Time for Some Cipherin’ on the Welfare Queen

We will post a more detailed analysis at a later time, but here are some quick figures.  Roy & Gentry Williams, Morris Strickland, and an unknown quantity of Chi-coms are asking the Pascagoula city council for more money.  Below is a table showing documented funding sources for the construction of the Pascagoula Hilton Garden Inn.  If Pascagoula approves the maximum amount of TIF bonds, over $27 million will have been raised to develop the hotel.

We provide a comparable hotel for sale in the Birmingham metro. While adjustments would need to be made, this listing provides a guideline. This doesn’t pass the smell test.

The hotel in Birmingham is not worth only half of the one in Pascagoula. Even if that were true, how does one raise $27 million for a hotel worth $22 million?

UPDATE:  A reader sent in some Hilton internal documents from around the time of construction showing that this hotel should have cost $15-17 million all in.

 

3 thoughts on “Time for Some Cipherin’ on the Welfare Queen

  1. I agree with Watcher,this does not pass the smell test.Why would anybody spend this kind of money beyond the average cost of development and construction in other areas. I have lived in Pascagoula during what I consider the decline, which is the last 20 years.This would make me believe you must spend less money in Pascagoula than other more prosperous areas,like a Birmingham, in order to make a go of anything.These are smart men. They would not risk their own money knowing all of this.But wait,maybe they did not risk any of their own money.Maybe they even put money in their pockets or used other peoples money to buy things like airplanes.Just maybe the Chicoms or Koreans bought into an American Hustle.What if the costs were inflated and it only costs lets say $15,000,000. total.The owners have received monies totaling about $26,000,000 so far from grants,loans and foreign investors. That would mean that there would be $10,000,000+ left.Of course this is just speculation at this point. I guess to really know where all of the money was spent we would have to start at the beginning with the old La Font. Who were the owners that purchased the La Font from Mr.Fontaine? Morris Strickland was not involved when that purchase was formalized. The purchasers I think were Roy Williams,Jack Hoover, Ed Trehern and maybe others.Hoover and Trehern are no longer involved. So who bought them out and for what price? Maybe the original group dangled a worm and the new money man in town, Morris Strickland bit hard.After all he was really feeling his manhood after the appointment to the SRHS Board of Trustees, which may have made him very vulnerable to these Matchstick Men.Many possible scenarios exist. One thing that is for sure is the fact that somebody has put too much money into this real estate… In the sleepy little town of Pascagoula…The day this squirrelly deal goes berserk..They will all lose that smirk… Will be a fight for financial survival… Then we may know who is really libel… for the Sting called the La Font Revival…They will all be in the news … Sorry I got carried away. Need to keep digging because there is something to find in this Grifters wood pile.

  2. Speaking of welfare queen, SrhS watch will you please dig up and publish how mr ceo let a former CNO leave owing Srhs tens of thousands of dollars. I believe it was between $30 and $40 thousand dollars when she left before she fulfilled Her contract

    Mrs Faboulous Chief Gen Counsel found out and she and now mr ceo got into it. I think they brought the firmer CnO bsck to work off her debt but she didn’t even fulfill that obligation

    And that happened befure he took over as CEO. Just another waste of money that coujd hsvd saved a minimum wage emoyres job for 2 years

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