Jay getting ready to talk Tigue

[BBcajun]

Well at least we agree that any amount loaned was more than we could afford to pay from baseball revenues.

I haven't yet come to that conclusion and really can't until i would know more details on the loan amt / rate / terms. Using bridge loans in this environment is not uncommon and can work quite well if applied correctly.

[ManAboutTown]

I haven't yet come to that conclusion and really can't until i would know more details on the loan amt / rate / terms. Using bridge loans in this environment is not uncommon and can work quite well if applied correctly.

You're right. And that's common practice.
But this is not a bridge loan. This is not "oh hey, it cost an extra million than we expected to furnish the place."
This loan is financing the project.

[ManAboutTown]

T, they don't want to read it for fear of what is in it.

They don't want to read it because they're not here to advance the program. They're here to advance their own agenda or blindly tell others they're wrong. Most of those people have been given marching orders. They couldn't care less what Mike Alden had to say, just like their leader didn't want Alden here in the first place.

[CharlieK]

I think Farmer has done enough incompetent things to warrant firing before any baseball stadium issues are factored in, just to get that straight.

However, being an eternal optimist (as an oilfield business owner, I gotta be)....and reading through these million posts. Is it possible that this is the scenario (granted the numbers thrown around keep changing and are confusing, so it's just a stab):

Russo pledged $ for $ match up to 5 million. We raised another 5 million in pledges. That's 10 million in pledges. At some point the cost was pegged around 14-17 million. Taking the low number 10/14 is approximately 70%. Could this be the 70% number that was tossed out?

Now we have 3 million on hand (maybe). Since some or all of the "donated" money is currently in only pledge form, it seems there was always going to be some sort of financing, even if just short term. Since we never had 100% (by anyone's account) then financing was ALWAYS going to be needed. Is it possible that the cost went up (to 17, or 21, or whatever) and that along with whatever else delayed the loan? I've bought and sold several houses, the loans always seem to get delayed by something stupid.

No doubt, a mark of a well run group would have been that all of the above would have been anticipated and we would have been in front of it. But the history of the school (since well before Farmer, and I fear well after) has not to be in front of anything.

All that said...the behavior of Jay Walker has been deplorable. The silence from UL has been disappointing, if not surprising.

[Cajun Monkee]

Well at least we agree that any amount loaned was more than we could afford to pay from baseball revenues.

I'd venture to say the University will back any loan/bond, not just the Baseball Program or the Athletic Program.

[Turbine]

... Is it possible that this is the scenario (granted the numbers thrown around keep changing and are confusing, so it's just a stab):

Russo pledged $ for $ match up to 5 million. We raised another 5 million in pledges. That's 10 million in pledges. At some point the cost was pegged around 14-17 million. Taking the low number 10/14 is approximately 70%. Could this be the 70% number that was tossed out?

Now we have 3 million on hand (maybe). Since some or all of the "donated" money is currently in only pledge form, it seems there was always going to be some sort of financing, even if just short term. Since we never had 100% (by anyone's account) then financing was ALWAYS going to be needed. Is it possible that the cost went up (to 17, or 21, or whatever) and that along with whatever else delayed the loan? ....

Sounds plausible.

[ManAboutTown]

I think Farmer has done enough incompetent things to warrant firing before any baseball stadium issues are factored in, just to get that straight.

However, being an eternal optimist (as an oilfield business owner, I gotta be)....and reading through these million posts. Is it possible that this is the scenario (granted the numbers thrown around keep changing and are confusing, so it's just a stab):

Russo pledged $ for $ match up to 5 million. We raised another 5 million in pledges. That's 10 million in pledges. At some point the cost was pegged around 14-17 million. Taking the low number 10/14 is approximately 70%. Could this be the 70% number that was tossed out?

