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New Jersey Casino Files For Bankruptcy Ten Months After Opening; No Taxpayer Funds Will Be Lost This Time

Tyler Durden's picture




 

If it seems like it hasn't been even a year since the latest Atlantic City casino, this one with the surreal ads showcasing Revel Atlantic City, opened up, it is because that is exactly the case. Ten months to be precise. And just as quickly as it came, just as quickly did it file for bankruptcy. Moments ago, the company issued a press release that it would engage in a debt-for-equity prepack (with Moelis, K&E and A&M all advising) Chapter 11 which will be completed over the summer. The biggest losers here are not so much the original owners of Revel Entertainment Group, Morgan Stanley which three years ago decided to walk away from its entire $932 million sunk investment in the bankrupt hotel (instead of spending another billion to complete it), but the people of New Jersey, who just lost another investment opportunity as some $260 million in the tax incentives that were supposed to help the project along will never reach their intended target. From the WSJ:

[Revel] received a boost from the state of New Jersey, which over 20 years will send back $261 million in taxes from the project under an economic-redevelopment initiative. Most of that money will be used by Revel to spruce up the scruffy neighborhood and boardwalk around the casino. About $70 million will go into an account that can be used to pay initial interest on the mezzanine loan if the project doesn't meet projections.

 

The $70 million piece was a key late addition that helped secure the mezzanine funding, according to people involved in the financing process.

The other losers here are the unnamed debt holders who in February 2011 also injected $850 billion in first-lien and $305 million mezz loans which would eventually become 85% of the equity - the CEO of the firm refused to discuss whose these investors were, referring to them only as a “consortium of institutional investors.” JPMorgan acted as advisor for Revel in connection with the debt raise. Nearly a year later, JP Morgan advised lenders to sink another $150 million in good money after bad: "The casino resort said it amended its agreement with JP Morgan Chase Bank to provide for additional money to help pay down existing debt and to fund operations. Most of it consists of a new $125 million loan."

The continuation of the abandoned investment was the brainchild, and pride and glory of one Chris Christie who then said "the $2.4 billion Revel is one of the most spectacular resorts he's ever seen and expects it will motivate other Atlantic City casinos to revitalize their properties. "I think that one of the things that Revel will be is a catalyst for additional modernization and investment by the other casinos to say, listen, if we grow more people here coming to the region and we're offering something that looks nice further down the boardwalk, maybe people will want to look there as well." As it now stands, the Revel will only be a catalyst for further bankruptcies as industry after industry finds out what a tapped out consumer with no access to $1.8 trillion in excess reserves truly means.

The other losers are the usual suspects: unions.

While construction unions have been backers of the project, the hospitality-workers union and conservative groups have criticized the state help. Unite Here, which represents workers at Atlantic City's casinos, has complained that the project could force older casinos to close, which would mean more laid-off workers.

 

Mr. DeSanctis on Thursday said the project hoped to instead expand the market by appealing to business groups and leisure travelers who aren't visiting Atlantic City these days.

So much for that. As for the fresh start capital structure, the lenders will roll some $205 million in pre-petition debt into a DIP, and provide a fresh $45 million in new capital, as yet another batch of good money is thrown after bad money that once was good money also thrown after bad, and so on.

As part of the restructuring, certain of Revel`s lenders will provide approximately $250 million in debtor-in-possession financing (DIP), approximately $45 million of which constitutes new money commitments and approximately $205 million of which constitutes prepetition debt.

But the funniest part from the pre-packaged bankruptcy press release is the following line:

No tax payer funds will be used to finance the restructuring.

Ladies and gentlemen: we have just found the first insolvent Wall Street casino (literally) that did not get a taxpayer bailout.

And now: the surreal Revel ad as promised.

 

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Tue, 02/19/2013 - 21:59 | 3258107 CharliePrince
CharliePrince's picture

snake eyes

Tue, 02/19/2013 - 22:06 | 3258112 prains
prains's picture

I'm tellin ya just go with the "mega fat" barbie pitch it's a winner and will sell like hot cakes- patent pending

Tue, 02/19/2013 - 22:10 | 3258146 ACP
ACP's picture

The bankruptcy release is bullshit. Taxpayer funds will pay for it, eventually. Whether it's to bail out the seller or to fund the new buyer, taxpayer funds WILL be used.

Tue, 02/19/2013 - 22:15 | 3258160 Pure Evil
Pure Evil's picture

You can bet taxpayer funds are being used if any Wall Street bank is involved.

Tue, 02/19/2013 - 22:25 | 3258194 ss123
ss123's picture

Just joking!

This casino was for entertainment purposes only.

