense of right and wrong?

 Some kind of moral compass?

 Something that prevents you from willfully misleading your readers?

 Do you realize you are part of an effort to commit fraud upon the public?

 "Your news is half illusion Allen, Doug, Jeff, Joe etc... 

 You are paid to keep those in Greensboro who bother to read your rhetoric joined to the status quo of our oligarchs.

 Some of the truth which makes it through your news machine is wrapped in layers of manipulation. 

 The public is lied to by our local government, elected leaders and business class and you report it as truth.

 That makes you of them.

 Your newspaper is where the local yokels get informed, government officials flat out lie for a massively corrupt City Council elected with your endorsements.

 The TV stations recycle opinions from the News and Record and Roy's Rhino.

 Greensboro's population has been rendered slaves by your hands via garbage propaganda.

 That's about $12,168,000 in give aways you didn't mention Allen and Doug.

 It's called a lie of omission right after another rigged election.

 Why no disclosure that Arts Greensboro pays the News and Record for puff pieces, and that the $120,000 per year is pie in the sky garbage projections?
.
.
"the Tanger Center for the Performing Arts faces a projected $10.2 million in cost overruns."

 Allen Johnson and Doug Clark
.
.
"additional construction funding support of $3.5 million from private donors and $9.6 million from patrons"

 Item 13
.
.
If the cost overruns are "$10.2 million", why do they need $3.5 million "and" $9.6 million = $13.1 million?

 This is yours Allen, Doug, Stephen, Joe, Jeff, Margaret etc...

 http://greensboroperformingarts.blogspot.com/2015/12/on-stpac-etc-by-news-and-records-allen.html

 The STPAC supporters said the cost of building rose...

 http://greensboroperformingarts.blogspot.com/2015/12/the-stpac-supporters-said-cost-of.html

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Monday, January 11, 2016

Roy, Jim, Marty, Tanger, Nancy's and etc's High Colonic; "All the phantom wealth piled up in China's boost phase is now melting down and ...will trigger a meltdown in global phantom assets."

"...The mainstream financial media is delighted to promote the many links between the U.S. and Chinese economies when the two economies are feeding each other's expansion in a tightly coupled virtuous cycle.

Our local media cream themselves
over massively leveraged oligarchs,
siphoning taxpayer funded incentive money
with the help of Greensboro's City Council

...China is integral to the global financial markets, and so its slowdown and capital flight are toppling carry trade and other risk-off financial dominoes.

China is tightly coupled to the U.S. and global economies via capital flows and supply/demand.

If capital flows diminish, 
Greensboro may have a tough time
refinancing more than $100 million in short term debt, 
especially as Puerto Rico among others 
defaults on municipal debt
like the money Nancy Vaughan and friends just chose to borrow by fiat
without a referendum or a public hearing.

But once China's slowdown starts impacting the American economy, the mainstream financial media trundles out the usual pundit suspects to declare that the U.S. and Chinese economies are decoupled...

Just like Greensboro News and Record's Richard Barron
who relatively only interviews and reports 
on what sold out economists spew to the majority of dumb-ass locals
most of whom couldn't figure out they have been robbed
by real estate developers and City Council
like Andrew Brod and Obamacare 

China has provided marginal demand in everything from iron to oil to machine tools. Now that China's demand is faltering, global demand is weakening and profits are collapsing because China provided the critical marginal demand that fueled immense profits.

Which are now disappearing,
but most who read the News and Record don't know
as they were never informed

This decline in marginal demand is crushing commodity-based economies and triggering recessions as profits, sales and wages all decline.

But the STPAC is now more than $10 more
than we were originally lied to about
as gas and construction costs plummet

...The tidal wave of cash flooding out of China has provided marginal demand for high-priced real estate in Europe and the U.S.

Same wave our local developers have been riding
only in derivative

...Now that trillions of yuan of phantom wealth are disappearing in China, those immense capital flows into Western assets are drying up. A staggering percentage of China's household wealth is tied up in illiquid and overvalued real estate.

Not very unlike Greensboro's

Depending on how much leverage, corruption and wealth has piled up ...this phase may last a few years.

Check

...As the economy weakens, the momentum is to the downside.

Everything that worked...every investor and leader was a genius and could do no wrong--reverses: nothing works any more.

How much money has Marty and Roy borrowed to spend
over the last few years,
and how much are they saying they are going to spend going forward?

Seems almost unbelievable, doesn't it? 

...leaders' efforts to reverse the decline are ham-handed failures.

This decline is inevitable in ...economies that play fast and loose with credit/debt and leverage. All the phantom wealth piled up in China's boost phase is now melting down, and ...will trigger a meltdown in global phantom assets."

http://charleshughsmith.blogspot.com/2016/01/the-china-syndrome-coming-global.html
.
.
As markets falter, the News and Record has failed to report the contents and descriptions of the investments pledged for the STPAC and Say Yes Guilford, most of which isn't even in hand yet.
http://www.nasdaq.com/symbol/skt/stock-chart?intraday=off&timeframe=3y&splits=off&earnings=off&movingaverage=None&lowerstudy=volume&comparison=off&index=&drilldown=off
"Naming announcement event!

 On September 9, 2013, we announced the name of the center 
– the Steven Tanger Center for the Performing Arts
– and Mr. Tanger challenged the community to raise $35 million."

 http://tangerperformingarts.com/
.
.
Tanger's stock isn't much higher than 2013 when Steven announced his gift.