Now we have 3 million on hand (maybe). Since some or all of the "donated" money is currently in only pledge form, it seems there was always going to be some sort of financing, even if just short term. Since we never had 100% (by anyone's account) then financing was ALWAYS going to be needed. Is it possible that the cost went up (to 17, or 21, or whatever) and that along with whatever else delayed the loan? I've bought and sold several houses, the loans always seem to get delayed by something stupid.

No doubt, a mark of a well run group would have been that all of the above would have been anticipated and we would have been in front of it. But the history of the school (since well before Farmer, and I fear well after) has not to be in front of anything.

All that said...the behavior of Jay Walker has been deplorable. The silence from UL has been disappointing, if not surprising.

Good thoughts.
The new amount has been nailed down since December. This idea that the rise in cost for the project was unexpected is a farce. If fans knew about it, administration should have known about it. (Again, its either incompetence or laziness).

The Russo pledge is a key sticking point in this discussion. At what point did the pledge change from a $5 Mil lump sum to $1 Mil installments? Was it always an installment agreement (which I thought it was)? I never understood the pledge to be completely predicated on matching other donated monies.

This is an important piece because I know for a fact that Farmer used Russo's pledge when calculating the infamous 70% comment. Not only did he use the 70% comment, he actually gave a hard figure to people in confidence (which is the REAL reason you've seen the outcry, not the 70% BS -- It still matters, but just wanting to give a clearer picture. You see, people can misconstrue a percentage given; no one can misconstrue an actual dollar amount).

Even so, a loan to finance the majority of the project was never in the plan, never discussed, never expected and never talked about even within intimate conversations with Robe, Staff, etc. The only other options aside from private funds was bonding out smaller costs. I'm not saying they wouldn't have gone to MidSouth or Home for a "tie up some loose ends" loan. What I am saying is that the loan we've secured and the loan I just described are WORLDS different.

[Cajun90]

Really don't want to get too involved in this discussion but I think something needs clearing up. The 17-18 million dollar number being batted around is for all the Tigue renovations. That includes a new clubhouse/locker room along with indoor hitting/pitching and a few other things.

The scope of work about to start which is a new grandstand and the platforms behind the existing bleachers is a little over 12 million.

[CharlieK]

Antagonists? We're just out here telling the truth dawg..

Every healthy society has agitators, antagonists, or whatever you want to call people who challenge the status quo....who expect more than the minimum.....who demand transparency.....and who are sometimes wrong or overzealous. But even when wrong, the questioning can and often does serve a useful and necessary purpose. To me, especially when dealing with public institutions, whose employees are not threatened by the cold realities of the free market.

[ManAboutTown]

Really don't want to get too involved in this discussion but I think something needs clearing up. The 17-18 million dollar number being batted around is for all the Tigue renovations. That includes a new clubhouse/locker room along with indoor hitting/pitching and a few other things.

The scope of work about to start which is a new grandstand and the platforms behind the existing bleachers is a little over 12 million.

I was told yesterday that this figure has changed 90.
Perhaps because of the delay? I'm not sure.

[ManAboutTown]

Every healthy society has agitators, antagonists, or whatever you want to call people who challenge the status quo....who expect more than the minimum.....who demand transparency.....and who are sometimes wrong or overzealous. But even when wrong, the questioning can and often does serve a useful and necessary purpose. To me, especially when dealing with public institutions, whose employees are not threatened by the cold realities of the free market.

We talk about this all the time. It's the private sector mentality (usually your bulldogs, business owners, boot strap guys) vs. your government mentality (public payroll, things will work themselves out, no hurry).

Wonder why it always seems that the private sector guys are the "antagonists"

[CrazyCajun]

Really don't want to get too involved in this discussion but I think something needs clearing up. The 17-18 million dollar number being batted around is for all the Tigue renovations. That includes a new clubhouse/locker room along with indoor hitting/pitching and a few other things.

The scope of work about to start which is a new grandstand and the platforms behind the existing bleachers is a little over 12 million.

Man if there was only a way for the admin to clear up all the speculation