pay@fairlanefastback

Quote:

Amiga has yet to pay the money.

As if!

Now if Amiga do pay, I will probably snort a cheerio myself.

@fairlanefastback
Again they show their true face...

what is the deadline for the first 2,5 mill?.....

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@fairlanefastback

Somewhat duplicative information from prior links.
I think the last link I posted was the most complete outline of the issue as of the date of publishing. Kudos to the Puget Sound Business Journal and Jeff Meisner on this one.
Reposted content here for those who missed it, or failed to read all 3 pages. Please excuse any formatting errors:
Quote:

Naming rights at stake for Kent's arena Doubts over deal Puget Sound Business Journal (Seattle) - July 13, 2007 by Jeff Meisner Staff Writer Amiga Inc.'s $10 million offer to buy the naming rights to the city of Kent's proposed multipurpose arena may be in jeopardy because of concerns over money and terms, city officials say. Past financial problems at New York-based software maker Amiga have Kent officials and the Seattle Thunderbirds minor-league hockey team worried that the company won't be able to deliver on the proposed, 20-year deal. Kent now wants the company to make a substantial payment before groundbreaking. Also, Amiga wants the power to approve advertising by technology companies in or around the 6,025-seat arena, a demand that city officials and the Thunderbirds say is unreasonable. And the clock is ticking, with the Kent City Council expected to vote July 26 on whether to build the arena. If Amiga, the city and the team don't come to terms soon, the deal could fall through, leaving the arena without a naming rights sponsor. To be sure, negotiators could reach an agreement in time, giving Amiga the right to put its name on the proposed $67 million arena. And even if the Amiga deal falls apart, Kent and Thunderbirds officials say they are prepared to proceed with a new naming rights sponsor. Amiga Managing Director Bill McEwan did not return several phone calls seeking comment. Doubts about Amiga's ability to pay $10 million for the arena's naming rights began in mid-May, with media reports about past financial problems at Amiga. Now, Kent and the Thunderbirds want Amiga to deposit $2.5 million into an escrow account before the July 30 groundbreaking to show Amiga can meet its financial commitments. "In light of some of the bad media coverage, we want to make sure the money is there earlier," said John Hodgson, Kent's chief administrative officer. Colin Campbell, vice president and assistant general manager of the Thunderbirds, which will be the new arena's primary tenant, also wants to see the money before construction starts. "The bad press that came out about Amiga has caused us to want to move quicker to understand where the money is coming from and when it will be paid," Campbell said. The Kent City Council also has concerns about Amiga's ability to pay. "The council is not pleased with the way things have evolved with Amiga," said Council President Deborah Ranniger. "The city has said that if the ($2.5 million) isn't in an escrow account by the day of the groundbreaking, the deal is off." Ranniger said Amiga could improve its standing with the council if it deposits the $2.5 million in escrow prior to the July 26 council vote. "Show us the money," she said. "If they want to name it, then they have to pay for it." Kent, Amiga and the Thunderbirds are also wrestling with the issue of who controls the arena's advertising. Amiga wants to control which technology companies can advertise inside the arena and just outside the facility, Hodgson and Campbell said. Kent and Thunderbirds representatives say Amiga's definition of what constitutes the technology category is too broad. Don Hinchey, a researcher with the Englewood, Colo.-based Bonham Group, a consulting company that specializes in brokering naming rights agreements, said such debates are common. "It's typical that the naming rights sponsor will expect and demand in some cases that it will have category exclusivity," Hinchey said. "In other words, in exchange for the naming rights, the facility promises it won't allow competitors to advertise in the facility. A fair amount of haggling over what is and isn't part of a category like technology is common, and usually gets resolved, he added. Kent and the Thunderbirds are resisting restrictions on which companies can advertise in the arena, because advertising is a significant source of income for the city and the team. "They (Amiga) want to be able to veto any name product that relates to technology," Hodgson said. "That's huge. Depending on what kind of communications and sound systems we install, it could have a big impact." Ranniger, the City Council president, was also displeased that the council found out about Amiga's demand to control all of the arena's technology advertising from a Puget Sound Business Journal reporter. "We're not as informed as we'd like to be," she said. "I don't know the reason why not, but I find it very disturbing." Also at stake is an opportunity for Kent to establish itself as a regional technology player. Amiga plans to move its headquarters from New York City to Kent and open a new technology incubator in the city, bringing nearly 240 jobs to Kent. Hodgson, the city's chief administrative officer, said all is not lost if Amiga fails to deliver the $2.5 million by groundbreaking. The arena project will still move ahead and the city is prepared to find a new naming rights partner. "If we get to an absolute standstill with Amiga, we're prepared to move on," he said. "But we don't want to do that. The naming rights deal has been the first hiccup in this process, and it's been frustrating." Contact: jmeisner@bizjournals.com · 206-447-8505x103

