Citi exploring backing out of Mets naming rights deal
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  Citi exploring backing out of Mets naming rights deal
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Author Topic: Citi exploring backing out of Mets naming rights deal  (Read 2528 times)
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Miamiu1027
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« on: February 03, 2009, 12:13:28 PM »

http://uk.reuters.com/article/usTopNews/idUKTRE51213720090203?pageNumber=1&virtualBrandChannel=0


a great day for all Met fans and Americans, even.  rumors abound that the Wilpons may have to sell at least a minority stake in the team because of this and because of the money they lost in the Madoff scheme.
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Lief 🗽
Lief
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« Reply #1 on: February 03, 2009, 01:01:33 PM »

They shouldn't be "exploring" this; they should be forced to. Taxpayer dollars shouldn't be spent on this crap.
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paul718
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« Reply #2 on: February 03, 2009, 02:48:37 PM »

http://uk.reuters.com/article/usTopNews/idUKTRE51213720090203?pageNumber=1&virtualBrandChannel=0


a great day for all Met fans and Americans, even.  rumors abound that the Wilpons may have to sell at least a minority stake in the team because of this and because of the money they lost in the Madoff scheme.

A bad day for Met fans, if this results in a payroll cut.  But a great day for the American taxpayer. 
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cinyc
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« Reply #3 on: February 03, 2009, 11:26:18 PM »

They shouldn't be "exploring" this; they should be forced to. Taxpayer dollars shouldn't be spent on this crap.

A contract is a contract.  Absent a clause therein, it's not voided when a company gets a new shareholder, especially a minority shareholder.   That the shareholder is the government is irrelevant.
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CARLHAYDEN
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« Reply #4 on: February 04, 2009, 12:01:11 AM »

They shouldn't be "exploring" this; they should be forced to. Taxpayer dollars shouldn't be spent on this crap.

A contract is a contract.  Absent a clause therein, it's not voided when a company gets a new shareholder, especially a minority shareholder.   That the shareholder is the government is irrelevant.

Well, lets see.

If the government had not used taxpayer money to rescue Citi, it would have been bankrupt, and bankruptcy would probably have voided the contract.

So, the taxpayer shouldn't be held liable.
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exnaderite
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« Reply #5 on: February 04, 2009, 12:49:54 AM »

A compromise: given that the US Government is now a major shareholder in Citibank, and given that the 2012 election campaign has already started, why not replace the Citi logo with the Obama O logo instead?
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cinyc
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« Reply #6 on: February 04, 2009, 12:51:26 AM »

They shouldn't be "exploring" this; they should be forced to. Taxpayer dollars shouldn't be spent on this crap.

A contract is a contract.  Absent a clause therein, it's not voided when a company gets a new shareholder, especially a minority shareholder.   That the shareholder is the government is irrelevant.

Well, lets see.

If the government had not used taxpayer money to rescue Citi, it would have been bankrupt, and bankruptcy would probably have voided the contract.

So, the taxpayer shouldn't be held liable.

And if unicorns were real, they'd really be able to fly over magic rainbows.

Citi didn't declare bankruptcy.  Citi didn't elect to void the contract in bankruptcy.  It's still a valid contract, assuming there's no "Citi received taxpayer money so Citi can decide to void this contract clause" in it.  I doubt there is.
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paul718
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« Reply #7 on: February 04, 2009, 01:06:07 AM »

why not replace the Citi logo with the Obama O logo instead?

my worst nightmare
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Miamiu1027
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« Reply #8 on: February 04, 2009, 07:54:12 PM »


why not?  we already have the 'Baracklyn Cyclones'

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