The bank claims it wants its new casino, The Cosmpolitan, to be a success and yet… Continue reading »
Las Vegas
Southern Products CEO (CFO, Principal Accounting Officer, and sole director) Tyler Richard, 19, has a dream. A dream to sell custom-made beer pong tables that retail for (starting at) $300 a pop, with “more customized tables” going for $400-$600. Mr. Richard truly believes that no one wants to play this game on some POS ping pong table or any old hard surface they can get their hands on. The demand for an Official Beer Pong table made out of foam and stucco is there. But, there is a bit of a problem.
As of February 28, 2010, we had $9,500 in current assets and current liabilities in the amount of $3,500. Accordingly, we had working capital of $6,000 as of February 28, 2010. Our current working capital is not sufficient to enable us to implement our business plan as set forth in this prospectus. Our management estimates that, until such time that we are able to generate sales revenue sufficient to pay our ongoing and planned expenditures, we will experience negative cash flow in the approximate amount of $2,500 to $3,500 per month. For these and other reasons, our independent auditors have raised substantial doubt about our ability to continue as a going concern. Accordingly, we will require additional financing, including the equity funding sought in this prospectus.
There’s been much talk about some bankers booking all of Wall Street surrounding area’s hotel rooms today, but if you want to be really charitable, just move your drunken asses from Stone Street’s bar stools and head to Vegas. The Ritz-Carlton, owned by a DB arm, is closing down, due to the “AIG-effect.” Maybe if enough people get out there we can save this place.
Despite what your crazy uncle or Warren Buffett says about housing prices, the residential real estate market in many areas of the US is still in a lot of trouble. Doug French, an executive vice president of a Nevada bank, spent Derby day at a housing auction in Las Vegas and what he saw wasn’t pretty.
Finally it was post time for the action and the first home went up for bid – just short of 2,600 square feet in southwest Las Vegas. A brand new home, a one-year builder warranty, built by a reputable builder with a nearly 99 percent customer satisfaction rating, the auctioneer emphasized. To listen to the auctioneer, the bidding quickly escalated from the $159,000 starting point. The three young men working the crowd were frantically giving signals to the auctioneer, quickly moving from one attendee to another, and the price of home kept rising. It seemed like a real auction. But it was only real like professional wrestling is real. There were no actual bids on the first house, or the second, or the third. No bidding cards were raised.
The auction company kept up the charade for over 2 hours and for all 46 homes. The auctioneer’s rapid-fire delivery never waned. The young ladies who were there to help winning bidders with their sales contracts stood in the corner and clapped in unison until the very end. And the young tuxedoed gentlemen who worked the floor carried on with their elaborate gestures and signaling, as if it was a choreographed Broadway dance routine.
Only a couple dozen people remained by auction end, and only a handful of homes were actually sold. There were few real bids even at the low starting prices that were only a third the price that similar homes fetched during the boom a couple years ago.
No Bids at the Auction [LewRockwell.com]
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