Tue, 02/19/2013 - 22:34 | 3258218 francis_sawyer
francis_sawyer's picture

We need more casinos & casino revenue...

~~~

Please ~ Do it for the KIDS

Tue, 02/19/2013 - 22:37 | 3258229 Yen Cross
Yen Cross's picture

 Do it for "Paul Krugman"...  He's long infrastructure< $6 trillion dollars ago.

Tue, 02/19/2013 - 22:43 | 3258246 Boris Alatovkrap
Boris Alatovkrap's picture

Paul Krugman = pure unadulterated idiocy ^ 2 (but is good for Russia competitive, no!?)

Wed, 02/20/2013 - 00:05 | 3258446 NoDebt
NoDebt's picture

When you run a state-assisted casino into the ground, you know the consumer is up a creek without a paddle.

Wed, 02/20/2013 - 02:00 | 3258607 Spigot
Spigot's picture

Opening a casino 6 months before a major storm destroys $120 billion in real estate in your immediate neighborhood probably was a factor. De-Wealthing Effect certainly at play.

Wed, 02/20/2013 - 05:45 | 3258739 CompassionateFascist
CompassionateFascist's picture

Kane+Gorshin. Sez all. Meanwhile, Christie's on his knees in front of Obama, begging for more debtbux. I am so going to enjoy the collapse Of ZOGamerica. 

Wed, 02/20/2013 - 08:51 | 3258882 quasimodo
quasimodo's picture

I was gonna say I am so going to enjoy the collapse of that fat azz Christie, but then realized the last thing joo nershey's  need is a tidal wave.

Wed, 02/20/2013 - 09:26 | 3258944 overmedicatedun...
overmedicatedundersexed's picture

like most states: gambling is the credit card they use to keep going, taking money outta the local economy, as long as christie gets his cut, and the local mob pols get theirs its all good. but then that's giving bookies a bad name. got lotto?

Tue, 02/19/2013 - 23:17 | 3258338 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

deflation in the hooker market detected

Wed, 02/20/2013 - 01:55 | 3258596 Spigot
Spigot's picture

Major Fail, please report to the Service Desk for an important message!

Tue, 02/19/2013 - 22:21 | 3258157 Pure Evil
Pure Evil's picture

No wonder the place imploded, the Revel ad totally sucked and the chicks couldn't dance even if dildo's fell out of their asses.

Those dancers reminded me of the Flaunt dancers on that total shit show on TruTV called Full Throttle Saloon.

Wed, 02/20/2013 - 08:07 | 3258807 PeeramidIdeologies
PeeramidIdeologies's picture

We suck at dancing to techno over here... It's all in the foot work, and you need some space. Then you got a party...

Tue, 02/19/2013 - 22:07 | 3258131 Son of Loki
Son of Loki's picture

Revel is not GM.

Tue, 02/19/2013 - 22:27 | 3258202 disabledvet
disabledvet's picture

they could be GM's bondholders actually...

Wed, 02/20/2013 - 11:08 | 3259265 TruthHunter
TruthHunter's picture

No Revenues lost?

New Jersey probably already spent the projected revenues...

Tue, 02/19/2013 - 22:01 | 3258111 Clever Name
Clever Name's picture

You know I'm born to lose, and gambling's for fools,
But that's the way I like it baby,
I don't wanna live for ever!

Tue, 02/19/2013 - 22:09 | 3258140 Midas
Midas's picture

You need to lower your microphone...

Tue, 02/19/2013 - 22:01 | 3258114 NoWayJose
NoWayJose's picture

Just waiting for the announcement that they will be given authorization to accept EBT cards - that will save the casino.

Tue, 02/19/2013 - 22:05 | 3258128 Bobbyrib
Bobbyrib's picture

Any loses from EBT card holders will be charged to the residents of the wonderful state of NJ.

Tue, 02/19/2013 - 23:31 | 3258376 wee-weed up
wee-weed up's picture

We don't need no steenkin' EBT card authorization!

Tue, 02/19/2013 - 23:41 | 3258397 Teamtc321
Teamtc321's picture

EBT, drinking fine wine and eatin' free cheese the OboMao way. 

http://www.youtube.com/embed/xEYFFiEnUjQ?feature=player_detailpage

Tue, 02/19/2013 - 22:03 | 3258117 Stuck on Zero
Stuck on Zero's picture

Taiwan and Korea have the foundries.  China has the manufacturing.  Brazil has the agriculture.  The USA has bankrupt casinos.  Cool.

 

Tue, 02/19/2013 - 22:06 | 3258130 cynicalskeptic
cynicalskeptic's picture

China (Macao) has the casinos that are making money - they're even keeping that money at home now (thoguh Edelson is taking a nice cut)

Tue, 02/19/2013 - 22:07 | 3258136 prains
prains's picture

The USA has bankrupt casinos.

 

don't forget; AND mega fat barbies too!!

Tue, 02/19/2013 - 22:03 | 3258118 BidnessMan
BidnessMan's picture

The Miss America pageant announced last week they were going back to Atlantic City from Las Vegas.  So Atlantic City casinos have that going for them....

Tue, 02/19/2013 - 22:10 | 3258142 AssFire
AssFire's picture

I trashed you for having that knowledge.

Tue, 02/19/2013 - 22:29 | 3258209 ss123
ss123's picture

LMAO! One of the funniest posts ever.

And I'm not demeaning the OP.

Tue, 02/19/2013 - 22:59 | 3258292 BidnessMan
BidnessMan's picture

Just your typical ZH renaissance man serving my community with fun facts

Wed, 02/20/2013 - 01:57 | 3258601 Spigot
Spigot's picture

Quite well served! Thank you!

Tue, 02/19/2013 - 22:04 | 3258120 realtick
realtick's picture

Tyler, why are you guys paying no attention to commodities? Beans don't agree with you?

 

