Guest Guest Posted March 27, 2008 Report Share Posted March 27, 2008 To: letters:)pressconnects.com, viewpoints:)pressconnects.com, dschneider:)pressconnects.com, cstovall:)pressconnects.com, froessne:)binghamt.gannett.com, catlin:)wbngtv.com, moss:)wbngtv.com,newstips:)news10now.com, jimehmke:)clearchannel.com, info:)news10now.com,comments:)news10now.com, fox40:)wicz.com, newsdirector:)wicz.com, ed:)not allowed.com,lizahaines:)clearchannel.com, actionnews:)wbngtv.com Cc: metrodesk:)timesshamrock.com, businessweekly:)timesshamrock.com, radisson.scranton:)gmail.com Sent: Thu, 27 Mar 2008 11:33:52 +0000 Subject: Today is the day: hotel deal or not? Today is the day.The current Binghamton Regency Hotel Sales Contract, not worth the paper it was written, on expires today after 90-day of inaction (they should have used toilet paper like that guy trying to pay his water bill yesterday). Do you think MatthewT. Ryan told Mike Kearney and the Nexus Hospitality people of Scranton about his raising the water rate by 42% (66% since last year). What is Rainbow Ryan's plan now? Will they just keep re-writing the contract while the City holds the bag and loses hundreds of thousands of dollars per year on the place? (Remember Ryan and Abdelazim accepted a deal for $1,000,000 less on the unwritten, unenforcable supposition of a $4,000,000 future investment, turning down a better NY State-based offer from another group a year ago.) www.BCVOICE.com: (Ed not allowed @ Mar 25 2008, 11:59 PM) So, no news today on the supposed deal.There are two days left in the existing sales contract. At the close of businessTthursday, less than 48 hours from now, the terms of the sale contract will have expired. 90 days will have passed since Matthew T. Ryan told us this was a done deal. Technically the contract wil lbe void.What then?Will the City of Binghamton just renew this bad deal and keep sustaining the costs (we do not know how much they are because the City of Binghamton, the Mayor ) will not release them, not even to City Council. Remember this: "I promise tonight to move toward 100% transparency of all city projects and initiatives, a goal which I am committed to reach by the end of this year. Reports, summaries, meeting minutes, grant applications—all of the records, your records, will be available for review online." Page 5 of 16 Feb. 13' 08 State of the City Address Mayor Matthew T. Ryan, let's see an honest accounting of the numbers. How much did it cost to heat and illuminate the hotel over the winter?How much did the city lose out on water and sewer charges?What is happenning to the debt? Is it being paid? Is it accumulating interest and penalties? Link to comment Share on other sites More sharing options...
Guest Guest Posted March 27, 2008 Report Share Posted March 27, 2008 Ed , your stealing from your employer again by posting comments all day . when you should be working . Your no better than an able body worker that collects welfare . Link to comment Share on other sites More sharing options...
Guest Guest Posted March 27, 2008 Report Share Posted March 27, 2008 Ed , your stealing from your employer again by posting comments all day . when you should be working . Your no better than an able body worker that collects welfare . I do not go into the offiie at 8AM, besides I was there until 9PM last night. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 27, 2008 Report Share Posted March 27, 2008 Ed , your stealing from your employer again by posting comments all day . when you should be working . Your no better than an able body worker that collects welfare . The City of Binghamton, thanks to Matthew T. Ryan is stealing far more from all employers and wasting it. Why do you think people want to pay their bills on toilet paper? @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 27, 2008 Report Share Posted March 27, 2008 The City of Binghamton, thanks to Matthew T. Ryan is stealing far more from all employers and wasting it. Why do you think people want to pay their bills on toilet paper? @ Yes indeed that is so true. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 27, 2008 Report Share Posted March 27, 2008 Dummy is talking to himself again @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 Looks like the deal has fallen through. Three hours and twenty minutes left. Does anybody have $5,900,000 they can send to Scranton? Barring a miracle it looks like we can put this into the same category as the North Side Grocery Store, the First Ward Health Clinic, ABC Plan, bipartisanship, transparency, tax breaks, an end to cronyism, "open lines of comunication", mistaken identity, and just about every word to leave Matthew T. Ryan's mouth. @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 I do not go into the offiie at 8AM, besides I was there until 9PM last night. well cry me a river you useless pices of crap Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 well cry me a river you useless pices of crap I'm a Leo, not a pisces... So you don't mind the City losing $500,000 or more on this hotel? Or is it that you just don't want me pointing it out? @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 Ed , your stealing from your employer again by posting comments all day . when you should be working . Your no better than an able body worker that collects welfare . Normally Ed's rants give me the hives. This time, though, he's right on target. I'm sorry you can't see the forest for the trees. You hate the messenger so much that you don't hear the message. Don't confuse the two. