607 replies to this topic

[VicHockeyFan]

Black:  Here you go, our bid, sir!

Committee:  Do you have government support?

Black:  YES

Committee:  All the governments?

Black:  All the important ones

Committee:  How about the province?

Black:  Hey, what's that behind you!?!!?!! (Black breaks for the back stage and yanks the curtain down)

Edited by VicHockeyFan, 05 September 2017 - 04:28 PM.

[Nparker]

We know the Province has said no, any official word from the Feds?

[VicHockeyFan]

There’s no stopping David Black when it comes to seeing Greater Victoria take its best shot at hosting the 2022 Commonwealth Games.

Given a firm ‘not now’ in August by B.C. Finance Minister Carole James on the matter of the province agreeing to provide $400 million in funding for the Games, as well as a financial guarantee for any potential cost overruns, the Victoria bid committee chair immediately launched Plan B.

READ: UPDATE: Province will not fund Victoria’s Commonwealth Games bid

That entailed putting together a team of 10 local business leaders who have personally guaranteed any cost overrun. Besides himself, others in the group include retired car dealer Bob Saunders, McDonald’s restaurants owner Ken Taylor and former Westshore Rebels president Doug Kobayashi.

“Private individuals are stepping up to take on cost overrun guarantees, which is proof positive that there won’t be one,” Black said, adding that no successful business person would voluntarily take such a risk on if they felt there was a chance of it happening.

Black, who owns community news media company Black Press (publisher of this newspaper), has previously stated that the 1994 Commonwealth Games in Victoria made a profit of $20 million. He indicated that the 2022 Games could make a profit of as much as $75 million.

The financial contributions of the provincial and municipal governments have also been adjusted, based on an economic impact assessment by University of Victoria business professor Brock Smith. No line item is needed in the budget update being prepared by the NDP for presentation next week in the legislature, Black noted.

 

http://www.oakbaynew...id-in-victoria/

[Nparker]

...The financial contributions of the provincial and municipal governments have also been adjusted...

Up or down?

This is feeling more and more like a con job everyday.

Edited by Nparker, 05 September 2017 - 08:24 PM.

[Bingo]

Black:  Here you go, our bid, sir!

Committee:  Do you have government support?

Black:  YES

Committee:  All the governments?

Black:  All the important ones

Committee:  How about the province?

Black:  Hey, what's that behind you!?!!?!! (Black breaks for the back stage and yanks the curtain down)

 

Doesn't he have an oil refinery to build?

[VicHockeyFan]

From today's TC:

Premier John Horgan underscored James’s message on Tuesday, despite the private-sector offer to cover overruns. “In my discussions with the prime minister, the federal government is looking at 2030, which would be the 100th anniversary of the Commonwealth Games and an ideal opportunity for Canada to come together and support a bid,” he said.

“Now is not the time. I appreciate Mr. Black’s efforts, and if the private sector wants to step up and cover all the costs, that’s up to them.”

[VicHockeyFan]

That looks pretty dead to me. Gives Black more time to spend on his refinery. Looks like he has 10 investors lined up.

[VicHockeyFan]

With due respect to his business leaders, they do not have $500M between them to cover cost over-runs.

 

Bob Saunders, retired car dealer, Kobyashi, the owner of a sandwich bar, and Taylor, the owner of a few McDonalds.

Edited by VicHockeyFan, 06 September 2017 - 06:04 AM.

[Bingo]

With due respect to his business leaders, they do not have $500M between them to cover cost over-runs.

 

Bob Saunders, retired car dealer, Kobyashi, the owner of a sandwich bar, and Taylor, the owner of a few McDonalds.

 

Even the future of newspapers puts Black in that category, and they all might be working at McDonalds by 2022

[spanky123]

Even the future of newspapers puts Black in that category, and they all might be working at McDonalds by 2022

 

Even the present isn't looking so good. Black Press lost $10M last quarter and $12.5 year to date according to filings made by Torstar.

 

I would be surprised if the group had $10M of play money between them let alone $500M.

[tjv]

There are more urgent priorities here than a re-run games show.
Thank you, Carol James.

Yes, we need to build more free housing for the welfare of the province, jack up welfare rates, balloon the government, blah, blah, blah

 

And no I am not supporting a bid for the games

[tjv]

Even the present isn't looking so good. Black Press lost $10M last quarter and $12.5 year to date according to filings made by Torstar.

 

I would be surprised if the group had $10M of play money between them let alone $500M.

Not sure where you are getting your numbers, but I looked at the last 4 quarters of Torstar financials and prorating Torstars 19% equity stake, Black Press made $3.68 million.  Yes it had a bad last quarter, but the other 3 quarters were great

[Daveyboy]

I breathed a sigh of relief when the BC government stated they would not support the bid.  My thought was that finally a fiscally sound decision was made by one level of government.  This latest proposal seems ridiculous in light of bridge and sewage cost debacles etc.

