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SoccerCity backers go off the charts, both ways

Aussie stock plunges as Mission Valley play grows

Qualcomm Stadium
Qualcomm Stadium

As intrigue grows at San Diego city hall regarding backdoor wheeling and dealing of Republican mayor Kevin Faulconer and members of the San Diego city council over the timing of the so-called SoccerCity ballot measure to privatize Qualcomm Stadium and its 166 acres of public land, well-heeled advocates on each side of the issue have continued to bolster their respective seven-figure political war chests with rarely seen amounts of personal and corporate cash.

With total special interest money in the fight over the public property rapidly nearing $4 million, city hall insiders predict the ultimate cost to both sides may ultimately exceed $20 million, setting a new record for the cost of ballot-box decision-making in the county, not including campaign contributions now being solicited by 2018 council reelection committees set up in recent months by Republicans Lorie Zapf, Chris Cate, and Democrat Myrtle Cole.

Disclosure filings from the city clerk's office show that SoccerCity proponents, led by La Jolla hedge fund maven Michael Stone and his associates, have come up with a total of $2,891,599 through June 5. The political committee opposed to the plan, funded by Mission Valley landowners and developers Sudberry Properties and H.G. Fenton Inc., has gathered a total of $1,092,427 from March 15 through May 30, documents show.

Stone has personally contributed a hefty $1,036,279 to the SoccerCity drive, with his ally Tom Seidler, who owns part of the Padres, coming up with the next largest contribution, $688,602.

Bridgewest Communities, owned by super-rich La Jolla brothers Masood and Massih Tayebi, has kicked in $685,560, with lesser five-figure donations being made by ex-Qualcomm executive Steve Altman; Miami media honcho Juan Carlos Rodriguez; and Nick Stone and Jon Dunbar, who are listed as partners in Mike Stone’s FS Investors group.

Personal contributions of the size made by Michael Stone and Seidler are virtually unprecedented in local politics, and in Stone's case have inspired questions regarding his net worth and other business operations in light of the dramatic plunge in value of AusTex Oil Limited, an Australian-listed public company, whose stock as of Friday, June 10 had cratered to less than two cents a share in Australian dollars, according to an online quote by Bloomberg Businessweek.

“The stock has underperformed 98% of the Australian market over the past 6 months,” per a May 30 report by Australian financial site NewsBites. “In the last one month, the stock has hit a new 52-week low thirteen times and in the last three months twenty-four times, pointing to a significant downtrend.”

Both Michael and Nick Stone have had key roles in the oil venture, in which Michael Stone's Ptolemy Capital was reportedly heavily invested. This April, Michael Stone, then chairman of the board, resigned as a company director for personal reasons, according to a quarterly activities report posted on the company's website.

Then, on May 31, AusTex said that "Mr. Nick Stone is stepping back from his responsibilities as Co-Managing Director effective immediately."

The announcement added, "Mr. Stone will be taking up the position of CEO at SoccerCity SD in San Diego, California,” and “has agreed to waive all non-executive director compensation for 2017. Mr. Stone has not received any compensation from the Company since 2016.”

Much of the Stone group's SoccerCity political cash went to get a spot on the ballot for the controversial proposal by raising sufficient valid voter signatures to force the city council to put the measure before voters in either a $5 million special election this fall or at next November's general election, an option favored by project opponents and those advocating that such major issues be decided only at regular election time.

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Qualcomm Stadium
Qualcomm Stadium

As intrigue grows at San Diego city hall regarding backdoor wheeling and dealing of Republican mayor Kevin Faulconer and members of the San Diego city council over the timing of the so-called SoccerCity ballot measure to privatize Qualcomm Stadium and its 166 acres of public land, well-heeled advocates on each side of the issue have continued to bolster their respective seven-figure political war chests with rarely seen amounts of personal and corporate cash.

With total special interest money in the fight over the public property rapidly nearing $4 million, city hall insiders predict the ultimate cost to both sides may ultimately exceed $20 million, setting a new record for the cost of ballot-box decision-making in the county, not including campaign contributions now being solicited by 2018 council reelection committees set up in recent months by Republicans Lorie Zapf, Chris Cate, and Democrat Myrtle Cole.

Disclosure filings from the city clerk's office show that SoccerCity proponents, led by La Jolla hedge fund maven Michael Stone and his associates, have come up with a total of $2,891,599 through June 5. The political committee opposed to the plan, funded by Mission Valley landowners and developers Sudberry Properties and H.G. Fenton Inc., has gathered a total of $1,092,427 from March 15 through May 30, documents show.

Stone has personally contributed a hefty $1,036,279 to the SoccerCity drive, with his ally Tom Seidler, who owns part of the Padres, coming up with the next largest contribution, $688,602.