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 Finally, we have our answer. As predicted: Financial backing still sought for Regency buy Binghamton - The city's deal to sell the Regency Hotel to a Scranton-based company (whose owners are all in California) is still in limbo as the group tries to piece together financial backing. The city's contract with Nexus allowed either side to back out if the buyer could not obtain financing within a 90-day window. That window ended on Thursday, but both sides said Thursday night they remain committed to the deal. (You can bet Nexus remains commmited, they have no obligation, nothing to lose and the property is on hold indefinitely for them, they would be fools to back out. The City of Binghamton are fools to stay locked in .) In a written statement, Michael Kearney, of Nexus Hospitality Management LLC, blamed the current state of the financial markets for the delay. (Oh really! There's a surprise...How long will that be the case? Nexus has one property in its "holdings") "We are confident that financing for the project will be in place soon," Kearney said. "This delay in no way changes our vision of making the Regency the Southern Tier's premier hotel and conference center, as well as an asset to downtown Binghamton." http://www.pressconnects.com/apps/pbcs.dll...EWS01/803270374 They, Nexus, have been trying for about a year to raise the money, before the City even had the hotel. Ronak Development could have probably paid by now the $6,900,000 ($1,000,000 more than Nexus) they originally offered that Ryan turned down. The City has probably lost about $500,000 so far going with Nexus. Why keep the contract open? What does the City of Binghamton have to gain? Open the bidding again, if Nexus finally finds the money they can buy it. Is the City going to hold it forever for them and keep losing money every day? $5000 per month for the management company. How much for utilities? How much for salaries? How much in lost taxes and water and sewer fees? All just another bad deal by Ryan. $500,000 or more lost on this. $300,000 he wasted on the O'Neil Building not getting the owners to knock it all down (who made that call?). $100,000 wasted on the municipal wifi for 16 locations ($6000 each when privately it could have been done for $500 each). They could have 196 locations instead of 16. How anybody put this fool in charge of a city boggles the mind. @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 Mr. Positive, my friend, the Nexus Hospitality people do not seem that financial solid to me. They do not have a web site for their company. They use the Radisson domain for their htoel and a gmail address. When one partner died they had to re-establish the company, they didn't even have a solid corporate structure. That Scranton hotel is the only deal they seem to have made. Meanwhile Ronak Development, a NY State-based company that offered $6,900,000 has a number of hotel deals under their belt, granted not luxury hotels but they have a track reocrd. Nexus has been in Scranton two years. Each day the City holds the hotel for Nexus the less value the deal has, since the price is locked in and the costs are not. @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 The City of Binghamton are fools to stay locked in. If the contract expired, how is the city locked into anything now? Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 If they're not entertaining other bids, they are locked into keeping this money pit, indefinitely. As if Binghamton needs more negative income... @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 The City of Binghamton are fools to stay locked in. If the contract expired, how is the city locked into anything now? I thought this explained it clearly: "That window ended on Thursday, but both sides said Thursday night they remain committed to the deal. " If the City of Binghamton "remains committed to the deal", they are locked in. What part don't you get? @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 So Pressconnects.com has already killed the story. They would never have mentioned it were it not for me keeping track, much like the wifi fiasco. There is $74,000 missing in Conklin, that's big headline news while the City of Binghamton is losing about $500,000 or more on The Regency Hotel and that gets two hours up on the web site before it is pulled off. Did the Regency deal limbo make the hardcopy of the newspaper? Do you think the PSB will ever comment on or analzye the situation? Not very likely. What a disservice this newspaper does to its community. What a disgrace it turns a blind eye to such important local issues, remaing sioent on their repercussions. @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 I thought this explained it clearly: "That window ended on Thursday, but both sides said Thursday night they remain committed to the deal. " If the City of Binghamton "remains committed to the deal", they are locked in. What part don't you get? @ What I love about BCV is that there is never any shortage of wisea@@@es who think they know it all or that they're smarter than everyone else. My rule of thumb is: the more insults someone posts, the more stoopiderer they be. The part YOU dont' get is this: Remaining "committed" to the deal is not the same, legally, as having a valid contract. If the contract expired, the City would no longer be legally obligated to honor that contract, hence, they would not be "locked in". Now tell me I'm wrong. