Thank you Pedro, you left one hell of a legacy
According to several sources familiar with the project, the votes are in place on the Hartford Stadium authority to "call the bond" at their meeting today. The bond is essentially an insurance policy that was required by the City to guard against default by the developers on the project. Performance bonds are a standard process in the construction industry.
If the bond is called by the Stadium Authority ,sources say, it is anticipated that all work will cease on the project within the next 48 hours. The bond process would require a type of investigative procedure as to determine the cause and who is at fault for the delay.
There is where the plot thickens. Sources are also telling me that the Bond holder, the insurance company , will most likely refuse to pay. Apparently there is enough blame to go around and the insurance company is apparently claiming that the City of Hartford shares a large part of the responsibility for the delays.
It should be an interesting meeting. Let the litigation begin. In the meantime, the New Britain Bees are just a short drive away if you want to enjoy some baseball.
18 comments:
Stop the bleeding. Stop the pain. Remove I.diot Charles Mathews and appoint the Honorable Judge Killian as chairman of this failed stadium authority. As soon as possible. No delays!
It should be noted that if the owner of the team simply offered to pay the $2 million he otherwise would have paid if the May 17 date was met, this whole situation could probably be rectified fairly quickly and his team would be opening up in Hartford in about a month.
He would still be entitled to withhold the $500,000 rent and he could certainly stipulate that the city appoint some sort of construction consultant or overseer to keep an eye on CenterPlan for the final few weeks as the finishing touches are performed.
Clearly, Solomon has made a determination that whatever money he is going to lose this year is less than $2 million so he has likely resided himself to the fact that the 2016 season is gone.
Dunkin Donuts Stadium, my advise just don't go in
You can watch baseball in local parks, Kenny, Pope and Goodwin
But if you leave home to watch the Goats, don't forget Imodium.
Dunkin Donuts Stadium, my advise just don't go in.
Ya, I'll be ther to add entertainment.
The dumbest project ever to have been created. Created by dumb and ignorant and selfish people. Let Solomon take his goats and herd them to another hillside.
Bronin owns this mess now, he has been silent, why? Ask I Charles. Look at the politics and Bronin's involvement as it relates to him flim flaming Hartford to become Mayor.
I agree with 11:07. Judge Kilian understands the issues and the problems surrounding this awful stadium. The judge will do a much better job representing the city and its taxpayers than I. Charles or anyone else .
Jose Dolomon should not and will not pay the $2 million. A deal is a deal. An agreement is an agreement. What he heard so far are promised and lies. Lots and lots of lies. Non-stop lies, but no stadium for his team.
Yeah I read just a little while ago on the Courant website that they called the bond. I don't think there will be any baseball in Hartford this season.
The bond holder is Arch Surety Co. based in Hamilton, Bermuda. It would be safe to assume that Arch Surety did not keep the entire limits of the bond, they most likely reinsured the bond thru the London market. The reinsurers must be put on notice of a claim and they would definitely be involved in any major claim decisions. I do not have to tell you the time frame but the Yard Goats will be in their second season before one dollar is paid out by Bermuda and London. Just my experience in the surety bond/insurance business and the Bermuda and London markets for thirty years. Just saying!
I say we send the bond commission on a paid trip to bermuda to meet with the insurance company. Why not. I mean trips for business purposes and of course awards is good for the few ....
Any idea what is the rating of "ARCH SURETY?"
Well, Arch Insurance is in Hamilton, Bermuda, the ground floor at the Waterloo House. How many more companies - real or fake - are located at the same Waterloo House?
Every Hartford taxpayer should be airlifted to Bermuda to demonstrate in front of "Arch Surety" offices, unless it's just a mailbox in that building.
The bonding company, if they're worth anything, has to have their hooks in everything DoNo owns. There is most likely an indemnity agreement as well, holding parent companies liable as well. In other words, Arch should have the ability to seize assets, including the accounts receivable from DoNo or the other related entities. It will shut down the company.
The problem is not Arch, the problem is Rudnick, DoNo, Centerplan. Unqualified, inexperienced companies and individuals, these are the real problems. Not to mention corrupt and clueless Segarra, Deller, Wooden, Jennings, Kee-Borges and quiet a few others at city hall who brought us this "done deal" that was a "suicide deal."
8:48AM
You are correct, but why is no one connecting the dots to all of the corrupt connections? Jason Rudnick and his connection to former Speaker of the House Tom Ritter , Michael Looney and his connection(his father) to Senate President Martin Looney. What construction experience in building a baseball stadium or even multi millon dollar construction project did either one of them have? Political garbage in...Political garbage out
9:35AM
Totally, totally agree with you! Let's call it "The CT Connections".
We should approach the FBI to investigate this. This story reminds me of another unfinished Hartford stadium, the Dillon one, just with tens of millions more to spend.
Enough already.
10:38am
anyone can make a referral to the Federal Anti-Corruption Task Force. here is my previous posting on the task force-http://wethepeoplehartford.blogspot.com/2015/02/the-stars-must-be-coming-into-alignment.html
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