Posted on 04/30/2022 3:21:14 PM PDT by RummyChick
Florida Governor Ron DeSantis has insisted Disney will have to pay its own debts after the conglomerate claimed the state would have to foot its $2billion bill for bond tax if its special status is removed.
'Disney will pay its debts,' DeSantis told a townhall in Orlando with Fox News' 'The Ingraham Angle', garnering loud applause.
'Disney will, for the first time, actually live under the same laws as everybody else in Florida. Imagine that.'
Host Laura Ingraham asked DeSantis if Disney was correct in claiming that there was a clause in their original contract that stipulates the state is responsible for its $2 billion bond debt if its special privilege's are revoked.
'There's going to be additional legislative action. We've contemplated that,' DeSantis said. 'We know what we're going to do. And so stay tuned. That will all be apparent. The bonds will be paid by Disney, they will be paying taxes, probably more taxes.'
(Excerpt) Read more at dailymail.co.uk ...
It may be worth to write off the loss, just to reset to zero and move forward.
I thought socialists hated all the special breaks and perks big businesses get...
Oh they love perverting kids and butt piates and carpet munchers, well we cant take their bennies away...
Disney better be VERY, VERY careful. If they decide to cause grief for Florida on its debts, Florida can just pass additional laws that squeeze the money (and more) back out of them.
You cannot up and move Disney World to India like you can with your IT employees, Disney.
Florida should nationalize Disney World and with it Disney’s intellectual property and then run the Magic Kingdom themselves. Let the socialists have a taste of their own medicine. Shouldn’t the profit belong to the great people of FL who built Disney World?
So he admits that the law, as currently written, let's Disney off the hook.
Hasn’t Disney already up and moved to China? Their US parks are getting old.
DeSantis appears to be trying to up the pressure on the board until it throws in the towel and removes the CEO. The problem? I’ll bet the board is handpicked by the CEO. He goes, and they go, once the replacement CEO gets settled. We’ll see.
When Disney sold those bonds, it was their fiduciary responsibility to warn of possible consequences that would negatively affect the bond holders. This tax status was NOT guaranteed therefore they should have warned of this possibility.
Welcome to the Magic Kingdom! Please watch out for human fecal matter by the curbs...
Disney didn't sell the bonds. Reedy Creek Improvement District did and is responsible for servicing them. If Florida does away with Reedy Creek then under current law they're responsible for them. DeSantis will have to have the legislature change that. And it appears that is his intent.
Socialism? Really?
It’s Disney’s debt to pay. Period.
oops, my bad.
Yes he is admitting it but he is firing a shot across their bow. He is the Governor and has both houses for the rest of the year at least.
(1) The government formed by merger of existing special districts shall assume all indebtedness of, and receive title to all property owned by, the preexisting special districts. The proposed charter shall provide for the determination of the proper allocation of the indebtedness so assumed and the manner in which said debt shall be retired.
(2) Unless otherwise provided by law or ordinance, the dissolution of a special district government shall transfer the title to all property owned by the preexisting special district government to the local general-purpose government, which shall also assume all indebtedness of the preexisting special district.
In sum, the local governments would be responsible for the debts of the Reedy Creek entity - BUT it would also take over ownership of the entity's assets. Does that mean Orange County would take over Disney World??
I doubt that this will ever go into effect. Disney and Florida will work something out once the election is over.
“Unless otherwise provided by law or ordinance,”
So change the law.
L
No, because Reedy Creek doesn't own Disney World. They own roads, water and sewage systems, electrical grids, undeveloped land, fire department districts, contracts for police protection, things like that. Those are what Orange County will be getting and which they will now have to maintain and pay for.
Depends on who wins.
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