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 You are wrong. Or are you saying Ryan is lying when he says he is committed to the deal? Because that I would believe. @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 Why doesn't the City of Binghamton contact Ronak Development again and see if there initial offer still stands???? What do they have to lose? @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 28, 2008 Report Share Posted March 28, 2008 Two million. I will give the city of Binghamton $2,000,000 for this empty shell of a hotel. OK, thre million to cover the debt owed but that's it. @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 29, 2008 Report Share Posted March 29, 2008 Why doesn't the City of Binghamton contact Ronak Development again and see if there initial offer still stands???? What do they have to lose? @ They'd have to admit they screwed up. That'll never happen. Your problem is that you're using logic. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 29, 2008 Report Share Posted March 29, 2008 We have more news!!! Actually it looks like Ed might have salvaged the Regency deal ...THIS IS WHAT HE HAS BEEN CALLNG FOR FOR THREE MONTHS Posted Friday March 28, 2008 News Second suitor still interested in Regency By John Hill Press & Sun-Bulletin BINGHAMTON -- The president of a New York City-area development company said Friday his group is ready to buy the Regency Hotel and Conference Center from the city if another group's deal falls through. "If they want to sell it, we are willing to buy it today," said Mahesh C. Jani, president and CEO of the Ronak Group of Companies. Ronak and Nexus Hospitality Management LLC, of Scranton, Pa., each bid on the Regency last year. The city administration and city council chose Nexus, despite the fact Nexus submitted a lower bid, saying they were impressed with the group's track record with Radisson Lackawanna Station Hotel in Scranton and its plans for the Regency. In December, Nexus signed a contract to buy the Water Street hotel for $5.85 million. The deal was contingent on Nexus obtaining financing, which, thus far, it has been unable to do. In a written statement, Binghamton Mayor Matthew T. Ryan said the city would work with Ronak if the Nexus deal fell through. But Ryan, who was unavailable for comment on Friday, wants to give Nexus "every reasonable opportunity" to complete the deal for the Regency, said city Communications Director Andrew Block. The mayor did not give a specific time frame for the deal to be completed, Block said. Michael Kearney of Nexus, who has blamed the financing troubles on a poor financial climate, did not return a call on Friday for comment. Ronak already has a letter of intent from its bank for an $8.3 million loan, Jani said. That money, and about $2 million of Ronak's own capital, would go toward the purchase of the hotel and $2.7 million in renovations, he said. City Council President Martin Gerchman said Friday he still believes Nexus is the right buyer for the city in the long-term. Gerchman said he was willing to give Nexus a "short window of time" to come up with the funding, but he declined to give a specific deadline. Ronak has offered to pay $6.9 million for the hotel, a figure that includes a 10 percent brokerage fee, said Tarik Abdelazim, executive assistant to the mayor. That would make the offer $6,210,000 -- $360,000 more than Nexus'. STORY CHAT Ha! Why do you think any of this is happenning? One little guy sending a few emails...... Matthew T. Ryan get out of the way. Take Tarik Abdelazim with you before you both drag this city into the gutter with you. There might still be time to salvage it from the damage you have done so far. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 29, 2008 Report Share Posted March 29, 2008 If Ryan and his Citizen Action City Council do not take this deal and run as fast as they can to the bank with this cash they should be arrested and jailed. @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 29, 2008 Report Share Posted March 29, 2008 Hear! Hear! Link to comment Share on other sites More sharing options...
Guest Guest Posted March 29, 2008 Report Share Posted March 29, 2008 If Ryan and his Citizen Action City Council do not take this deal and run as fast as they can to the bank with this cash they should be arrested and jailed. @ They may have lucked out. How many times does that happen....your first offer comes in the highest, you turn it down, and they call back to reiterate the same offer? Even after the lesser offer was publicized. Link to comment Share on other sites More sharing options...
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