possible Doer-Thorsteinson $81.5M scandal

Here's someone theory on why MPI bought CityPlace from Arni Thorsteinson, who owned it for less than four years...

http://jimmycotton.blogspot.com/

To bad he needs to aprove what others have to say back to him .

His rant makes little sense. But peeps with an agenda will spin things to suit their view. You know, like Oswald and Postl do.

Most property values in Winnipeg have risen what 20-30-40% in the last 4 years? This property has risen what 16.5%. Big fricking Deal!

Then he goes on to dismiss the $2m MPI pays annually in rent by suggesting that makes the investments ROI term 40 years. That may be true if the building has zero value forty years down the road.

Not being an economist or a fortune teller I can't say how much MPI might have earned on their $81.5m were it invested the whole forty years. Likely more than the building would have appreciated. And never mind the other costs associated with running the building. Counter that with the revenues the retail tenants would generate. I can tell you that for the little postage stamp sized retail space The UPS Store occupied the rent was HUGE.

His point was well intentioned it just did not make any sense. That makes it of little value.

From that blog:

"OK, who really knows if that is true, but you heard it here first if it is."

End of story.

Then why reference it as a possible theory? It is a crap piece of writing that is intentioned to inflame.

There is no scandal here! This is as exciting as the storey about a Russian plane flying in Russian air space!

grumpy old man wrote:Then why reference it as a possible theory? It is a crap piece of writing that is intentioned to inflame.

Pretty much !!
I still don't think it was a good way to spend $81 Million , however.

That may be but this seems smart to me .

Wonder how o on secound thought I don;t want to be accused of baiting heheheh.

Tories are apparently pissed about this purchase..
http://www.winnipegfreepress.com/breakingnews/Tories-question-MPIs-purchase-of-cityplace-40435642.html

"“Are they going to use excess staff to flip burgers?”

Ummm yeah, about the same time that MB Hydro is going to have staff working in the bank at the bottom of thier tower. Sheesh really people, can none of you see the business sense in doing this?

Geez, no wonder Arni can afford his fancy penthouse at 1 Wellington Cres. Isn't this the same Arni Thorsteinson that was the fall guy behind the Filmon vote rigging scandal? Or am I thinking of someone else? Cause if it's the same guy, how did he become a NDP cronnie?

Isn't the $82 M about fair market value for the property? If so, what's the big deal anyway?

Either this is or isn't a good business deal. I believe, so far, that it is a good deal, at least on the face of it.

DeanK this is enough! A few things we expect on the weekend!
1) stop posting
2) thier is most annoying - do you not remember the rule i before e except after c?- Holy moly, you are right, no more their from me! Thanks!- spelling nazi!

Doer, CEO of the rights museum? Who wants to see that?

I just gagged on my chips .

So the only ones wiling to invest in downtown are public ventures (Hydro, MPI). Hope that isn't their idea of development. When does private money start coming in?

Freeman wrote:So the only ones wiling to invest in downtown are public ventures (Hydro, MPI). Hope that isn't their idea of development. When does private money start coming in?

When the NDP are gone, we will start seeing private money again downtown.

I can hardly wait for that day!!

Neither can downtown .

Why don't we start a bring back Eaton's group, and tie it into the bring back The Jets! Those 2 together back in the downtown area would be awesome!

Perhaps the NDP government can recreate Eatons as a crown corporation and then they can move in downtown. I understand that there is space in the Hudsons Bay store for them.

What would be better , Autopac pay millions more for the rent which we pay Freeman . You sound like this is wrong and is a bad deal . Yes the goverment has to change but there is plenty of chance for Private investment downtown too. Just no one willing to put there money where there mouth is .