Quantcast
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Mission Valley privatization's blazingly fast cash burn

Another million sunk into contentious stadium campaign

If nothing else, the knock-down, big-money brawl over the fate of the 165-acre chunk of public land in Mission Valley otherwise known as Qualcomm Stadium would make a good case study for Harvard Business School, where transplanted New York city hedge fund magnate Mike Stone got his MBA back in 1988.

Jon Dunbar, a partner in Stone's FS Investors, has contributed the least — $17,524.

With locals wondering if the city's politics will deliver a land-grabbing victory to the biggest spender, Stone and his well-heeled La Jolla compadres have once again opened their wallets, this time to the tune of a million dollars.

Stone's latest money move comes just days after the megamillionaire and his well-heeled compatriots disclosed March 23 that they had sunk an initial $1,391,599 into their effort to seize control of the Mission Valley acreage by way of a petition drive to force the question to the city council, and if unsuccessful there, to city voters.

In Stone’s hard-nosed Wall Street parlance, pouring cash into the pockets of a bevy of Los Angeles lawyers, campaign consultants, public relations men, and paid signature gatherers is known as "burn rate."

As described by Investopedia.com, the term is "the rate at which a new company is spending its venture capital to finance overhead before generating positive cash flow from operations; it is a measure of negative cash flow. Burn rate is usually quoted in terms of cash spent per month. For example, a burn rate of $1 million would mean a company is spending $1 million per month."

The Stone's team cash burn is now approaching $2.4 million, and disclosure filings show that he and his partners are tapping into their personal funds for the money — in contrast to the billionaire Spanos family, who paid for last year's ultimately failed Chargers stadium initiative with Chargers Football Company money.

Top giver Stone has personally given a reported total of $857,091, filings say, with Jon Dunbar, a partner in Stone's FS Investors, contributing the least, $17,524.

That wouldn’t buy much at Maserati of San Diego on La Jolla's Girard Ave., from which an $85,000 2015 Ghibli was stolen two years ago, but a small monetary investment in the campaign now could grow into millions, insiders say, if the stadium redevelopment deal becomes the law of the land.

With such spectacular stakes, it’s not surprising, critics of the privatization bid maintain, that petition carriers are not always telling the truth about the terms of the 600-page measure, drafted behind closed doors by Stone's group themselves, presumably for their maximum financial gain.

How much the partners could ultimately make and other financial details are tightly guarded secrets. Nick Stone, another FS Partner said not to be related to Mike Stone, has given $43,810 to the cause, as has Univision sports honcho Juan Carlos Rodriguez of Miami, Florida.

Ex-Qualcomm executive Steve Altman has thus far come up with $292,565. Bridgewest Communities, an investment vehicle of the super-rich Tayebi brothers, have mustered $567,265, with Pete Seidler, the wealthy Padres managing partner from L.A.’s Marina del Rey, accounting for $569,532.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Albert Brooks’ mockinfomercial introduction

The glad-handing human laugh track, assures his audience, “That was funny.”
Next Article

The Tobacconist: Stogie story

His job is to sell pleasure and desire, cigars “hand-rolled tenderly by beautiful women on their thighs.”

If nothing else, the knock-down, big-money brawl over the fate of the 165-acre chunk of public land in Mission Valley otherwise known as Qualcomm Stadium would make a good case study for Harvard Business School, where transplanted New York city hedge fund magnate Mike Stone got his MBA back in 1988.

Jon Dunbar, a partner in Stone's FS Investors, has contributed the least — $17,524.

With locals wondering if the city's politics will deliver a land-grabbing victory to the biggest spender, Stone and his well-heeled La Jolla compadres have once again opened their wallets, this time to the tune of a million dollars.

Stone's latest money move comes just days after the megamillionaire and his well-heeled compatriots disclosed March 23 that they had sunk an initial $1,391,599 into their effort to seize control of the Mission Valley acreage by way of a petition drive to force the question to the city council, and if unsuccessful there, to city voters.

In Stone’s hard-nosed Wall Street parlance, pouring cash into the pockets of a bevy of Los Angeles lawyers, campaign consultants, public relations men, and paid signature gatherers is known as "burn rate."

As described by Investopedia.com, the term is "the rate at which a new company is spending its venture capital to finance overhead before generating positive cash flow from operations; it is a measure of negative cash flow. Burn rate is usually quoted in terms of cash spent per month. For example, a burn rate of $1 million would mean a company is spending $1 million per month."

The Stone's team cash burn is now approaching $2.4 million, and disclosure filings show that he and his partners are tapping into their personal funds for the money — in contrast to the billionaire Spanos family, who paid for last year's ultimately failed Chargers stadium initiative with Chargers Football Company money.

Top giver Stone has personally given a reported total of $857,091, filings say, with Jon Dunbar, a partner in Stone's FS Investors, contributing the least, $17,524.

That wouldn’t buy much at Maserati of San Diego on La Jolla's Girard Ave., from which an $85,000 2015 Ghibli was stolen two years ago, but a small monetary investment in the campaign now could grow into millions, insiders say, if the stadium redevelopment deal becomes the law of the land.

With such spectacular stakes, it’s not surprising, critics of the privatization bid maintain, that petition carriers are not always telling the truth about the terms of the 600-page measure, drafted behind closed doors by Stone's group themselves, presumably for their maximum financial gain.

How much the partners could ultimately make and other financial details are tightly guarded secrets. Nick Stone, another FS Partner said not to be related to Mike Stone, has given $43,810 to the cause, as has Univision sports honcho Juan Carlos Rodriguez of Miami, Florida.

Ex-Qualcomm executive Steve Altman has thus far come up with $292,565. Bridgewest Communities, an investment vehicle of the super-rich Tayebi brothers, have mustered $567,265, with Pete Seidler, the wealthy Padres managing partner from L.A.’s Marina del Rey, accounting for $569,532.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Customer complaint chases bullying Starbucks barista from corona-crazed coffee collective

Star-BUCKS
Next Article

Building paradise in San Diego

Mission Valley, Tijuana gardens, Otay Mesa, downtown skyscrapers, One Paseo, Rancho Santa Fe mansion
Comments
3

Put it on the ballot. Please.

March 28, 2017

Actually, why should it be put on the ballot? Why should the people be forced by private speculators to put up any of our public property for sale to benefit any of their schemes?

Developers are literally trying to give us the bum's rush out of a place we own, hoping it all happens so fast we don't notice they have no right until it's too late.

March 29, 2017

Let's hope the City Council smells the stink in this proposal, and shoots it down. If it IS approved, shouldn't the City get at least 25% of the profits?

March 29, 2017

Sign in to comment

Sign in

Art Reviews — W.S. Di Piero's eye on exhibits Ask a Hipster — Advice you didn't know you needed Best Buys — San Diego shopping Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits City Lights — News and politics Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Excerpts — Literary and spiritual excerpts Famous Former Neighbors — Next-door celebs Feast! — Food & drink reviews Feature Stories — Local news & stories From the Archives — Spotlight on the past Golden Dreams — Talk of the town Here's the Deal — Chad Deal's watering holes Just Announced — The scoop on shows Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Of Note — Concert picks Out & About — What's Happening Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Pour Over — Grab a cup Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer News — Inside San Diego suds SD on the QT — Almost factual news Set 'em Up Joe — Bartenders' drink recipes Sheep and Goats — Places of worship Special Issues — The best of Sports — Athletics without gush Street Style — San Diego streets have style Suit Up — Fashion tips for dudes Theater Reviews — Local productions Theater antireviews — Narrow your search Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Waterfront — All things ocean Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close