The Dash Downtown Ballpark

[JerseyBoy]

Is the area in front of the stadium, where the light polls are, is that going to be a parking lot?

Yes, it is planned to be one. A gravel one at that... Hopefully, it will be temporary as planned.

[beyonce245]

Yes, it is planned to be one. A gravel one at that... Hopefully, it will be temporary as planned.

I second that hope.

[sean]

going to take my 3yo boy and watch the dash tonight. we will be attending his first game ever and my first game this year. we'll get in the car and drive over to wake forest baseball park and enjoy the sights and sounds. it will be worthwhile no doubt...

but, i can't let go of the fact that its the first week of june and there is a useless, dirt hole that resembles a half-built baseball stadium just a short walk from my house. *@$#!

just who is it that we need to lock in room and force them to work out what needs to be done in order to get this stadium finished? how many people, and what are their names?

[cityboi]

Its seems that there are always some kind of snags when building new baseball stadiums. In Greensboro we had to fight people who wanted to ban stadiums in the central business district. We had to vote on a referendum to get a privately funded stadium built. How ridiculous does that sound? Fortunately the naysayers lost. In Winston's case Im sure it will all be worked before next season. But Sean treasure all those moments with your boy because nothing is worth more than that.

[sean]

^had fun last night. zach was impressed with the spectacle. attendance is dramatically down

citiboi, i ran into kevin o... he says hi.

[cityboi]

oh ok...hey if you see him again. Yea its been a while since i've seen Kevin but im glad you and your boy had fun at the game. When the stadium does open, you will see a dramatic change in the attendence.

[suburban george3]

^had fun last night. zach was impressed with the spectacle. attendance is dramatically down

The Journal stated that attendance at a game last week was 1,452. This is much higher than the 300-400 reported in earlier articles, so beer sales have helped. However, I think it's still 2-3K off normal attendance. At least it's going in the right direction... if they can keep it up, they should be ok. I do wonder how other revenue streams are doing.. ads, concessions, and merchandise sales. I would think they would be dramatically lower too...

[suburban george3]

Well, Prim can't do it after all. He is asking the city for ANOTHER $15.7 Million to finish the stadium. Due to his business partnership collapsing, liens on the property, and the general credit climate; he can not secure private financing to finish this project. The city could provide the financing with funds from loans and grants that Prim's development company would pay back with interest over 25 years. This is also assuming that an average of 4,000 tickets are sold per game (of course, attendance this year is down to around 1,500.)

There is a public city meeting about this project Monday at 5:30 at City Hall. I would say most Winston-Salem residents are fed up with this and would likely NOT support the city providing additional funds; but it sounds like Joines is resigned to the fact that unless the city picks up the rest of the tab, the stadium will go into foreclosure. WHAT A FIASCO!

Read about it here.

[cityboi]

I think Winston-Salem leaders really rushed into this without planning this out carefully. If they had followed Greensboro and Memphis's model by having local foundations privately build it with non-profit ownership the city wouldn't be in this mess. where are all those foundations supported by big tobacco money? I have a feeling that mayor Joines will be ousted next election. This also comes on the heels of the Dell situation. Doesn't look good for him. Also what if a group of angry citizens come forward and raise havoc and throw more monkey wrenches in this project like petitioning for a voter referendum for the city to release the remaining funds? There are people saying take Billy Prim to court, let the Dash move, tear down what was built and build a city park there instead.

"Billy Prim, the owner of the single-A Winston-Salem Dash, said yesterday that the collapse of his business partnership with team co-owner Andrew "Flip" Filipowski and the global credit crisis have made it impossible for him to borrow enough money from private sources to finish the stadium."

I also think it was the wrong time to build this with the credit crisis. If they had just wait a few more years. At this point city council will have to get the money from some where because if they don't it will be very embarrassing to the city and a lot of people are going to get voted out of office. But it may not even matter judging by all the comments left on the article page. Its a shame because the stadium is a great project for the city.

one of the comments:

"He (the mayor) and we WS taxpayers have been blindsided by the failure of the business partnership between Prim and Flip, who are brothers-in-law, or rather soon-to-be ex-brothers-in-law. The word is that one of 'em was cheating on the other's sister, which has led to divorce proceedings, which in turn has fractured the partnership. So, this fiasco can be at least partially blamed on lover's inability to keep it in his pants." Like they say....never do business with family.

[beyonce245]

One would think that agreeing to this deal would be a death sentence for any politician running for re-election this year.

