Articles for February, 2010
Who Are Those Early GOP Primary Voters?
Turnout has been huge for the gubernatorial race. According to the Quorum Report [sub. req.], Democratic polling firm Opinion Analysis finds that in the five major counties, 16.7 percent of the Republican vote is coming from people who voted in the Democratic primary in 2008 (in Travis County, it’s 28 percent). The report notes that these are not regular primary voters. Key quote:
“Is this crossover good news for Kay Bailey Hutchison? Not necessarily, but I doubt that they are crossing over to stand up and be counted for Rick Perry.”
A Lie is Addressed in the Spotlight at Limbs For Life Gala
SweetCharity reports on Limbs For Life’s Co-founder Craig Gavras‘ admission last night to years of living a lie and puts in her two cents’ worth.
Energy Future Holdings Under the Media Spotlight, Ctd.
Yesterday it was the Wall Street Journal. Today it’s the New York Times. And this story has more teeth when it comes to analyzing Energy Future Holdings’ (EFH) enormous debt:
Today, the TXU deal is unwieldy and unpredictable. The buyout was, in effect, a gargantuan bet that natural gas prices would keep climbing; instead, plunging prices coupled with a hobbled national economy have cut into the cash the company generates. …
TXU, rechristened as Energy Future Holdings when the deal closed in October 2007, is hardly the only private equity bet suffering these days. Many other deals from the height of the buyout boom are mired in problems, as companies buffeted by the weak economy or overwhelmed by once-plentiful and oh-so-cheap debt are struggling to stay upright.
“There is no doubt that these are good companies with bad balance sheets,” says Colin C. Blaydon, a professor at Dartmouth’s business school who specializes in private equity. But some of the companies, he says, are so deeply buried that an economic rebound might not be enough to let them pay their debt.
“The cash flows are not going to be strong enough to let them fully recover and dig their way out,” he says.
It mentions other private equity bets. But this story is all about EFH, and it can’t make the company or its owners happy.
Energy Future Holdings Under the Media Spotlight
On the front page of the Wall Street Journal’s Money & Investing section today, you’ll find a story about Energy Future Holdings (EFH). The piece has a look at the company’s finances (”debt heavy”), its penchant for hiring former Bush administration bigwigs, an its increasing spending on lobbyists. It’s an interesting read.
Charity Co-founder to Address his Years of Deception at Gala Tonight
Photo provided by Brinker International
Tonight’s Limbs for Life gala has had a new item added to its program. LfL executive director/co-founder Craig Gavras (pictured) will address his years of lying about his being a law enforcement office officer and losing his leg at the hands of a mob.
UPDATE: SweetCharity is reporting that the Limbs for Life foundation issued a statement regarding Craig’s deception yesterday. Evidently they knew the Morning News‘ Tanya Eiserer was hot on the trail.
Elaine Agather Steals the Show at Planned Parenthood Luncheon
As Tim mentioned earlier, Dallas was the place for protesters today, and the Planned Parenthood of North Texas luncheon at the Hilton Anatole was no exception (Dallas Dirt’s Candy Evans and I made it through the back entrance and avoided abortion protesters). Once inside, guests were treated to a charming introduction by Elaine Agather of JPMorgan Chase; the Kay Bailey Hutchison supporter seemed a bit surprised to be there herself—she quipped that last year someone asked her to write a check, and this year she was the emcee. Conservative politics aside, Agather said she recognized the need for Planned Parenthood when she realized that more than 50 percent of her company’s employees were women, many of whom needed access to basic health services. Keynote speaker Anna Quindlen gave a heartwarming speech with one sour note that offended a few of the well-heeled ladies: She asked attendees to take a look at the lovely suits they were wearing, consider how much the ensembles cost, and donate at least that much to the nonprofit.
Bryan Garner to Pen “On Language” Column in New York Times
Our good, close, dear friend Bryan Garner will guest author the New York Times‘ “On Language” column in this Sunday’s paper. Get excited.
Giant Tree Attacked Dallas Mayor’s Car
Count Mayor Tom Leppert among the “victims” of Dallas’ recent record snowstorm. In a talk today to the Dallas Friday Group, the mayor recalled how he was driving his wife, Laura, to dinner that weekend when they encountered a downed tree in the street. Leppert veered sharply to avoid the tree and wound up off the road, mired in the muck and slush. At that, he said, “I did what any guy would do: I started gunning it.” Didn’t work. Then he threw the vehicle in reverse, but that didn’t do it, either.
Just then, Leppert said, a “giant tree” fell on top of the car–”and Laura thinks we’re under attack.” A policeman pulled up next, looked in the window and said, “Oh shoot, it’s the mayor.” (Only he didn’t say “shoot.”) Then a couple of guys in a big truck stopped and tried to pull the car free, to no avail, Leppert said. So they produced a chainsaw to hack at the trees–only to watch the saw’s chain fly off. Finally, though, the samaritans brought out handsaws and proceeded to rescue the mayor and his wife and “the world went on,” Leppert concluded. He added that the experience “was probably easier on us than it was on the poor policeman.”
Fruit Cake Magnate Bill McNutt Arrested by SMU Cops
This is a very strange story. Bill McNutt was arrested on February 15 by SMU police for trespassing. You know McNutt from his famous Collin Street Bakery, which ships fruitcakes all over the world (he’s on the board, and I think it’s his brother Bob who handles the day to day). He is also chairman of the Texas Commission on the Arts. Students had complained about McNutt, and he’d been told not to visit the campus for any reason. SMU officials released a statement saying: “This action was based on SMU’s receipt of multiple student complaints against Mr. McNutt alleging behavior that violates University policy, such as offering alcohol to minors.”
