Magic Johnsons large pile of greenbacks.. My nickels worth - I wouldn't be surprised to hear that Magic Johnson puts together an investment group to make a run on his home state Pistons...
Re: Magic Johnsons large pile of greenbacks.. They smile in your face... all the time they want to take your place ~ Ojays We already got one of them in "Teflon" Tom Wilson Det, Alice Cooper has a weekly radio show up this way... plays a lotta stuff outta of the mainstream... remember the story about him filling his pool with beer for his party?
We got plenty of locals who can contribute to the cause...in addition to the Kid, Zeke and Eminem,,,,throw in Seger, Modonna, Stevie Wonder, Anita Baker, Aretha Franklin and then Magic Johnson will come home and will throw in some cash along with the concession stands consisting of Burger Kings and Starbucks
They don't necessarily have to be local to keep the team here. Only real danger is from Seattle or Vegas. Seattle did not step up to save their own team so I doubt they will now.As pointed out Pistons already have their own stadium with suites and a new practice facility. I am 98% confident that the Pistons will stay in Michigan. Kind of hoping for a Marc Cuban type owner who will spend at will.
It's a stretch, but Larry Paige (Google Cofounder) is from Michigan. Born in Flint, raised in Lansing, educated in Ann Arbor.......he's got some pretty deep pockets..... And while he's already bought the Dolphins, there's Billionaire Stephen Ross, but like I said he just dropped a chunk of dough on the Dolphins. Maybe Dick Devos sells his share of the Magic and uses it to buy the Pistons and comes on home.
Re: Magic Johnsons large pile of greenbacks.. Call em that and we'll at least have a new thread here.
It is really perverse that you can be taxed on a loss... or what happens much more frequently, taxed when you're just treading water. If you hold an asset (say gold) that increases in value by 5% per year, and inflation over that time period is 5%, then in real terms, you have broken even. However, since cap gains are measured in nominal terms, you will be taxed on the asset value increase. And of course, if you would have just held the money as cash, then inflation itself would have got you. The obvious solution would be to peg capital gains rules against actual inflation (and have that calculated by an independant 3rd party). Let's take a stab at the tax consequences of this sale: Davidson bought the Pistons for $8M in 1974. Forbes estimated the franchise value at $479M last year. Recent expert opinions put it at around $350M. So she's probably looking at a $350M capital gain because the original $8M should be fully depreciated by now and is probably sitting on the books at $0. Multiply by 15% and you're looking at a $52.5M tax. What will the govenment do with this windfall? It is enough money to buy 1 tank, with the basic armor and weaponry package. Very coincidental I would say.
I have close friends that live in Green Bay and have moved there because of the opportunity for work, so maybe Detroit could learn a few things from Green Bay. Much smaller city, but they have done good things in the last few years.
It's called slashing public services bureaucracy and taxes to attract capitalists and entrepreneurs to invest in infrastructure downtown. I've been holding off on saying much about Detroit, but it is just further along than other cities in bad shape. The accumulated decades of mismanagement, debt and graft have left it paralyzed. It is going to take more than Dave Bing or any personality to resuscitate it. It will take a hero who will do what is politically unpopular, oppose the unions, and possible put his life at risk to bring balance to the budgets.
