Probably projecting NBA and Casino, Restaurants all going back into business In June and business back to 70% to 90% of pre-virus level. He talks big and thinks big. He wouldn't be talking out these loans to save the business if he didn't think they would go back to normal. Now we realist know business will not be business as usual until a vaccine is out there
Splitting the difference between 70% and 90% gives 80% which is probably the optimistic scenario. 80% -- Probably survives, but could be very close 70% -- Doubtful that he survives because not enough profits from operations to cover his debt obligations 60% -- Game over The limited information available about his businesses does make it difficult to create a very primitive model to examine various scenarios.
He would still need to cover some utilities, rent/lease obligations etc. There weren't enough details given to determine if none or some or all of the interest owed on debt was part of the daily cash burn.
What an embarrassment. Now the entire world has caught this news and it's the #1 business news in the world. Just do a google search for "Texas Billionaire lay off 45,000 a favor," every single media outlet has this covered and it's top news all over the country. https://www.google.com/search?clien...hVPgp4KHf3IBP4QBSgAegQICxAn&biw=1920&bih=1058
What does “2 million cash burn a day” means to annual salaries? It means week 1, Tucker, House, Rivers and Mclemore are burned. (4 rotation players) week 2, Morey, MDA, all assistant coaches are burned.
Here are the potential Billionare Texas buyers: Current owner: Houston restaurant honcho and Houston Rockets owner Tilman Fertitta — $4.9 billion (According to the Bloomberg Billionaires Index, his fortune has slipped to $3.2 billion.) https://dallas.culturemap.com/news/...llion-siphoning-dallas-billionaire-net-worth/ Austin tech titan Michael Dell — $32.3 billion to $26.9 billion, 16.7 percent
March 22, Tilman net worth 3.2 billion? He may not be able to borrow more money from Les. The scary thing is that he has to get a new loan possibly before August. I read the news a few years ago. In 2010 real estate crisis, Tilman assets is 1.7 billion, loan is 1.5 billion.
In Fertitta’s case, his businesses, in the main, have literally stopped functioning and the overwhelming majority of income from them has stopped coming in. He’s highly leveraged and has to make lease payments, loan payments - a host of payments. Michael Dell? The reduction of his net worth, putting aside that it is still $27 billion, is primarily the result of the fall in the value of the stock he holds in his companies. A totally different situation. When the stock market goes back up, so will his net worth. If I’m wrong about that, I’m sure someone will point out how and why.
If Tilman sells, I'll take a running kick to the nuts. The pain will almost mimic, what we've endured during his reign
You're not wrong. That's why Tilman is in trouble. He's highly leveraged and all his leverage are earning 5% revenue today compared to February. Dell and most Billionaire do not have an annual cash burn of $1.4 billion in payments
If you google Tilman Fertitta right now you get a lot of angry articles about his "Doing them a favor" comment about laying off 45,000 workers. I don't see anything in the press about him being in such dire financial straits that he might sell the team, however. Are people here just talking themselves into this being a possibility? Also, I keep seeing Dell as a possible buyer, but has he actually shown interest in the Rockets or is he mentioned just because he's a Houston-born billionaire?
okay so he’s not the richest?. weird flex to bang on a guy when a pandemic is running him broke. I mean most of his business rely on social interaction
I don’t exactly have confidence but I just don’t get the hate?. He’s going broke because an unpredicted pandemic hit?. how is it cool to make fun of someone for their business to be doing poorly because of a crises. I guess you think all these other business owners are a bunch of cheap bastards to?. All businesses are struggling and when your main source of income relys on social interaction not much you can do
You don’t get the hate? Let’s just take the HUGE issue of him not spending into the LT and not resigning Ariza out of the equation. He represents everything decent people dislike. He didn’t want the league to shut down or his businesses to shut down as he was willing to put everyone’s healthy in real jeopardy so he can be worth 5 billion instead of 3....He claimed he did his employees a favor letting them get unemployment first and now he wants to open up the quarantine on May 1... He is a terrible person and representative of what many people are starting to no longer value: someone that is so greedy and selfish that they will risk everything including lives to make more money. There is nothing to really “like”. There is nothing obviously good about him other than wealth that he makes off exploiting workers and praying on negative externalities. Don’t expect many tears to be shed if he loses his fortune or gets COVID19.
I didn't think someone could rival the McNairs for being the worst sports owners in Texas (I dont follow football anymore but yes I'd take Jerry Jones over the McNairs in a heartbeat) but Tilman may have actually done it. Unlike them however who probably still furrow their brows as to why the black and white players have to share a dressing room, Tillman is just a snake oil salesman, modern day swindler. He's like Trump-lite. Loves to see his face out there and give advice when he really just believes in snaking his way up the ladder. I'm a capitalist, through and through, but his methods of achieving wealth are questionable at best. When he bought the team, my heart literally sank. Anyone who knows Tillman the businessman knows what a scummy, insecure, and brash dude he is. It's hard to feel pity for the guy.