Chartist Friend & Beans

 

Tue, 02/19/2013 - 22:04 | 3258121 spekulatn
spekulatn's picture

That's a shame.

Tue, 02/19/2013 - 22:04 | 3258123 booboo
booboo's picture

Once had a girl ask me to kiss her where it stinks, I drove her to New Jersey.

Tue, 02/19/2013 - 22:07 | 3258134 Bobbyrib
Bobbyrib's picture

If she wanted to go further east, you could have taken her to Staten Island too.

Tue, 02/19/2013 - 22:18 | 3258170 Pure Evil
Pure Evil's picture

Old New Jersey joke:

What's the difference between a Jersey girl and trash?

 

 

At least trash gets picked up.

Tue, 02/19/2013 - 22:19 | 3258178 Bobbyrib
Bobbyrib's picture

LOL.

Tue, 02/19/2013 - 22:24 | 3258190 AssFire
AssFire's picture

In Jersey when someone farts in the car- they roll the windows up.

Tue, 02/19/2013 - 22:39 | 3258231 Stuffs And Stuff
Stuffs And Stuff's picture

Why wasn't baby Jesus born in New Jersey?

 

 

Because they couldn't find 3 wise men, or a virgin.

Tue, 02/19/2013 - 23:00 | 3258294 toys for tits
toys for tits's picture

Why does California have all the attorneys and New Jersey has all the pollution?

 

New Jersey got first pick.

Tue, 02/19/2013 - 22:08 | 3258124 Yen Cross
Yen Cross's picture

 Intrade was recently cut off from U.S. clients... Good thing I shop offshore!  I state facts and get junked!

 Happy fuckface http://www.cnbc.com/id/49976076/All_Bets_Are_Off_Intrade_Cuts_Off_US_Cus...

Tue, 02/19/2013 - 22:04 | 3258125 Bobbyrib
Bobbyrib's picture

LOL. I don't believe that the state of NJ will not find a way to fuck us (the residents of the state) over somehow. I mean, they have to find a way. We rival Chicago in terms of corruption.

I hope AC sinks into the ocean. No one harmed of course. The city is a total craphole and a disgrace to even NJ. You can't walk two blocks from the boardwalk without feeling as if you are going to be robbed. The rooms available in the old outdated casinos are "only" about $300 a night on the weekends. The debt bubble for the common man popped back in 2007/2008. Earth to dipshits who run the casinos time to downsize.

Tue, 02/19/2013 - 22:22 | 3258185 otto skorzeny
otto skorzeny's picture

who cares if anyone is harmed-whenever I have encountered anyone from the upper eastern seaboard they are the most obnoxious, unattractive group of people I have had the displeasure to meet.

Tue, 02/19/2013 - 22:32 | 3258217 Bobbyrib
Bobbyrib's picture

While I do hate most residents of this state, I don't wish any harm on them. People from different parts of the country irk each other.

For some reason, we are raised to dislike chit chat. It's not that we can't make small talk, it's that we would rather go about loathing our lives. I don't like loud mouths either. I tend to keep my judgmental opinions to myself in person.

Tue, 02/19/2013 - 22:45 | 3258253 Papasmurf
Papasmurf's picture

You've met snookie and jwow?

 

Tue, 02/19/2013 - 22:35 | 3258223 disabledvet
disabledvet's picture

You do have a Senator who claims to have 200,000 in assets. I'm actually not sure what to say to that. I know the many times i've been there i never felt like i needed to don my "friar tuck" get up. http://www.youtube.com/watch?v=3caoy4cIXac

Tue, 02/19/2013 - 22:43 | 3258245 Bobbyrib
Bobbyrib's picture

For some reason, the people of this state elect the biggest, most corrupt assholes we can find. From time to time I think of actually buying property in this state, then I remember how corrupt it is and as many of you point out how wealth will be confiscated through property taxes. It's not like we have the highest in the nation...oh wait.

Tue, 02/19/2013 - 22:06 | 3258126 AssFire
AssFire's picture

Why don't they just double down on red until they win with large bets at other casinos...

Oh, it's rigged- like the market, and central banks??

Tue, 02/19/2013 - 22:09 | 3258127 cynicalskeptic
cynicalskeptic's picture

The whole government fixation with gambling is a sure sign of how screwed up this country is.  When I read that part of the old US Steel complex in Bethlehem PA was being used for a casino I knew we were doomed.   The US has gone from creating tangible usable 'things' to sucking loose change from its populace.  The Yonkers Raceway Casino outside NYC is known as the 'recycling center' - sucking back Social Security payments from the old ladies at the slots.  Not an atypical business model.

Even if you thought gambling was a viable endeavor (discounting the moral and ethical aspects of gambling as a whole and the fact that where illegal games have better payouts), it is NOT viable when you've got Casinos all over the place.  Between Nevada's gambling empire, racetrack bailout casinos in NY, Atlantic City's attempt at a 'revival' the riverboat casinos along the Mississippi and Gulf Coast, and 'native American' casinos all over the place - from Foxwoods in CT to every damn truckstop in the West - WHERE IS THE 'DISPOSABLE INCOME' for people to blow in these places?  You sure don't have Chinese whales betting millions in Iowa or Boondocks Nevada.  You DO have old Chinese who worked their tails off from Queens taking busses up to Foxwoods or AC for the free roll of quarters and cheap lunch.

