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Mar 26, 2008

Less than $10 million is about $3 million

On Feb. 4, Marianas Variety reported that the former Nikko Hotel Saipan – now Palms Resort Saipan -- was acquired by UMDA for “less than $10 million,” a deal which Former Speaker Joe Lifoifoi, chairman of the UMDA board, described as “very fair” for both parties.

A more accurate price tag is “about $3 million,” according to Saipan Middle Road sources.

Lifoifoi could have told the media that UMDA bought the hotel for less than $5 million but he didn’t. Saipan Tribune didn’t even have a ballpark figure.

20 comments:

glend558 said...

Weird Elle? Howdy. You got to take a lesson in identifying bullshit.
Here is your first lesson. Don't believe anything you don't believe!

Anonymous said...

This was a very shady deal. The word is the Korean company is actually owned by Chinese who made under the table pay in Japan involving NMI government officals. The government OK'ed a deal for 1/5 what the property lease is worth. The rational was that Asian Airlines would bring more tourists, but what if they don't. Does the lease require them to bring a certain number of tourists? Perhaps former Judge Edward Manibusan's open government request will verify that. To date, this administration has not complied with the open book request. This deals also involves former UMDA director Mike Grandenedi, an American who is supposed to be in federal prison but is really in the PI, and who got a huge commision kickback from the real estate commision. He also has holdings in the commonwealth being hidden by others and is equally involved with screwing the NMI as the Fitial administration.

PLEASE comply with the OPEN GOVERMENT request. This will show that local NMI residents were screwed by leasing lau Lau golf course way too cheap when a group of American lawyers covered up under the table deals that gave kickbacks to our government officals and UMDA officials from a lease of our property that our citizens were left in the dark and screwed by a crooked administration.

Anonymous said...

anon- Shady was right, but you left out involvment by Goodwin, Lifoifoi, Lee, and other officials.

Anonymous said...

The Koreans have a lot of loot to share with lower lease payments and the no tax forever qualifying certificate they're sure to get from CDA.

Anonymous said...

I think you guys are talking about two different deals. One is UMDA's purchase of the old Nikko Hotel, and the other is their sale of the leasehold for the golf course.

HBM said...

Sorry to change the subject, but I'm trying to sell my old car. I'd be willing to accept less than $10 million.

lil_hammerhead said...

I don't get this either. 10 million, 3 million.. the fact is, the Nikko was floudering. If UMDA was willing to take over operations.. and keep it operating for 3 million dollars, I say "good luck". Better that, than the Nikko pulling out in La Fiesta style, only to see it devolve into something akin to "Escape from New York" or "I am Legend".. Saipan's "ghost hotel".

lil_hammerhead said...

floundering

bradinthesand said...

what's the big deal? i don't even see this as an issue. what am i missing?

Marianas Pride said...

3 million for that hotel is cheap! A steal! I believe with the right management that hotel could do pretty well.

Anonymous said...

Ed, please stop smoking so much weed because it effects your judgement. First of all, the lease is less then twenty five years left.
I don't care if you bring in Hilton to manage it, it won't fly.

They could have bought it for twenty bucks and they would have lost that twenty.

The only way to make money off it is to legalise casinos and maybe that is why UMDA bought it!

lil_hammerhead said...

Well, they've got it now, and I'm sure it's in their best interest to run it as properly as possible, and be successful.. or simply find another buyer. Either way, it is better than letting the property whither away. What a monstrous eyesore that would be in two years, if vacated.

Marianas Pride said...

I still believe if properly managed and with the right marketing efforts it could be turned around. Nothing is impossible with the right people involved.

Happy Friday fellow bloggers! Lil, I know you made a lot of money in Vegas! Share the wealth! ;)

Anonymous said...

"This deals also involves former UMDA director Mike Grandenedi, an American who is supposed to be in federal prison but is really in the PI, and who got a huge commision kickback from the real estate commision. He also has holdings in the commonwealth being hidden by others and is equally involved with screwing the NMI as the Fitial administration."

Anon, you are such a dumb fuck. No one is hiding anyone's money here, or are they? Mike will testify against UMDA as part of a plea bargain. UMDA was part of the biggest tax fraud scheme in US history. BTW, you may not know this, but the FBI keeps tabs on these blogs you idiot. Yes, just because you list your name down as anon, does not mean they cannot track you down and id you. Don't believe me? You mentioned that people are hiding money for convicted felons here. You just got the attention of the FBI, no joke. A subpoena issued by the FEDs can get the information they need, they have done it before.

lil_hammerhead said...

Ed.. I played nickel slots! On the first night I won $40.00. On the second day, I lost $15.00. So I came out $25.00 ahead. :}

Somehow I doubt the FBI is sifting through blogs with the hopes of identifying potential witnesses for tax fraud cases.

Marianas Pride said...

It seems anon has been watching too much CSI or is delusional.
Lil, congrats on not losing your shirt in Vegas. ;)

Anonymous said...

Online Source:

WHAT TO CONSIDER BEFORE FILING SUIT

If identifying an anonymous blogger becomes necessary, investigation is a required prerequisite to determine the nature of the postings, and to place them in context of your business. For example, consider the following:

Who would have access to the information posted?
When would the information have been available to the blogger?
Can the company pinpoint potential targets because of the nature, content and accuracy/noticeable inaccuracies of the information disclosed, use of time sensitive information, or other specifically unique aspects that would "fingerprint" the information and allow the company to narrow the focus of its search for the author?
Preparation is also key. Before preparing pleadings to file in court, a company should draft affidavits with accompanying documents to describe the nature of the postings and why the postings do not deserve First Amendment protection, be it related to arguments of fraud, anti-competitive conduct, trade secrecy, violation of confidentiality agreements or other hallmarks of unprotected speech. Any pleading itself should conform to Federal Rule of Civil Procedure 9(b)'s requirements of specificity -- the who, what, when, where and why -- which provide sufficient detail to the court to tip the balancing in your favor.

Any decision to commence litigation to unmask a blogger who disparages the company on the Internet requires an informed judgment. If the goal is to intimidate authors of critical comments alone, it is likely any effort will be both expensive and ineffective. If, however, the company can frame the argument that attacks the speech as unprotected, and supports that argument with tangible evidence, it stands a much greater chance of silencing its critics.

These are the steps being taken right now by Greg Cruz and his wife. Those who are libel will be sued. The ID of these bloggers can be found out, it just takes time and the courts.

Anonymous said...

Just shut up.

Anonymous said...

We unnamed bloggers can also be found by a good quality hacker, proxy server or not. Enough said.

KAP said...

Also be prepared to have your life drug through discovery. Gotta make you show the damages, after all.

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