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Source

#6

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@d0c

Quote:

d0c wrote: what is the deadline for the first 2,5 mill?.....

The original deadline as we understand it was at groundbreaking (construction start). The latest we have on an ETA for that is early August.

Kent changed when they wanted payment to be well ahead of that time due to the prior financial issues that came to light with Amiga.

So far obviously Amiga has successfully navigating not paying well ahead of that time frame.

The City so far it seems has been afraid to draw a line in the sand with a new deadline date. It was more of a firm suggestion to pay earlier it would appear.

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@fairlanefastback

Quote:

The original deadline as we understand it was at groundbreaking (construction start). The latest we have on an ETA for that is early August.

Groundbreaking has a different date in the article above:

Quote:

Now, Kent and the Thunderbirds want Amiga to deposit $2.5 million into an escrow account before the July 30 groundbreaking to show Amiga can meet its financial commitments.

#6

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@number6

Quote:

number6 wrote: @fairlanefastback Quote: The original deadline as we understand it was at groundbreaking (construction start). The latest we have on an ETA for that is early August. Groundbreaking has a different date in the article above: Quote: Now, Kent and the Thunderbirds want Amiga to deposit $2.5 million into an escrow account before the July 30 groundbreaking to show Amiga can meet its financial commitments. #6

Well then t-minus one week at the latest I guess. :)

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@fairlanefastback

Just a side note about things not mentioned:
LMN Architects and Sparling (doing the tech for the arena) are prestigious companies who would undoubtedly see this as yet another showcase for their talents.
This should serve as an example of the pressures to complete this deal going beyond the City vs AI issues.

#6

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@fairlanefastback

Quote:

Well then t-minus one week at the latest I guess. :)

Wow, "One more weeks!" Umm, something doesn't look right about that sentence... Hmmm...

Can some one make a new smilie with that slogan on it? Thanks.

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@AmigaHeretic

It will be interesting to see what happens in a couple of days at the next City Council meeting.

Quote:

(Kent City Council President) Ranniger said Amiga could improve its standing with the council if it deposits the $2.5 million in escrow prior to the July 26 council vote. "Show us the money," she said. "If they want to name it, then they have to pay for it."

Will Amiga make a deposit before the meeting? :)

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@fairlanefastback

Quote:

Will Amiga make a deposit before the meeting?

Heh! Please...no [polls] in the news thread.

I noticed again that as of today, this meeting is not on the Kent calendar.
If anyone wishes to attend this special meeting of Kent City Council, I suggest they call ahead to confirm if this meeting IS closed to the public.

#6

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@number6
Quote:

Just a side note about things not mentioned: LMN Architects and Sparling (doing the tech for the arena) are prestigious companies who would undoubtedly see this as yet another showcase for their talents. This should serve as an example of the pressures to complete this deal going beyond the City vs AI issues.

The city probably also sees it bringing more jobs and money in to the area. Remember, AInc. also promised 200+ new jobs for Kent, though that is not entirely dependent on the center. I'm sure AInc. will still bring in dozens of new jobs even if they don't get to name the building or use it as their technology showcase.

