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Posted At : May 13, 2009 04:46 PM | Posted By : D McKee
Related Categories:
Cosmopolitan,MGM Mirage,Economy,The Strip,Fontainebleau,Wall Street
Ownership at Fontainebleau is alleging heinous doings by Deutsche Bank to subvert F'bleau (which gives every indication of being destined to fail without external assistance). Supposedly, Deutsche Bank was confabulating with a consortium of 10 other banks to shove F'bleau under the bus, in order to improve the chances of The Cosmopolitan. Deutsche Bank is the default owner of the Cosmo, developer Ian Bruce Eichner having proven illiquid.
Now, I love a good conspiracy theory as much or more than the next man but, absent hard evidence, I'm finding F'bleau's allegations a tad lurid even for my taste. Besides, Deutsche Bank's share of the $770 million in funding that got yanked out from under F'bleau -- a deplorable move, but for other reasons, IMO -- is only $80 million. That's chump change compared to the $3.9 billion Cosmo albatross around the bank's neck.
In the immortal words of Dr. Daniel Jackson, "Anyway, I'm sorry, but that just happens to be how I feel about it. What do you think?"
Ya think? Here's one for the "No shit, Sherlock" file. Enjoy.
While I'm definitely with you in thinking the F'Bleau's claim is a bit bogus, I'll give their lawyers credit for creativity. Especially since a case like this isn't all about the merits of the case. What I mean by that is in the current economic climate, this is a pretty savvy chess move from the F'Bleau team in that I'm sure Deutsche Bank is not going to be happy with the publicity generated from it and may bow under that pressure. Interesting to say the least.
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