Vegas is a doomed business model - requiring massive amounts of energy to simply exist in the desert - requiring people to drive or fly ther to spend moeny they no longer have to gamble.  Seems like the rest depend on local old peopel blowing their retirement income.

Tue, 02/19/2013 - 22:34 | 3258219 Yes_Questions
Yes_Questions's picture

 

 

Ah but Vegas does still have the allure of sin.

One need not bring money to gamble with, but spend on the other fun, much of which still ends up in the coffers of the businesses there.

But, I could not disagree: the model must include lots and lots of dough handed over by those who like to place bets with their money.

Watch as Vegas Casinos get behind legalization of other vice options and you'll know you were right.  Anything to keep the lights and and dollars flowing.

Tue, 02/19/2013 - 23:45 | 3258406 CH1
CH1's picture

Ah but Vegas does still have the allure of sin.

True, but that could be duplicated (and surpassed) almost anywhere. The politicians just figure they have more to gain by looking righteous.

Wed, 02/20/2013 - 01:04 | 3258528 ersatzteil
ersatzteil's picture

"The allure of sin", minus legalized possession in small amounts, legalized prostitution and absolute VIP for any American with cash to burn.

"Hello, Tijuana? It's Vegas, you win."

Tue, 02/19/2013 - 23:15 | 3258332 Peter Pan
Peter Pan's picture

Dear Cynicalskpetic,

Agree with you 100%. The problem is that everything has turned into a gamble in America. Real Estate, shares, property etc. Even the endless string of wars has been a gamble in terms of a payout because the primary goal was just to feed the corporations that survive off conflict. Nothing it seems is an investment because the whole socio/political/economic environment has disengaged itself from the free market and  a basic modicum of virtue.

The double or nothing attitude of the USA is sadly veering towards nothing and there is NOTHING that can be done about it. Just put on a seat belt made of gold and brace yourself.

Wed, 02/20/2013 - 08:29 | 3258838 jerry_theking_lawler
jerry_theking_lawler's picture

PP,

Obviously you have not seen the same economy as I have. In this economy, those items are considered ATMs due to BB policies of free money...

Wed, 02/20/2013 - 00:32 | 3258485 Alpha Monkey
Alpha Monkey's picture

I'm holding out hope that in the wake of the failed casino model, drugs will be legalized (and naturally taxed for schools and healthcare...).

Tue, 02/19/2013 - 22:10 | 3258143 PUD
PUD's picture

All the casinos with "all you can eat' buffets patronized by that ignorant fat fuck will chapter 11 shortly too. Casinos are insane. Another tax on the stupid robbing them of their coin that they could have spent on diet pepsi and twinkies at Walmart

Tue, 02/19/2013 - 22:13 | 3258154 dick cheneys ghost
dick cheneys ghost's picture

Or Carnival Cruises

Wed, 02/20/2013 - 00:29 | 3258482 Alpha Monkey
Alpha Monkey's picture

Which are just floating casinos with all you can eat buffets.

Tue, 02/19/2013 - 22:10 | 3258144 max2205
max2205's picture

Cue accounting trick with Sandy funds

Tue, 02/19/2013 - 22:12 | 3258151 Bobbyrib
Bobbyrib's picture

That has to be part of it! I think you are on the right track. Afterall, they have to rebuild the Jersey Shore. Why? I have no fucking clue.

Tue, 02/19/2013 - 22:10 | 3258145 Cursive
Cursive's picture

Bankruptcy is the new symbol of Success.

Tue, 02/19/2013 - 22:35 | 3258222 Bobbyrib
Bobbyrib's picture

A lot of states and counties are going to be very successful if bankruptcy is the new symbol of success.

Tue, 02/19/2013 - 22:15 | 3258158 buzzsaw99
buzzsaw99's picture

None of that money will go toward  fixing up the "scruffy" neighborhoods and neither will any of the Sandy billions.

Tue, 02/19/2013 - 22:16 | 3258163 Seasmoke
Seasmoke's picture

Revel, Xanadu , Sandy ....... Christie is a fucking fraud

Tue, 02/19/2013 - 22:19 | 3258166 Yen Cross
Tue, 02/19/2013 - 22:21 | 3258182 Bobbyrib
Bobbyrib's picture

Maybe AC becomes the low income housing paradise NJ residents are bound to pay for within the next decade.

Tue, 02/19/2013 - 22:30 | 3258211 otto skorzeny
otto skorzeny's picture

insure it for $50 mil and "greek remodel" that bitch

Tue, 02/19/2013 - 22:39 | 3258233 Yen Cross
Yen Cross's picture

Good comment Otto. +1

Tue, 02/19/2013 - 22:47 | 3258255 Pseudo Anonym
Pseudo Anonym's picture

not that the toupee'd tv circus monkey donald trump hasnt done that yet

insure it for $50 mil and "greek remodel" that bitch

 

Tue, 02/19/2013 - 22:17 | 3258167 Smuckers
Smuckers's picture

Looks like they put everything on "Meteor will hit".
Might as well go to the track, and pick win, place or show up in my burger.

 

Wed, 02/20/2013 - 04:14 | 3258694 StychoKiller
StychoKiller's picture

Wheels within wheels! :>D

Tue, 02/19/2013 - 22:25 | 3258175 otto skorzeny
otto skorzeny's picture