 Guess where the money is located.

 Guess where the rest of the money not yet delivered is located.

 What happens if the stock gets cut in half, 
along with a majority of the rest of the pledges?

 Not one Greensboro City Council member
knows what the monies are invested in to my knowledge.
.
.
"Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed REIT, which focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of December 31, 2014 , our consolidated portfolio consisted of 36 outlet centers, with a total gross leasable area of approximately 11.3 million square feet. These outlet centers were 98% occupied and contained over 2,400 stores, representing approximately 380 store brands. We also had partial ownership interests in 9 outlet centers totaling approximately 2.6 million square feet, including 4 outlet centers in Canada."

 http://secfilings.nasdaq.com/edgar_conv_html%2f2015%2f02%2f24%2f0000899715-15-000062.html#FIS_BUSINESS
.
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"Total Debt/Equity - 2.90" = 290% of equity

 http://www.nasdaq.com/symbol/skt/stock-report
.
.
Debt/Equity Ratio is a debt ratio used to measure a company's financial leverage, calculated by dividing a company’s total liabilities by its stockholders' equity. The D/E ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity.

 The formula for calculating D/E ratios can be represented in the following way:

 Debt - Equity Ratio = Total Liabilities / Shareholders' Equity

 The result may often be expressed as a number or as a percentage.

 ...the debt/equity ratio measures a company’s debt relative to the total value of its stock, it is most often used to gauge the extent to which a company is taking on debts as a means of leveraging (attempting to increase its value by using borrowed money to fund various projects). A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. Aggressive leveraging practices are often associated with high levels of risk. This may result in volatile earnings as a result of the additional interest expense.

 For example, suppose a company has a total shareholder value of $180,000 and has $620,000 in liabilities. Its debt/equity ratio is then 3.4444 ($620,000 / $180,000), or 344.44%, indicating that the company has been heavily taking on debt and thus has high risk.

 http://www.investopedia.com/terms/d/debtequityratio.asp#ixzz3wz8LB9sD
.
.
Tanger's debt appears to be 290% of the value of the shares outstanding
in a recessionary retail environment  
and the News and Record is clueless
as the overwhelming majority of those whose jobs it is to report news
don't understand finance,
and the ones who do, Jeff Gauger for instance, 

won't say anything, because if he did he'd lose his job.
.
.
"19 High Yielding Income Growth Stocks With Low Debt Ratios

 Boardwalk Pipeline Partners (BWP)...The total debt represents 45.01 percent of the company’s assets and the total debt in relation to the equity amounts to 91.28 percent.

 http://www.trefis.com/stock/azn/articles/175801/19-high-yielding-income-growth-stocks-with-low-debt-ratios/2013-03-26

Tanger "Total Debt/Equity - 2.90" = 290% of equity


"Why ONEOK’s Leverage Is a Key Concern for Investors

 ONEOK’s (OKE) current debt-to-equity ratio is 2.2x. In comparison, midstream companies Spectra Energy (SE), Enterprise Products Partners (EPD), Enable Midstream Partners (ENBL), and Enbridge Energy Partners (EEP) have debt-to-equity ratios of 1.4x, 1.1x, 0.4x, and 0.8x, respectively.

 ...Debt-to-EBITDA ratios are often used to assess a company’s ability to repay debt. It’s commonly used by credit rating agencies to determine a company’s credit rating. A lower ratio is considered better. 
http://finance.yahoo.com/news/why-oneok-leverage-key-concern-210859372.html;_ylt=AwrC1TFvSZRWe3kAiAXQtDMD;_ylu=X3oDMTByOHZyb21tBGNvbG8DYmYxBHBvcwMxBHZ0aWQDBHNlYwNzcg--
.
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"RBS tells investors: 'Sell everything'

RBS has advised clients to brace for a "cataclysmic year" and a global deflationary crisis, warning that the major stock markets could fall by a fifth and oil may reach $US16 a barrel.

The bank's credit team said markets are flashing the same stress alerts as they did before the Lehman crisis in 2008.

"Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small," it said in a client note.

 http://www.smh.com.au/business/markets/rbs-tells-investors-sell-everything-20160111-gm3ssa.html#ixzz3wzBXhHAb
.
.
"...real estate companies usually buy out the entire property, such transactions require large upfront investments, which are quite often funded with a large quantity of debt. One metric that investors pay attention to is the degree of leverage the real estate company has, which is measured by the debt-to-equity (D/E) ratio. In May 2015, the D/E ratio for the real estate sector ranged from 0 to 1,451, and the average was 161.

Tanger "Total Debt/Equity - 2.90" = 290% of equity


A few large outliers in the distribution of D/E ratios in the real estate sector cause skewed results for the average D/E ratio. Analysts often supplement the average metric with the median one to get a sense of the typical D/E ratio. In May 2015, the median D/E ratio was 107.

http://www.investopedia.com/ask/answers/060215/what-average-debtequity-ratio-real-estate-companies.asp#ixzz3wzCH0BhW

No one knows how leveraged Roy and Marty are,
but if the markets crack, 
Greensboro's taxpayers will have been sold a much bigger bridge
than originally anticipated, 
and if so, the blame should be placed on Greensboro's finance department
City Council, and CFGG's Walker Sanders among others
as they misled the public, again

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