Wonder if UH is a creditor.
Other stadiums are owed money.
UH is a creditor. To the tune of $300,000.
UH owed around 300k.
It’s probably unsecured which means in most cases the creditor will get close $0 if not $0.
Guaranteed UH will never see that money.
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The greatness of corporate bankruptcy, am I right? Yeah not a prayer we see anything we’re owed.
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Bankruptcy of a organization whose sole member / shareholder is an organization that is not close to bankruptcy. The corporate veil.
I have no idea of their business structure, but there is no way…no way…any veil is going to ever get pierced here. These are all REAL big boys, and their lawyers, I guarantee you, have shielded them with so many trenches and trip wires…that we will never see a penny…
I wish I had better news.
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It is owned in some fashion by the McMahon family. The whole enchilada.
Automatic stays are a thing of beauty, aren’t they?
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I am sure you are right about that…that the XFL is owned by McMahon…
We (UH)…probably made our deal with the Roughnecks. Who had a deal with the XFL…
Now. You might begin to understand what a can of worms we are in…
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The one thing that is certain rich folks can afford bigger and usually better legal teams.
Even a public entity like UH will not spend the money to battle these teams.
Yes on 1
Maybe not on 2.
If we had a winnable case (on this matter or any other), I am certain we would fight hard with the best lawyers out there. We have certainly done so in the past. As a public University, I take the other position that we cannot afford to roll over and take it.
I just think we probably have no chance here.
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Does it really matter?
McMahon risked his money and reputation to deliver entertainment and the investment was suffocated by circumstance. There was no market mechanism that exposed negligence or mis-management. Everybody loses in this terrible situation.
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Yup…everyone loses here.
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Sad day. Another company bankrupted by the government reaction.
Say what? If the government reacted like other countries, the XFL would still be bankrupt. It would have meant that the shelter in place would have started sooner, right when the XFL season started.
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If there was never a shelter in place the XFL would still be in business.
Notice I didn’t say it was a overreaction. But it absolutely was the government reaction that bankrupted them. Had the stay at home order not been issued they would have had time to react to changing market conditions.
Nope.
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I think that people misunderstand bankruptcy.
We have folks confusing “bankruptcy” with “broke”.
Bankruptcy is a legal manipulation by some fancy mealy-mouthed lawyers.
Broke is when you have no money.
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