Joines is probably right, that if the city doesn't step up, the stadium won't get finished, at least not anytime soon. But it's hard to justify the city laying out all this extra cash, even if a lot of it is in the form of a loan, when the city has cut $25 mil from its budget.

I guess we'll have to wait and see what happens.

Sorry to all my Winston-Salem brethren. You deserve better than this.

[cityboi]

One would think that agreeing to this deal would be a death sentence for any politician running for re-election this year.

Joines is probably right, that if the city doesn't step up, the stadium won't get finished, at least not anytime soon. But it's hard to justify the city laying out all this extra cash, even if a lot of it is in the form of a loan, when the city has cut $25 mil from its budget.

I guess we'll have to wait and see what happens.

Sorry to all my Winston-Salem brethren. You deserve better than this.

This is a unique situation. Usually ballpark plans hit snags before construction. In this case it hit two big snags during construction. But in order for Prim to make good on the loan, he has to sell at least 4,000 seats every game. But only two things can happen here. Either the city sues Prim for its money back and the stadium doesn't get finished or additional city funds are used. Council is pursuing the latter because they have no choice. I'm sure nobody wants Ernie Shore Field to be sold in vain.

[suburban george3]

The citizens here are definitely crying 'foul!' They would rather see the stadium bulldozed and the team go away then more tax dollars be invested. However, to lose the team would be terrible for the city as well.

I say fund the stadium, but the city gets some kind of representation on the team so there is complete transparency for all operations and finances. Part of what has miffed me is how ambiguous Prim has been thru this process. I don't want the city to lose it's baseball team, with our proximity to Greensboro, I doubt we'd get a replacement team.

[beyonce245]

The citizens here are definitely crying 'foul!' They would rather see the stadium bulldozed and the team go away then more tax dollars be invested. However, to lose the team would be terrible for the city as well.

I say fund the stadium, but the city gets some kind of representation on the team so there is complete transparency for all operations and finances. Part of what has miffed me is how ambiguous Prim has been thru this process. I don't want the city to lose it's baseball team, with our proximity to Greensboro, I doubt we'd get a replacement team.

I certainly don't want to see the Dash dissolve. I think funding the stadium is ultimately the right decision. But it would have to be done with some serious strings attached. I would also want to have an investigation into both Prim and Flip to find out what the hell happened.

I suppose the city could also consider letting the stadium go into foreclosure. I think WS is the second creditor behind some private financial institutions. Perhaps they could reach some agreement to buy the property out of foreclosure and turn ownership over to someone else or run it themselves.

No matte what financing option is chosen to complete the stadium, citizens are going to be skeptical as they should be. It's just a shame. I'm hoping for the best.

[cityboi]

I hate this is unfolding like this but I agree. At this point the city has to pay for it and the city should also have a stake in the team if you ask me. But its better for the city to go ahead and dish out the cash than for this stadium not to be built at all but the situation just sucks.

[JerseyBoy]

I would also want to have an investigation into both Prim and Flip to find out what the hell happened.

If only the public knew the shadiness behind this deal...

I've said it once, and I'll say it again: Billy Prim is as crooked as they come. He expects the city to take a risk on a loan for HIS stadium, yet the natural gas lights burn as strong as ever at his estate. Amazing. He has totally poo-pooed all over the city council that generously gave him the money, the architects who designed a beautiful stadium, the former residents who were forced out, and the taxpayers that he misled. I find it interesting that he's putting people up to speak for him and do his dirty work. Grow a pair, will you? The public deserves to hear from you and your cronies. Unless the city manages to come out a winner, he'll never see me at a game. I'm sure the same can be said for a few hundred thousand other residents.

I will be at the meeting on Monday for sure. UP section, anyone?

Here is an e-mail I got from the mayor this morning:

Friends & Supporters:

The easy popular decisions don't take courage. It's the controversial hard decisions that truly test our character. We have one of those hard decisions with the new stadium. We can do the political side-step and let it fail, or we can demonstrate the responsible leadership that has been the foundation of my time as Mayor. I am choosing the latter.

That's why I need your help. The Journal article this morning was a little confusing, so here's the plan we are considering.

• The developers of the stadium have invested $5.7 million in cash and have guaranteed $25 million in loans.
  

• The city will obtain a $12.7 loan to finish the stadium because the developers can not secure any additional financing. This will not require any additional cash from the city or our taxpayers or impact our triple-A credit rating
  

• The developers will pay all principal and interest on the city's loan from the revenues generated by stadium operations.
  

