Quote Originally Posted by 48205to24 View Post
As long as the state doesnt shut it down and fence it up for more festivals, concerts, etc. I wonder if the state makes money off of the island will the city see the any of it?
[[1) I believe that all money generated on the island will go towards the island.

[[2) I believe that we are in no position to negotiate, and I just hope the state will still take the deal that was on the table last year.

[[3) Lastly, is that regardless of what the city/state decide...if this thing goes into Chapter 9, the bankruptcy court could view the lease as a strategy to prevent creditors from seeing any potential revenue that could have been generated. And even if the bankruptcy court rules in favor of the city/state, the creditors will sue -- Matty Moroun-style.

I imagine that the worst case scenario [[since we can't be forced to sell Belle Isle) would be that they void the lease to the state, force the city to start charging an admissions fee on it, and refuse to fund any of the necessary capital improvements.

Chapter 9 could go a whole lot of different ways, and it's quite unclear who or what would be better off.