Some questions: first, the Dallas Morning News story says that SMU confirmed on Wednesday that McNutt had been arrested. Why is the story not being reported until Friday? Second, students complained about someone offering them alcohol?
EXCLUSIVE: Study Says Super Bowl XLV to Have $611M Impact on North Texas
The official study contracted by the North Texas Super Bowl XLV Host Committee has found that more than $611 million in revenue will come to the region as a result of the game being played on Feb. 6, 2011, in Arlington. That’s far higher even than the more-than-$500 million figures we’ve heard from the event’s organizers in recent months. If accurate, that would indeed be a record–outperforming the $500 million that some credit Super Bowl XLII with generating.
The number was determined by Marketing Information Masters, a La Mesa, Calif.-based firm that has conducted economic impact studies for previous Super Bowls, as well the 2007 NHL All-Star Game and the 2010 NBA All-Star Game in North Texas. Their work was sent to the Texas State Comptroller earlier this month for review.
The report states that $611 million is the estimate of “direct spending” by all non-local residents during a two-month period leading up to game day. That seems high compared to the direct spending figures I’ve seen for previous games (more in the ($125-$300 million range) so I asked the Host Committee about whether that includes any indirect spending or multiplier effect–or to make any comment on the report. Their spokesman said it’s premature to comment on these numbers, since the committee doesn’t consider them final and official until after the Comptroller’s review of the data (due to be complete by March 8). There could be adjustments to this information at that time.
For more tidbits from the report, take the jump. We’ll start with how Dallas may make out better than Arlington in this deal.
Good Time or Bad Time to Enter the Dallas Real Estate Game?
Great question you pose there in leading off, Jason, with that nice link to Steve Brown’s story on how we maybe shouldn’t jump for joy that D/FW foreclosures have fallen to their lowest levels in three years. (There’s a four million dollar foreclosure not too far from moi!) There are programs out there trying to keep folks in their homes, like the Mortgage Banker’s Association’s new forbearance program I wrote about yesterday. First American CoreLogic reported yesterday that one out of every four Americans is underwater in their mortgage. Well, I was at a Metrotex Association of Realtors event last night and learned, thank you Jesus, we are not as bad as the national stats: about 12 to 15% of D/FW homeowners may be underwater, but our days on the market are far shorter than the national average. Then there’s all this confusing data coming in — our values are up, our sales are down. There’s a few other things to consider as well, so stay tuned to DallasDirt -- I’m trying to make sense out of all of it and, of course, get you some decent House Porn.
John Yoo to Draw Protesters to Belo Mansion?
There are some guys who “protest” outside our building nearly every morning. They’ve got a beef with the Canadian Consulate, which is a few floors down from us. These guys are horrible protesters. They stand around in day-glo vests, listening to music with earbuds in or talking to each other. When someone walks by, the protesters silently offer a flier that explains their grievance. These are some seriously low-energy, ineffective protesters.
All of which I offer as background so that you’ll understand why I’m pumped up for John Yoo’s speech today at noon at the Belo Mansion. Depending on where you sit, Yoo is either a) a patriot who, as a Bush administration lawyer, courageously fought in the war against terror or b) Dr. Waterboard. Some contend he committed war crimes in issuing memos on what our soldiers were allowed to do during interrogation. Last summer, the Department of Justice’s Office of Professional Responsibility (OPR) concluded that Yoo committed “intentional professional misconduct” when he “knowingly failed to provide a thorough, objective, and candid interpretation of the law.” The OPR recommended a referal to the Pennsylvania Bar for disciplinary action, and Deputy Attorney General David Margolis let Yoo off the hook just last month. His Wikipedia page is fun to read.
Yoo has book out called Crisis and Command: The History of Presidential War Power from George Washington to George W. Bush. That’s what brings him to the Belo Mansion today. And I expect some protesters to greet him — some real protesters. I mean, like, I want to hear chanting. I want to see actual protest signs. Maybe even a fake waterboarding for the TV cameras.
Don’t disappoint me, people.
The Department of Justice’s Office of Professional Responsibility concluded in a 261 page report dated July 29, 2009 that Yoo committed “intentional professional misconduct” when he “knowingly failed to provide a thorough, objective, and candid interpretation of the law” and recommended a referal to the Bar for disciplinary action.[86] However, Deputy Attorney General David Margolis in a Memorandum dated January 5, 2010 countermanded the recommended referral
Leading Off (2/26/10): Want Ads Edition
1. Run for City Council? Apparently there are some perks to the gig. But those can get you into trouble. Don Hill will find out today just how much.
2. Is it a good or bad time to enter the real estate game? The experts says that the latest foreclosure numbers are artifically low.
3. Teach? Shape young minds? Mold the leaders of tomorrow? And try not to get discouraged by a rise in crime and violence in the schools?
4. Maybe Vandelay Industries is still looking for a great latex salesman.
There’s No Pleasing Local Agricultural Bankers
In December I noted that the bankers of North Central Texas surveyed by the Federal Reserve Bank of Dallas in its quarterly agricultural credit report were pleading for rain (!)
This quarter’s report presents a very different picture in the comments:
We have gone from one extreme to the other. Wet conditions are hindering the completion of the harvest as well as cattle feeding.
Perhaps they’re more sedate because rural land values didn’t drop nearly as much (scroll down)this time around. Though they’re still down.
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