For those who missed mack on a payphone:
skip to 45:30
if you are thirsty for rumors, go check out the Tigerdroppings flightaware thread starting here.
basically, they start to piece together the facts underlying the shuttlesworth theory.
- saban in bad CRE deal with bama boosters.
- deal goes south. everyone else declares BK. saban can't declare bk because he's nick saban.
- texas boosters offer to make saban's financial problems go away if he signs with texas.
There's an apartment complex in Houston (Watermarke Apartments) that's under water. Your pal Nick Saban is 49.5% owner of AND he is PERSONAL guarantor on the note. He currently pays interest only so the note won't default. If the note defaults that's a $25MM judgement against him.
A Texas Based bankruptcy firm (Weston Legal) had a very in-depth article up about it until 3 days ago and - BOOM - it's magically disappeared (although a Google Cached version is here: LINK to the cached article.).
Anyway, if he gets out from under that loan that's an additional seven figures a year that goes back in his pocket from not having to pay the interest AND he gets out from under the impending crush of a $25MM debt.
This is all public record, courtesy of the Texas Secretary of State (search for Beltway 8 Associates LP) and the Harris County (TX) clerk of court and its one of the most poorly kept secrets in the Baton Rouge Real Estate business community.
Now the apartment debt is bad enough, but because of Perkins Rowe, Tommy Spinosa had to file Chapter 11 to protect his creditors from seizing his assets, which leaves Nick Squarely in the crosshairs of that $25MM.
Again, this is all a matter of public record (Bankruptcy filings and mortgages always are public records) should you choose to look it up yourself.if it's all true, it makes sense why JS, mcphaul and the ppl they are talking to are so sure about texas' offer. and it esplains why Saban is listening.Thank You, this is it, The loan was owned by Compass Bank and the story in the legal community was whether Compass was going to go after Saban for the 25 million. This was during 2011 near the game of the decade. They obviously sold the loan off to avoid doing that.
Is that that Bank that Joe Jamal has some ownership in btw?
Saban is basically insolvent unless this is cleared up. If Texans have the loans, they have their man I would think. Game set and match.
entertainment purposes only. though i can vouch that the weston legal article disappeared mysteriously a few days ago. i read it myself, sent it to a friend, and it was gone by the time he got it.
$#@! Saban.... We need to get our $#@! together and ink Lou Holtz to a five year deal
Ok, you guys aren't gonna believe this $#@!e. The Company that bought the debt for the Houston Apt complex from Compass bank, FST-WATERMARKE just disolved a month ago. I assume they got their money.
It was owned by John and Micheal Tonti of Dallas. They are both apparently SMU alumni. They own Tonti properties looks like a real estate group specializing in apartment complexes.
i'm no expert in these transactions, but it looks like FST watermarke was the secured creditor in the watermarke deal.
so when the deal went south, nick saban was caught with his pants down owing this watermarke fst llc a cool $25M.
watermarke FST LLC dissolved 1 month ago.
Presumably, you don't dissolve the LLC that holds a $25M note when the guy paying the note is nick saban.
unless someone took the note off your hands. someone like:
*cue suspenseful music*
a set of texas boosters that want to moneywhip nick saban into coaching for texas.
if that $#@! is true, it is the type of brazen plan that only billionaire businessmen hatch.
If what you're saying is true I wouldn't say it's the way I would prefer we had (possibly) secured Saban, but I'll take it. It certainly wouldn't surprise me, and falls in line with the rumors.
for all i know bank of america bought the debt from fst watermarke llc and nick is still paying on it.
and he's listening to texas because austin is such a wonderful city and he wants to rebuild another college football program for the challenge of it.
but this story makes more sense to me. and it's more entertaining. (it also explains why our insiders are so confident).
if it's true, it's a pretty sweet move by the texas boosters.
Last edited by alphahydro; 12-12-2013 at 01:48 AM.
While I hate how our program cares more about money than football, it feels good to be loaded.
Austin is much better than anything in Bama when you think that Austin is the 11th biggest city in the US and is within driving distance of #4, #7, #9, #16 and #50 while Tuscaloosa is not even top 250 and the best that that state has to offer is #100, which is behind 13 cities in Texas.
I wonder if they offered bama another $25m to take Stoops
I'd prefer Saban goes to UT because the boosters are just as evil as him. It makes for a better story.
i know guys/gals whose last names are on buildings at Yale, Stanford, UCLA, and BYU. Not one of them gives a $#@! about football. A lot of the rich alums at Texas care about football. It's why we have our own network and nick saban's ear.
edit: oregon didn't just randomly become oregon; same for okie state. it really helps to have rich, clever boosters that care about the football program. stanford could become a dangerous school if their alums started caring about football.
Last edited by alphahydro; 12-12-2013 at 02:03 AM.
This is the point where I should stop lying to myself that I will accomplish anything at work this week.
Anyone wanna cyber?
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