that's a couple of sleazy looking jews running that place. I think I got crabs just from watching those scabby bitches dance in the ads. didn't go-go girls disappear in the 60s? or is it just so a bunch of asshole NY investment bankers drop a few more bucks at the tables thinking they will get laid w/o having to pay for pussy(which they will anyway)?

Wed, 02/20/2013 - 02:07 | 3258616 Spigot
Spigot's picture

Doesn't even get close to the full flower of genuine moral depravity seen in Weimar Germany in the 20's.

Wed, 02/20/2013 - 08:39 | 3258858 Bicycle Repairman
Bicycle Repairman's picture

Be patient.  Wait for the hyperinflation.  Given modern techology and our "diversity" "we" will pass Weimar Germany and Nazi Germany at the same time.

Tue, 02/19/2013 - 22:20 | 3258181 TraderTimm
TraderTimm's picture

Bitcoin casinos and poker sites have been enjoying global revenue potential, since there aren't any regulations against it.

Tue, 02/19/2013 - 22:21 | 3258184 Colonel
Colonel's picture

"Revel" Lol. Revel in idiocy.

Tue, 02/19/2013 - 22:24 | 3258188 Redhotfill
Redhotfill's picture

What a crappy ad, I know when I think about going to a casino the thing I'm thinking about eating is a HAMBURGER?!.  WTF, yeah lets all go to Atlantic CIty to a casino to have an Effing burger....  because I wouldntwant lobster, a steak or shrimp,  no I want the burger.....  Lame.

Tue, 02/19/2013 - 22:27 | 3258201 otto skorzeny
otto skorzeny's picture

Moochelle O saw that ad with all of that shrimp and lobster and had AF1 fly her fat ass up there for some.

Tue, 02/19/2013 - 22:38 | 3258225 adr
adr's picture

I picture the early Simpsons episode where Homer ate the entire all you can eat fish restaurant and sued them for lying about "All you can eat".

"Your Honor, I'd like to show you just how much shrimp this man ate."

Men bring in bags of shrimp like the letters from Miracle on 34th Street.

"Mrs. Simpson. What did you and your husband do after you left the restaurant that night?"

"We drove around all night looking for another all you can eat fish restaurant."

"Your honor, does that sound like a man who had ALL YOU CAN EAT?"

Tue, 02/19/2013 - 22:47 | 3258265 Bobbyrib
Bobbyrib's picture

The ad agency who wrote that ad then produced it probably cashed the check immediately after receiving it. That ad was terrible.

Tue, 02/19/2013 - 22:25 | 3258193 q99x2
q99x2's picture

Turn that shack into a free range chicken farm and be done with it.

Tue, 02/19/2013 - 22:46 | 3258256 Bobbyrib
Bobbyrib's picture

Who would eat the chickens? AC is a filthy crap hole.

Tue, 02/19/2013 - 22:27 | 3258199 jumbo maverick
jumbo maverick's picture

Was watching one of the business shows the other day. This casino big wig was on touting how they were smarties because they are implementing gambling from your casino room.

That's right you don't even have to go to the casino anymore you just gamble from your hotel room probably over the tv.

I bet they won't bring you free drinks to your room. Suckers.

Tue, 02/19/2013 - 22:30 | 3258212 adr
adr's picture

They should have licensed the name of a Wall Street bank, Like The Goldman Casino or Morgan Casino. Then instead of numbers on the roulette wheel you put stock tickers. If you win the bet you get a share, if you lose the bet the casino gets the money to invest in AAPL, AMZN, LULU, etc.

Then the market becomes a true casino. The Revel could have been saved.

Tue, 02/19/2013 - 22:39 | 3258234 ekm
ekm's picture

Structurally there's no difference.

You go to a casino, you have to buy chips. If chips are $10/piece, you buy 5 chips and you entertain yourself for 1 hr.

If chips were $15k/piece, only few customers can afford to play, no suckers.

 

Same with the stock market. If chips were at S&P 400/piece, everybody would buy chips. But the chips right now at S&P 1500/piece. Only few customers can afford to play, no suckers.

Tue, 02/19/2013 - 22:49 | 3258270 Bobbyrib
Bobbyrib's picture

It sounds like either way the casino would win.

Tue, 02/19/2013 - 23:08 | 3258317 adr
adr's picture

Ahh, but just like Wall Street the player thinks he IS winning.

Wed, 02/20/2013 - 00:17 | 3258462 ekm
ekm's picture

Incorrect.
The casino wins only when there are customers.

JPM and GS with all other primary dealers have run out of customers.

Tue, 02/19/2013 - 22:37 | 3258227 Icantstopthinki...
IcantstopthinkingaboutNINJAs's picture

Interesting Yahoo Finance article considering their audience:

http://tinyurl.com/bhk8rmz

 

 

"Should You Renounce Your Citizenship?

18,500 comments in 6 days.  Here is one of them: "At some point a reasonable human being has to reflect on the society that has developed around him and wonder:
Do I have anything in common with these people anymore….?
Do we share any core values?
Or do we simply share the same passport cover?"" When my wife's assistant hairdresser talks about Sandy Hook as a hoax..... This feels eerily like when 3x inverse ETFs were a sure money maker, even my barber knew it was a sure thing.... shortly before these types of investments began to split... and split... and split... and split some more.


 

