Bingo!. I bolded it all because you nailed it. First of all, very few wealthy art patrons buy canvases or sculptures, antiques or rarities because "they love them". No, they do it for the "investment". It is neither an act of emotion nor benevolence (not always, but 99.9% of the time its strictly business). They may detest the subject or style; store it in a secured facility, left to appreciate in value. Hulsizer has stated that he looks at this like "collecting art". OK then. So its cold, emotionless, strictly an investment that will appreciate. Couple of twists however;
It can be acquired using (OPM) other peoples money (yes, he has partners & bankers so just how much of his own capital gets invested is highly questionable), losses are covered through the CFD & or the COG up to a point, the balance retrieved when the "asset" becomes "portable" through relocation himself or sale for relocation, provided of course their isnt a huge turnaround at the gate in Phoenix over the next few years (which is possible IMO). This is all very similar to Reinsdorfs offer, whereby JR was financing the bulk of his $103M investment, partners & the COG required to pay the balance on the then $170M sticker price (with Glendale also covering losses through years 1-5).
So ya, it would appear that the plan here is to use OPM, have Glendale somehow or other back the CFD in order to cover losses years 1-5 with portability thereafter. This shocks?.