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@number6

Quote:

number6 wrote: @fairlanefastback Quote: Will Amiga make a deposit before the meeting? Heh! Please...no [polls] in the news thread. I noticed again that as of today, this meeting is not on the Kent calendar. If anyone wishes to attend this special meeting of Kent City Council, I suggest they call ahead to confirm if this meeting IS closed to the public. #6

I doubt it. The vote for something like this not being public is highly unlikely. Also even if they need to do a section of the meeting as an Executive Session (closed to the public) they have to have it on the calendar that they are meeting as a matter of public record. I'm guessing the webmaster is just a little behind on his or her duties since its a special meeting date. And the only reason they've done Executive Sessions before I believe has been for pending legal action. The vote will be out in the open I'm sure. An update on the Amiga payment status I would suspect will be out in the open as well given the last couple of meetings and the tone in the recent news article from the City Council President.

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@fairlanefastback

Quote:

The vote for something like this not being public is highly unlikely

I don't deny the possibility.
The answer probably lies in researching state law and possibly individual county ordinance, where this should be set out.

Quote:

I'm guessing the webmaster is just a little behind on his or her duties since its a special meeting date.

Since the article with the "expected date" was on July 13th, would they really have made the other updates to the City page and skipped that "one" thing?
After all, the City admitted seeing this info in the article, right?

Pretty good indication the website WAS updated since 7/7/2007:
http://www.ci.kent.wa.us/newsreleases/mayornewsletter.asp
Note the date and "page update".

#6

Last edited by number6 on 24-Jul-2007 at 06:50 PM.
Last edited by number6 on 24-Jul-2007 at 06:45 PM.

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@number6

http://seattletimes.nwsource.com/html/localnews/2003804624_kentarena25m.html

Wednesday, July 25, 2007

Quote:

Kent officials lose patience with Amiga By Jim Brunner Seattle Times staff reporter

Quote:

That deal still has not been completed, in part because Amiga is now offering less money than specified in the initial agreement, said Hodgson, who would not give details. "It's unacceptable," Hodgson said. Amiga's acting president, Bill McEwen, did not return phone calls or an e-mail requesting comment this week.

Oh dear.

#6

Last edited by number6 on 25-Jul-2007 at 01:01 PM.

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@number6

as i said before the amiga inc and bill mcewen will be thrown out of the kent center. things will get more intressting after a week........

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@number6
I didn't want to believe it, but it does now seem like Amiga is trying to get out of their obligations for the Kent centre. Could it be anything to do with the way the court case is going?

edit: It seems like we will know the truth very soon: Quote:

Hodgson said he believes Amiga is sincere in its pursuit of the naming-rights deal. But he said the city wants assurances that the deal is final before Thursday, when the Kent City Council is scheduled to vote to formally approve the arena project. The absolute deadline, he said, is Monday, when construction will begin.

Last edited by ChrisH on 25-Jul-2007 at 01:56 PM.

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@number6

Quote:

number6 wrote: @number6 http://seattletimes.nwsource.com/html/localnews/2003804624_kentarena25m.html Wednesday, July 25, 2007 Quote: Kent officials lose patience with Amiga By Jim Brunner Seattle Times staff reporter Quote: That deal still has not been completed, in part because Amiga is now offering less money than specified in the initial agreement, said Hodgson, who would not give details. "It's unacceptable," Hodgson said. Amiga's acting president, Bill McEwen, did not return phone calls or an e-mail requesting comment this week. Oh dear. #6

Are Bill and Pentti trying to destroy any value for this brand?? Could anyone even make this stuff up? Jeez!

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@fairlanefastback

Quote:

Are Bill and Pentti trying to destroy any value for this brand?? Could anyone even make this stuff up? Jeez!

Isn't there an old adage that goes "any publicity is good publicity"?

#6

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@number6

Quote:

number6 wrote: @fairlanefastback Quote: Are Bill and Pentti trying to destroy any value for this brand?? Could anyone even make this stuff up? Jeez! Isn't there an old adage that goes "any publicity is good publicity"? #6

Sigh, I'm not sure P.T. Barnum is who they should be trying to emulate. It works for some (Paris Hilton) but not for others (Don Imus). Its not raising general brand awareness, its just leaving a trail of bad news for the small population of potential investors they may want to court doing simple google research before investing. I'd say the adage is not one they should think will work here. Even though thats seems to be what they are going for so far (at least from the way its presented in the news). I think Bill's recent lack of comments to newspapers shows they may finally be understaning the negative impact a bit though.

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Amikit user, tinkering with Icaros VM (AROS)
EFIKA owner
Amiga 1200