Tue, 02/19/2013 - 22:44 | 3258251 adr
adr's picture

Even my mother thinks thereis something fishy about Sandy Hook. When she saw the video footage she asked me where all the ambulances were. She called the non emergency fire department number one time because an outlet was sparking. Ten minutes later two ambulances, a ladder truck, and two cops showed up at the house.

30 kids get shot and there is one ambulance outside the school. Then when she saw Dormer was killed an hour before the State of the Union I think a light bulb went on. She cried the next time I saw her and said, "I think the government is killing people."

I said, "Mom, they've been doing it for a very long time. Trust me it's much better not knowing."

Tue, 02/19/2013 - 22:51 | 3258276 Icantstopthinki...
IcantstopthinkingaboutNINJAs's picture

The skeptic in me wonders...

What is the goal?

 

To make people skeptical... all the time? If so then people's "filtering" will become overloaded and instead of filtering out crap information, it will be filtering out all information since nothing can be trusted.

Is that a goal, an unintended consenquence?

Tue, 02/19/2013 - 23:04 | 3258308 adr
adr's picture

If you can't trust anything, then you won't trust anything. In effect you take yourself out of the game and out of the equation.

I went to one of the top universites in the world and studied a hell of a lot of stuff. What I learned is that once you know, there is nothing you can do unless you are willing to destroy yourself. Also that if you aren't part of the select few, you aren't going to get in.

Even if you do choose to try and make a difference by destroying yourself like Dormer, you will be labeled as a crazy madman and written off.

Tue, 02/19/2013 - 23:40 | 3258395 Uber Vandal
Uber Vandal's picture

For your consideration:

http://www.ritholtz.com/blog/wp-content/uploads/2011/11/rrxW1.png

(Hint, it's a goal)

Wed, 02/20/2013 - 04:58 | 3258719 bunnyswanson
bunnyswanson's picture

The goal? Gun control (confiscation).  9-11:  Patriot Act.  This is war done in a manner that would have been devised by only the most sinister minds.

Wed, 02/20/2013 - 08:44 | 3258871 Bicycle Repairman
Bicycle Repairman's picture

The internet allows plebs access to more information, so the old strategy of hiding information no longer works.  The new strategy is an overload of information.  Especially bogus information.  Good luck sorting it out.

Wed, 02/20/2013 - 04:48 | 3258714 bunnyswanson
bunnyswanson's picture

http://www.youtube.com/watch?v=-mlszDIRZb0

Sandy Hook was a hoax. 

The end justifies the means. 

Bon Voyage Mutherfukker!

 

p.s.  If America falls, we all fall down. 

Tue, 02/19/2013 - 22:39 | 3258236 TNTARG
TNTARG's picture
Between 13.4 and 16.5 million

Determining the exact number of children living in poverty can depend on what Census calculation you go by. More than 16 million children, or roughly one in five, were living in poverty in 2011, according to the U.S. Census Bureau’s official poverty measure (pdf). That is higher than any other age group.

It's too sad.

http://www.pbs.org/wgbh/pages/frontline/social-issues/poor-kids/by-the-n...

Tue, 02/19/2013 - 22:52 | 3258264 Yen Cross
Yen Cross's picture

   I'm working your links! I'll get junked for it.  It is an absolute travesty, the way financial burdens are being put on our young ones! My junkster hates children? Monedas you need too try harder!

 

Tue, 02/19/2013 - 22:59 | 3258289 IridiumRebel
IridiumRebel's picture

I agree Yen. These fuckers are heartless. It will come back on them. I got my daughters back and I am teaching my wife about the pitfalls of modern finance as I am 10 years older than her. Don't fuck with kids. I'll destroy a motherfucker if they try it.

Tue, 02/19/2013 - 23:06 | 3258313 Yen Cross
Yen Cross's picture

 I'm gen-x Iridium. I am not a self serving boomer!  Thanks for the kind comment.

Wed, 02/20/2013 - 01:38 | 3258575 IridiumRebel
IridiumRebel's picture

I'm gen x too.

Wed, 02/20/2013 - 01:39 | 3258576 IridiumRebel
IridiumRebel's picture

I'm gen x too.

Tue, 02/19/2013 - 22:55 | 3258280 adr
adr's picture

Ha ha ha sad. Yeah right. BULLSHIT.

The kids of parents pulling in $50k a year combined are living in poverty. The kids of the welfare class have Christmas and birthdays that rival those in the Hamptons.

Ever seen the shopping cart of a middle class 34 year old with two kids? Generic peanut butter and whatever else is on sale. If she's lucky the bottom of the cart may be covered.

Then you look over at the 300lb fat fuck welfare queen with six kids running around. Shaniqua just knocked over the soup display, CLEANUP ON AISLE FOUR. Jerome just stole the broom from the corner and is playing hockey with the cans. You can barely see Chaquese on the mobile cart filled to the brim while dragging another full cart behind her.

A cursory glance shows you some filet, barbeque ribs, a mess of bacon, maybe some crab legs. Each kid gets three boxes of Oreos.

