Bluntson trying to pay off bond lawyers
You won't believe this but remember Jackson's proposed $95 million interest rate swap for its 2002 and 2004 municipal bonds that died recently? Remember the $4 million in fees ($60,000 to Sarah O'Reilly-Evans, $60,000 to Anthony Simon, $120,000 to Baker Donelson, and $476,000 to Robert Smith Jr.'s firm, Sterne Agee) that were to be paid?
Apparently the City and the City Council are discussing whether the lawyers should still be paid even though the deal is dead. There is a resolution on the agenda for Thursday's meeting of the City Council:
"21. RESOLUTION authorizing and encouraging the payment of all legal fees related
to the SWAP for the Water and Sewer System Revenue Bonds, Series 2002 and
the Water and Sewer System Revenue and Revenue Refunding Bonds, Series
2004 (Bluntson, Stokes)" Agenda
Considering the deal was never actually DONE much less closed, they should not be paid anything.
9 comments:
I think the problem is they did all the work reviewing and working on the huge amount of paperwork, so of course they want to be paid. Thing is, if there wasn't a "pay only if closed" clause, they are entitled. Stupid.
There was no "pay only if closed" clause, but the language is ambiguous. It appears certain City Council members are pushing payment while the new administration is holding firm against payment. Issue is on Thurday's agenda. Let's see who really shows up and trys to collect.
Like Jackson has so much money we don't mind wasting some.
This is outrageous. Expose it to further levels, KF. Pop it into the Northside Sun. Try to get it into the Clarion Ledger.
Is Weil aware?
i was going to start a business using the stimulus funds... but i never did, so can i get still get them?
Seriously... how does one become a city attorney? I would love to become one!
Who are the attorneys at Baker Donelson?
Considering the lack of backbones Havey's already appointed or about to appoint on his staff they probably will fold like cheap suits to the city council many more times anyway.
What a cool concept. Last week my boss thought about me doing a project that I never did. I still get paid for it right? Makes perfect sense.
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