Today we have had the pleasure of two press conferences on the proposed Lansdowne partnership project.
In the morning, Prof. Ian Lee from Carleton's Sprott School of Business gave his interpretation of the documentation on the project. His reading of the financial structure of the project coincides closely with my own views expressed in earlier postings to this blog.
Media reports indicate that in the afternoon, Mayor O'Brien claimed that Prof. Lee's interpretation was all wrong. When pressed to cite an example of error, apparently the Mayor had no response for reporters.
I was surprised to learn that the Mayor complained that Prof. Lee has a Ph.D. in public policy. The Mayor complained that the criticism had not come from a person with "a more astute understanding of finance". Apparently no one bothered to inform Mr. O'Brien that Prof. Lee was formerly a banker who had Shenkman Corp. as a client.
It will be very interesting to hear some specific rebuttal from OSEG or City spokespersons who may have a "more astute understanding" than that demonstrated today by the Mayor.
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