Poverty ain't having six overweight kids, a 50" TV with two Xbox 360s, and a three year old Chevy Equinox that gets to park in a handicap spot.

Wed, 02/20/2013 - 04:34 | 3258705 bunnyswanson
bunnyswanson's picture

What you fail to acknowledge is the fact that the government has created this low class, by restricting ability to introduce enough material fast enough to stop the chain of events that always ! always~ occurs when children are born into a broken home.  The rent itself ensures they grow up amongst the worst of humanity.  The neighborschools are a war zone.  The misery is untolerable and their medication is an arm's length away - mind-altering substances, which are readily available thanks to the illegal drug trafficing which is so prosperous, the money untaxed, the drug lords live in palaces and the bribes are too good to refuse.

Drugged, broken people don't vote mutherfucker and that is the goal.

Tue, 02/19/2013 - 22:44 | 3258250 401-Kulak
401-Kulak's picture

They should have opened a bank instead - much better odds for the house.

Tue, 02/19/2013 - 22:48 | 3258266 wcvarones
wcvarones's picture

Who owned the bonds?

Was it those shitheads at CalPERS again?

Tue, 02/19/2013 - 22:49 | 3258269 Venerability
Venerability's picture

Flipping channels, I believe I heard Larry "Emperor Dollah" Kudlow say:

1. China is no longer buying ANY Treasuries, and

2. Fed stimulus is likely for at least another coupla years.

Yes, that was THE Larry Kudlow!

Meanwhile, elsewhere in Fantasyland - excuse me, CNBC - we were treated to one of the Tiny Terror's periodic "I have never recommended a Gold stock and never will" speeches.

Pretty much every single time he makes one of these speeches - usually three times a year, sometimes only twice - we get a surprise rally in the PM stocks within days, sometimes hours, sometimes minutes.

In fact, some of us who are veterans of the sector first entered it on Tiny Terror's FIRST "Gold stocks are all worthless and should be converted into Starbucks or Chipotle outlets" speeches way back whenever it was.

Some seem to be saying "this time is different," but generally, that's not true.

Even last year, which was horrendous because of the Indian Jewelers' Strike, lasting an entire quarter, we managed to put in our first sector bottom right around here, i.e. February 20? very close, anyhow. (The second one usually occurs like clockwork around July 10th.)

So let's see if Tiny performed his usual contrarian magic tonight.  

We still really need an HGNSI installment, though. Is Mr. Hulbert ill?

Tue, 02/19/2013 - 22:49 | 3258271 Michelle
Michelle's picture

Just another failed casino story, that's all the U.S has become, one big casino. Wall Street got their money grab too.

 

Wed, 02/20/2013 - 10:05 | 3259041 SamuelMaverick
SamuelMaverick's picture

Funny how a corporate run casino with state subsidies goes bankrupt twice, but all the Indian casinos in Connecticut and Upstate NY are printing money.  

Tue, 02/19/2013 - 22:50 | 3258274 W74
W74's picture

Oh and fuck the 51.9% of you (based on 18.74% total voter turnout) who voted for a half dozen more Casinos in the tiny state of Maryland.  I can't wait for the boxy monstrosities to crash and burn after the novelty burns off. 

The first one that went up (in bumfuck Cecil county bordering both Delaware and Pennsylvania but which I would have to pay a $5 toll to even get to and another $5 to get back or otherwise take an additional 2 hours) has already lost more than 60% of it's attendence since the opening months.  I hope policy decisions weren't made using projections based on those numbers.

Tue, 02/19/2013 - 23:25 | 3258358 MedicalQuack
MedicalQuack's picture

Congress Needs a Bigger Brain–Restore the Office of Technology Assessment And Truly Assess What is Useful And Remove The Algo Duping Permeating In Government–Fantasy Perceptions That Are Not Real Can Be A Dangerous Thing, this is from the Sunlgiht Fouddation and this is one thing they really are missing and need help in DC.I like the little old lady giving the talk too, she gets it.

http://ducknetweb.blogspot.com/2013/02/congress-needs-bigger-brainrestor...

We have had all this talk and transaction algos still moving money to the 1%.  I keep telling all nothing happens until you change the parameters of the execution of the code, so talk all they want.  Create laws with legal mumbo jumbo, and corporate USA creates an algorithm that finds a loophole and works within it. 

My campaign here to license and quarter excise tax all data sellers and require a federal site to have all disclosed what kind of data they sell and to who.  Pay attention to this as your article states above about no access to $1.8 trillion.  Walgreens made short of $800 million in 2010 selling data only!  Is this a wake call to allow you to picture the billions being made?  It just goes into the $1.8 trillion cash file. 

