News is also posted on the Sungold Entertainment website.
The new website looks good.
Generally, I have to agree with CK. He read between the lines a while ago, and came up with the same conclusions I did. Today's PR merely confirms what most of us had basically assumed already. The decision has no effect on the company's active projects. I've no doubt that the legal wrangling will continue. The simple fact is that the band was not a tribe, and did not have sovereign immunity when it entered into its agreement with Sungold. Another judge will likely have a different opinion.
In any case, it has been a long time since I attributed any value to a potential settlement with the GSB. Today's announcement is a non-event for me. It's just another step in a process that will tie up the GSB for years.
Meantime, we're anticipating the results of the Toledo Beach mixed-use family entertainment park feasibility study shortly after April 12. I anticipate that the study will show a bright green light. HorsepowerNetwork.com is set to launch very soon. I don't really know the status of the Multiplex, but I know that the recent election of the new Premier in BC (and his recent budget) has basically nixed any provincially funded mega-projects. Richmond appears to have lost potential revenue from the collapse of Interport. The Richmond Racetrack Multiplex is a mega-project that will be entirely privately financed, and will bring in significant direct and tertiary income to Richmond. Mind you, just because the project makes sense to me doesn't mean that the Richmond Council thinks the same way. I hope the company can give us an update on that project in the near future.
For what it's worth - I took a look over the slate of Sungold directors on the new website, and realized that the old boys are gone, and with the exception of the GSB thing, the old projects are gone. Hart was only a consultant to the company at the time the original deal with the GSB was inked. My sense is that the current roster of development projects (and the BOD), in which Hart has had a direct hand in creating, are much stronger and more viable than at any time in the company's history. The market would seem to agree, given that it is supporting the share price at a higher than average value, with higher than average volume. Anyway, JMHO.
BTW, I suspect that some of the GSB surrogates will be by before long, if only to tout their momentary feelings of self-righteousness. |