• The city will advance $2 million for transportation improvements at the stadium. This will come back to the city through an already approved Federal Transportation Grant set-up for transportation improvements. This will not require any additional cash from the city or our taxpayers.
  

• The breakeven for all stadium operating expenses including debt service is 300,000 tickets. That is 70% of what Greensboro is selling now. The DASH is half way to that goal right now with advance ticket purchases. Additionally, sponsor sales are also included in the guarantee to the city. The DASH have sold 90% of all sponsor packages, 13 or 14 suites and the stadium naming rights.
  

• The entire investment of almost $50 million comes back to the city at the end of the repayment period when the stadium is deeded back to us.
  

Here is how I need your help now.

1) Contact your Council Member and indicate your support (see e-mail addresses

below)

2) Come to the Public Hearing on Monday, June 15 at 5:30 at City Hall to show

your support.

3) Write a letter of support to the Journal

4) Speak briefly at the Public Hearing on Monday

This is a critical issue for our city and I believe it will be the major issue in our campaign. If you can do any of the above, please let me know. I need your support and our city needs your positive voice.

Thank you

Allen

Councilman Dan Besse - [email protected]

Mayor Pro Tempore Vivian Burke - [email protected]

Councilman Robert Clark - [email protected]

Councilwoman Joycelyn Johnson - [email protected]

Councilwoman Molly Leight - [email protected]

Councilman Nelson Malloy - [email protected]

Councilwoman Wanda Merschel - [email protected]

Councilwoman Evelyn Terry - [email protected]

Letters To The Journal Editor - [email protected]

[cityboi]

so the mayor has resorted to begging? It sound like this Prim guy is pretty shady from what I keep hearing but W-S is in a situation right now where they have to get this stadium built. I know there are some that don't want it to get built because it would make the city leaders look like morons but however this turns out, you'll be seeing a lot of new faces in city-leadership pretty soon. And that may be a blessing.

[beyonce245]

If only the public knew the shadiness behind this deal...

I've said it once, and I'll say it again: Billy Prim is as crooked as they come. He expects the city to take a risk on a loan for HIS stadium, yet the natural gas lights burn as strong as ever at his estate. Amazing. He has totally poo-pooed all over the city council that generously gave him the money, the architects who designed a beautiful stadium, the former residents who were forced out, and the taxpayers that he misled. I find it interesting that he's putting people up to speak for him and do his dirty work. Grow a pair, will you? The public deserves to hear from you and your cronies. Unless the city manages to come out a winner, he'll never see me at a game. I'm sure the same can be said for a few hundred thousand other residents.

I will be at the meeting on Monday for sure. UP section, anyone?

Here is an e-mail I got from the mayor this morning:

Friends & Supporters:

The easy popular decisions don't take courage. It's the controversial hard decisions that truly test our character. We have one of those hard decisions with the new stadium. We can do the political side-step and let it fail, or we can demonstrate the responsible leadership that has been the foundation of my time as Mayor. I am choosing the latter.

That's why I need your help. The Journal article this morning was a little confusing, so here's the plan we are considering.

• The developers of the stadium have invested $5.7 million in cash and have guaranteed $25 million in loans.
  

• The city will obtain a $12.7 loan to finish the stadium because the developers can not secure any additional financing. This will not require any additional cash from the city or our taxpayers or impact our triple-A credit rating
  

• The developers will pay all principal and interest on the city's loan from the revenues generated by stadium operations.
  

• The city will advance $2 million for transportation improvements at the stadium. This will come back to the city through an already approved Federal Transportation Grant set-up for transportation improvements. This will not require any additional cash from the city or our taxpayers.
  

• The breakeven for all stadium operating expenses including debt service is 300,000 tickets. That is 70% of what Greensboro is selling now. The DASH is half way to that goal right now with advance ticket purchases. Additionally, sponsor sales are also included in the guarantee to the city. The DASH have sold 90% of all sponsor packages, 13 or 14 suites and the stadium naming rights.
  

• The entire investment of almost $50 million comes back to the city at the end of the repayment period when the stadium is deeded back to us.
  

Here is how I need your help now.

1) Contact your Council Member and indicate your support (see e-mail addresses

below)

2) Come to the Public Hearing on Monday, June 15 at 5:30 at City Hall to show

your support.