There has to be a starting point to start moving some money back and this will do it and shoot the pot of gold might even be bigger than we all think.  Companies don't expand and build factories and create jobs when they can let some data mining algos do the work with no risk.  The problem is now we have truckloads of flawed data as with this money making selling rage they query and put all kinds of crap together.  Data that doesn't even relate and spin the marketing and sold! 

When the data is sold they don't care who buys it and then we have the next step with what data are they going to query and relate it to and what kind of analytics will they sell...like a snowball it just rolls and flawed data increases and hurts us.

Seriously this is like a smaller version of the mortgate scam business but affects a lot of other businesses out side the banks and of course the banks are in there making their billions selling data too, so everyone who sells data, should need a license and pay a quarterly excise tax and disclosed.  Make that license healthy too as if we don't we will still be unbalanced too with tangibles and intangibles.  Tangibles create jobs.

http://ducknetweb.blogspot.com/2013/02/time-has-come-to-license-and-tax-...

Tue, 02/19/2013 - 23:26 | 3258365 whoknoz
whoknoz's picture

As part of the restructuring, certain of Revel`s lenders will provide approximately $250 million in debtor-in-possession financing (DIP), approximately $45 million of which constitutes new money commitments and approximately $205 million of which constitutes prepetition debt

rather...$250 million financed by dipshit debters-in-possession of anything but their sanity...

Tue, 02/19/2013 - 23:32 | 3258379 Mister Minsk
Mister Minsk's picture

Where's Sausage Fingers?

Wed, 02/20/2013 - 00:37 | 3258491 Schmuck Raker
Schmuck Raker's picture

"Our version of Burlesque"...

TINY TITTIES!?!

A better deal for the taxpayers - than Solyndra.                yay.

Wed, 02/20/2013 - 04:18 | 3258697 sodbuster
sodbuster's picture

The other losers here are the unnamed debt holders who in February 2011 also injected $850 billion in first-lien and $305 million mezz loans<

Really? A nearly trillion $ casino? That's gotta be $850 million.

 

Wed, 02/20/2013 - 06:53 | 3258766 TNTARG
TNTARG's picture

It seems it's a trend...

http://www.bbc.co.uk/news/uk-21515907

UK: "Campaign reveals one in five children living in poverty"

Aren't those banksters lovely?

 

Wed, 02/20/2013 - 07:53 | 3258803 Downtoolong
Downtoolong's picture

JPMorgan acted as advisor for Revel

What kind of advice could they possibly be giving (other than you're out of your mind) after Morgan Stanley already walked away?

F^&cking whores.

I can't believe Trump isn't behind this thing either. This is soooo his kind of deal.

 

Wed, 02/20/2013 - 08:20 | 3258819 Tom.the.Bomb
Tom.the.Bomb's picture

 

Construction of the resort cost $2.4 billion.[16] Global Financial company Morgan Stanley, the owner of 90% of Revel Entertainment Group,

Wed, 02/20/2013 - 08:18 | 3258817 Tom.the.Bomb
Tom.the.Bomb's picture

 

Maybe not “taxpayer” owned… but most assuredly 401k suckers owned.  Morgan Stanley owns 90% of Revel Entertainment.  Vanguard, Fidelity ect owns Morgan Stanley via 401k suckers.  As is every new strip mall type stores opening around here (next to the vacant space next door).  Someday things will go “Pop”.  Will probably be (fake news) blamed on a War or something.  I know better, thanks ZH contributors !!!

Wed, 02/20/2013 - 08:36 | 3258855 Colonel Walter ...
Colonel Walter E Kurtz's picture

I think we are going to see more of this with every State government trying to cash in on the casino gravy train. The law of supply and demand also applies to casinos and I think we are reaching the saturation point.

Here in Ohio, surprise...surprise, our 4 casinos are going to be 900 million short of the projected tax revenues they projected/promised over a two year time frame. But it does not matter to the casinos here, they still enjoy their monopoly status.   

Wed, 02/20/2013 - 10:19 | 3259071 Downtoolong
Downtoolong's picture

I love that guy in the video who’s title is “President, Vibrant Development”. How do I get that job?

Unfortunately, the only way this casino will ever survive is just like all the rest in Atlantic City. Forget the fancy restaurants, swimming pools, spas, and entertainment. They’ve got to bus in enough middle aged women with big bouffant hair and big asses to sit and pull the $5 slots until their Social Security check is gone.  Then the state can afford to spend another $10 million a year as a public service producing ads advising where they can seek counseling for a gambling addiction.  

Wed, 02/20/2013 - 10:21 | 3259074 Fix It Again Timmy
Fix It Again Timmy's picture

Instead of building those monstrosities....Yo, Chris dude, make pot legal - money will flow in without so much as laying a brick..

Wed, 02/20/2013 - 10:22 | 3259079 Freewheelin Franklin
Freewheelin Franklin's picture

After they finished the exterior, and ran out of money and began looking for financing to complete the interior, I said they should just turn it into public housing.

 

Looks like I may have been right.

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