If bankruptcy is in the best interests of Lancaster County taxpayers; then l say….let it happen. To continue down the current path, just for the sake of PSP; is not only foolish, but a disgrace to hard-working taxpayers, who derive little if any economic benefit from the Convention Center / Marriott Hotel.
If it requires bankruptcy to bring about a restructuring of the original one-sided agreements, so be it. PSP can either do the honorable thing now; by restructuring those one-sided agreements into a more equitable agreement; o, they can pursue a more selfish line and ‘pay the price’ that is forced upon them.
Let’s see where their integrity lies.
Exactly right.
As long as there is no downside to deals like this, they’ll keep coming (and why wouldn’t they?).
While I certainly support the concept of bankruptcy to rid the project of the PSP cancer, I am willing to bet that the one-sided contracts include all sorts of ridiculous clauses/penalties/payouts etc if the LCCCA ever went that route.
Stevens & Lee did a great job protecting the interests of PSP…sucks for us that the LCCCA paid them $7 million in public money to do it.