[spanky123]

Not sure where you are getting your numbers, but I looked at the last 4 quarters of Torstar financials and prorating Torstars 19% equity stake, Black Press made $3.68 million.  Yes it had a bad last quarter, but the other 3 quarters were great

 

No they weren't. For the same period last year Black press posted a $12M comprehensive loss. Now that could be due to a number of factors unrelated to operations but it is still a loss. Torstar has written off its entire investment in Black Press.

Edited by spanky123, 06 September 2017 - 08:38 AM.

[tjv]

From Torstar annual and quarterly reports (quoted word for word)

 

2nd quarter 2017 "offset by a loss of $2.0 million from Black Press"

"the first quarter of 2017 included a loss of $0.5 million from Black Press"

"The 2016 fourth quarter included income of $2.2 million from Black Press"

3rd quarter 2016:  "the third quarter of 2016 included income of $1.0 million from Black Press"

 

TOTAL:  TORSTAR share of profit last 4 quarters of 0.7 million

 

They are quoting their 19% stake, so 0.7/0.19 = $3.78 million total Black Press profit

 

All of my stuff is quoted from here except the 4th quarter which is quoted in their annual reports:  http://www.torstar.c...ports/index.cfm

 

Please post this reference to a $12M loss and where Torstar has publicaly written off their entire investment

[Rob Randall]

 “Private individuals are stepping up to take on cost overrun guarantees, which is proof positive that there won’t be one,” Black said, adding that no successful business person would voluntarily take such a risk on if they felt there was a chance of it happening.

 

-David Black, 2017

 

"There's a fair amount of hyperbole in a bid of anything,"

 

-George Heller, President, Victoria Commonwealth Games Society, 1992

 

[Rob Randall]

 

 

no successful business person would voluntarily take such a risk on if they felt there was a chance of [a cost overrun] happening.

 

You might want to ask Mel Cooper if that's true.

[johnk]

Black & Co. say they will pick up the loss, er shortfall.
Time for an accounting joke:
Biz guy needs an accountant, places ad, gets 3 guys on the shortlist.
First candidate comes in, biz guy says he has a skill-testing question. "How much is 2+2?" "Its 4, of course!"
Biz guy thanks him for his time.
Second candidate, same question same answer. "Dont call us, we'll call you" says biz guy.
Third candidate, same question "What's 2+2?"
Candidate closes the door, pulls down the shades and answers,
"How much do you want it to be?"

[spanky123]

From Torstar annual and quarterly reports (quoted word for word)

 

2nd quarter 2017 "offset by a loss of $2.0 million from Black Press"

"the first quarter of 2017 included a loss of $0.5 million from Black Press"

"The 2016 fourth quarter included income of $2.2 million from Black Press"

3rd quarter 2016:  "the third quarter of 2016 included income of $1.0 million from Black Press"

 

TOTAL:  TORSTAR share of profit last 4 quarters of 0.7 million

 

They are quoting their 19% stake, so 0.7/0.19 = $3.78 million total Black Press profit

 

All of my stuff is quoted from here except the 4th quarter which is quoted in their annual reports:  http://www.torstar.c...ports/index.cfm

 

Please post this reference to a $12M loss and where Torstar has publicaly written off their entire investment

 

From the documents you referenced. You can't go by management discussion only as they tend to gloss over or not mention the bad news.

 

losses from associated businesses:
Net income (loss)
Three months ended  June 30
Six months ended  June 30 2017 2016 2017 2016 VerticalScope ($1,185) ($17,918) ($3,233) ($35,452) Black Press (2,045) 1,676 (2,512) 2,453 Blue Ant 1,868 281 2,188 472 Shop.ca (613) Nest Wealth 1,060 1,060 (53) Total ($302) ($15,961) ($2,497) ($33,193)
Other comprehensive income (loss)
Three months ended  June 30
Six months ended  June 30 2017 2016 2017 2016 VerticalScope ($2,848) $251 ($3,759) ($8,889) Black Press (400) (667) (55) (2,868) Blue Ant 13 35 40 96 Total ($3,235) ($381) ($3,774) ($11,661)

[tjv]

Yes, so they lost 2.045 million in the last 3 months and a total of 2.512 million loss in the last 6 months which is what I reported, but they made 3.2 million profit in the 2 quarters 6 to 12 months ago.  That its still a profit of 700k for the last 12 months total

 

Businesses take write downs all the time which is likely what that large last quarter loss was.  Sony look a $1 Billion write down earlier this year, does that mean they are on the verge of bankruptcy now?