3) Write a letter of support to the Journal

4) Speak briefly at the Public Hearing on Monday

This is a critical issue for our city and I believe it will be the major issue in our campaign. If you can do any of the above, please let me know. I need your support and our city needs your positive voice.

Thank you

Allen

Councilman Dan Besse - [email protected]

Mayor Pro Tempore Vivian Burke - [email protected]

Councilman Robert Clark - [email protected]

Councilwoman Joycelyn Johnson - [email protected]

Councilwoman Molly Leight - [email protected]

Councilman Nelson Malloy - [email protected]

Councilwoman Wanda Merschel - [email protected]

Councilwoman Evelyn Terry - [email protected]

Letters To The Journal Editor - [email protected]

Here's the problem with Joine's statement. While the city might not be giving cash away through the loan, if Prim screws up again or something goes wrong, the city will be on the hook. Also, it's disappointing that $2 million is going to come from the Federal transportation grants given to the city. Instead of cleaning up this mess, the city probably could've used that money for greater purposes, i.e. improve bus service, build more sidewalks.

If WS taxpayers are going to be on the hook for almost $16 million more, they should just cut Prim out of the deal entirely. I dare say he's demonstrated that he is an effective steward of the public's money or a good businessman.

We'll see. I do hope for the best. The stadium looks to be really nice. I just hope the city doesn't rush into this too quickly. The 2009 season is already a wash, and potentially part of the 2010 season as well. Everyone should just cool off and take a couple of days to rationally work through all the potential solutions.

[Beany]

This is a mess and W-S definitely deserves better. In my opinion the best bet for residents would be for the ownership group to fail and then city manage to take it over. Once the city owns it they could finish it themselves with an approved bond or sell it to a new investment group. If they finish it themselves they could lease it to a new ownership group for use. This may cause W-S to lose the team however I am sure they would get a team back. As long as Greensboro is content to stay with an A level team, which it appears they are happy with, W-S will still be prime for a minor league franchise. You may lose a few seasons of baseball while everything is worked out in court but right now how many people want to go to a Dash game anyway? It seems that the large majority of the money involved in this deal is city money anyway. Why would you build this beautiful stadium knowing you couldn't afford it? The residents shouldn't be funding someone else's dream. With that much money involved it should be their own.

[Beany]

Something else I don't understand... How can the city take out a loan for for 12.7 million for something like this without having to pass a bond referendum? I wouldn't want my city being able to just take out large loans for non-budgeted items without voter approval.

[beyonce245]

Something else I don't understand... How can the city take out a loan for for 12.7 million for something like this without having to pass a bond referendum? I wouldn't want my city being able to just take out large loans for non-budgeted items without voter approval.

My guess would be what are called Certificates of Participation. They operate like bonds except that they're usually secured by an interest in real property (i.e. land). However, since COPs aren't backed by a municipality's taxing power, they usually carry a higher interest rate.

[twincity]

I have my popcorn ready for Monday night. I will be watching online for sure.

Why do we always end up with the crunk council meetings? Im expecting this one to top that special meeting held at LJVM that dealt with annexation.

Billy, you may need a police escort back to your car...thats if you decide to show up.

[Beany]

My guess would be what are called Certificates of Participation. They operate like bonds except that they're usually secured by an interest in real property (i.e. land). However, since COPs aren't backed by a municipality's taxing power, they usually carry a higher interest rate.

Thanks. I don't know all the laws and such but your explanation sounds logical. I wouldn't want my council taking out loans like that though for something that is not necessity. I am sure the residents will be out in force.

[sean]

looking hard for the silver lining in a storm cloud here... lol

anybody know the details on how the green bay packers and lambeau stadium is owned and operated as a public entity? they don't have any trouble puttin' butts in seats.

[cityboi]

This is a mess and W-S definitely deserves better. In my opinion the best bet for residents would be for the ownership group to fail and then city manage to take it over. Once the city owns it they could finish it themselves with an approved bond or sell it to a new investment group. If they finish it themselves they could lease it to a new ownership group for use. This may cause W-S to lose the team however I am sure they would get a team back. As long as Greensboro is content to stay with an A level team, which it appears they are happy with, W-S will still be prime for a minor league franchise. You may lose a few seasons of baseball while everything is worked out in court but right now how many people want to go to a Dash game anyway? It seems that the large majority of the money involved in this deal is city money anyway. Why would you build this beautiful stadium knowing you couldn't afford it? The residents shouldn't be funding someone else's dream. With that much money involved it should be their own.