Bridgewest Communities, owned by super-rich La Jolla brothers Masood and Massih Tayebi, has kicked in $685,560, with lesser five-figure donations being made by ex-Qualcomm executive Steve Altman; Miami media honcho Juan Carlos Rodriguez; and Nick Stone and Jon Dunbar, who are listed as partners in Mike Stone’s FS Investors group.

Personal contributions of the size made by Michael Stone and Seidler are virtually unprecedented in local politics, and in Stone's case have inspired questions regarding his net worth and other business operations in light of the dramatic plunge in value of AusTex Oil Limited, an Australian-listed public company, whose stock as of Friday, June 10 had cratered to less than two cents a share in Australian dollars, according to an online quote by Bloomberg Businessweek.

“The stock has underperformed 98% of the Australian market over the past 6 months,” per a May 30 report by Australian financial site NewsBites. “In the last one month, the stock has hit a new 52-week low thirteen times and in the last three months twenty-four times, pointing to a significant downtrend.”

Both Michael and Nick Stone have had key roles in the oil venture, in which Michael Stone's Ptolemy Capital was reportedly heavily invested. This April, Michael Stone, then chairman of the board, resigned as a company director for personal reasons, according to a quarterly activities report posted on the company's website.

Then, on May 31, AusTex said that "Mr. Nick Stone is stepping back from his responsibilities as Co-Managing Director effective immediately."

The announcement added, "Mr. Stone will be taking up the position of CEO at SoccerCity SD in San Diego, California,” and “has agreed to waive all non-executive director compensation for 2017. Mr. Stone has not received any compensation from the Company since 2016.”

Much of the Stone group's SoccerCity political cash went to get a spot on the ballot for the controversial proposal by raising sufficient valid voter signatures to force the city council to put the measure before voters in either a $5 million special election this fall or at next November's general election, an option favored by project opponents and those advocating that such major issues be decided only at regular election time.

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Comments
6

Thanks for grudgingly noting in the last paragraph that Stone's Soccer City proposal "raised sufficient valid voter signatures to force the city council to put the measure before voters" in a special election this fall or in one year hence. Obviously, a decision sooner is better -- and fairer -- than later. If soccer fan voters give the idea a thumbs-up, we could snag a Major League Soccer franchise for the first time in this city's history. How fun would that be?

June 11, 2017

No, it's NOT obvious that "a decision sooner is better -- and fairer -- than later." You are simply stating an opinion, not a fact. And getting an MLS franchise is NOT that much "fun" either.

June 12, 2017

Monaghan, Boy you've not only tried the koolaid but have all but offered to sell it like snake oil. When is this community going to wake up to the scams of the 1% on the rest of us. We are being asked to "Give" a Public Asset (Mission Valley Property) substantially undervalued, for the "possibility" of a MLS Team! What a scam, with all of the money already "Invested" in petition drives, "Professional" endorsements "Landon Donovan" and as stated in this article lining City politicians pockets, there is something smelling pretty fishy. I would love to see the overall business plan for FS Investors, I would bet the value of the MLS Franchise and the other big "Incentive" the river park is peanuts verses the overall gross value FS will net.
Let's (The Citizens) be frugal, looking towards the long term best uses for the land and the community as a whole. Keep some land for the future, maybe expand SDSU, we gave UCSD a lot of acreage in the 60's and 70's, see what has happened up there! Perhaps a worthwhile stadium rather than a "Carson, Stub Hub Center" smaller than a few full size Arenas! Hey maybe even space for Industry incubation or the arts, we already have housing and Public Transit in the area. My point is why not look at the big picture and share the potential bounty of redeveloping the 166 acres amongst more "Local" Investors rather than putting everything into one "FS's" basket. BBQ

June 12, 2017

Construction on the stadium for LAFC is progressing nicely, with the team beginning play next season (2018).The last I read, and admittedly it has been several months, the franchise fee for LAFC was $100 million, a mere drop in the bucket for guys like Henry Nguyen and Peter Guber, but the franchise fee for any future teams beyond LA and Miami, provided Beckham keeps the ball rolling there, will most likely increase to anywhere from $150 million to $200 million. Admittedly, I haven't been following this very closely, but I don't recall reading about where that money is coming from. Anyone care to enlighten??

June 12, 2017

I have been following this like it's a playoff series of local politics, and because I would like to see the river park built now and not decades from now. The FS Investors and Mike Stone have said the $150M franchise fee will be coming out of their pockets. As to whether Stone and his partners can afford it, a little internet research shows that Stone also is a partner in TPG and the Rise Fund, which " is committed to achieving social and environmental impact alongside financial returns." Its board reads like a Who's Who of tech billionaires and he has agreed to be its CIO. The Soccer City deal looks like for Mike Stone it's about on the scale for his assets that buying a new car would be for you or me.

June 12, 2017

I wonder if corrupt fifa is kicking in any money ?

June 13, 2017

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