Well there is no way around it. The ownership needs to change because Prim has made a bad name for himself and i'd like to see the city own it since the city is the one putting up most of the money anyway. I think city/taxpayer ownership kind of creates a sense of pride and more excitement rather than some guy wanting to make a quick buck and screw the taxpayers.

[JerseyBoy]

The following is a compilation of things I know along with in-depth research among SEC documents and many webpages:

Billy Prim:

- Prim is the Chief Executive Officer of Primo Water Corp.

- He sold Blue Rhino to Ferrellgas for $343 million in 2004

- He serves as Special Advisor to Mr. Ferrell.

- He served on the Audit Committee of the Board of Directors of Southern Community Bank and Trust until 2005. He served as audit committee financial expert from March until October 2004.

- Owns 210,458 shares of common stock and trust preferred securities (currently trading at $3 a share).

- Kevin Mortensen told the Business Journal that completion of the stadium was not contingent upon securing another investor. In fact, Mortensen indicated that, if need be, Prim would make up the difference out of his own pocket. That never happened.

Flip Filipowski:

- He oversaw a billion dollar bankruptcy of his publicly held Chicago-based Divine Inc.

- His official bio barely mentions the existence of Divine or that he was a CEO who raised $1 billion from the public.

- His dot-com incubator Divine Inc. filed for bankruptcy protection in 2003 after burning through $1 billion.

- That money disappeared into bankruptcy along with millions more invested earlier at pre-IPO prices by well-known Chicagoans including Bill Wrigley Jr. and Michael Jordan.

- Mayor Daley approved a $14 million subsidy for Filipowski to build a dot-com incubator on Goose Island.

- Sole owner of Mastro Auctions Inc., already the target of an FBI investigation.

- The Daily News reported in September that sports memorabilia officials have testified before a grand jury in Chicago that is investigating Mastro Auctions and fraud in the collectibles business. The Daily News first reported in July 2007, the Chicago division of the FBI, whose "Operation Foul Ball" smashed a multi-state autograph forgery ring during the 1990s, last year initiated an investigation into Illinois-based Mastro Auctions, sports memorabilia's largest auction house.

Filipowski was Doug Allen's (current man overseeing the operations at Mastro) boss many years ago when Doug worked as a VP for Platinum Technologies. Doug and Flip have a long history.

- SilkRoad Equity is a private investment firm founded by Andrew J. "Flip" Filipowski and Matthew Roszak. SilkRoad Equity targets investments in the areas of technology, life sciences, media and entertainment and real estate, and is comprised of a portfolio of companies that includes: Cryo-Cell International, House of Blues, InterAct911, MASTRO AUCTIONS, MissionMode Solutions, onramp Branding, Pendulab, PRIMO WATER, Rakote, SilkRoad technology, SolidSpace, TrueSystems and Vion Mobile.

- J. P. Morgan Chase & Co. is suing Flip, claiming he's failed to pay back a $7-million loan. In a breach of contract suit filed April 1, Chase says Mr. Filipowski failed to repay the loan made on behalf of a living trust in 2007. Under terms of the agreement, the $7 million loan was due in full on May 2, 2008. Mr. Filipowski owed the bank $7.4 million as of March 31, and interest and penalty fees continue to accrue at a rate of $1,210 per day, according to the suit, which was filed in Cook County Circuit Court.

- He ran one place completely into the ground with a single-minded stupidity, and then took all the capital and potential in the world and did it with a second company. He is not known for building great multi-faceted organizations; rather, he is known for buying up companies whether they make sense together or not.

Sources:

http://ir.smallenoughtocare.com/secfiling....=950144-03-3561

http://www.zoominfo.com/Search/ReferencesV...PersonID=394466

http://www.suntimes.com/business/savage/36...0.savagearticle

http://www.sec.gov/Archives/edgar/data/922...4-08-017272.txt

http://www.solidspace.com/corporate_/news_...d_services.aspx

http://findarticles.com/p/articles/mi_m0SM...13/ai_13761746/

http://www.encyclopedia.com/doc/1G1-101884362.html

http://www.chicagobusiness.com/cgi-bin/new...82&seenIt=1

http://www.sec.gov/Archives/edgar/data/862...5-09-126260.txt

I DEFINITELY recommend a read of this chat:

http://www.gameuseduniverse.com/vb_forum/a...hp/t-23765.html

Both men had the means to build the stadium before the divorce or the dissolution of their partnership. Instead, they sought and received public funds for what should have been a privately held and financed project.