floridafan
Verified User
The Wall Street Journal is reporting that a decision by the Republican-led legislature in Floria -- at the behest of Gov. Ron DeSantis -- to strip the Disney Company of its special taxing privileges has bondholders in a frenzy over who will be responsible for approximately $1 billion in debt payments.
The Disney bill, signed by the governor in retaliation after the media titan criticized his so-called "Don't say gay" bill, leaves the future of the special taxing district known as Reedy Creek up in the air -- and that has anxious investors asking questions.
Withn the report stating, "Florida law dictates the bondholders must be paid," the Journal's Heather Giller wrote, "Those caught up in the fight include municipal bond investors, firefighters, and the $210 billion global media and marketing enterprise behind Star Wars, the Avengers and ESPN."
With investors asking, who will be held accountable for repaying nearly $1 billion in municipal debt used to build the infrastructure surrounding the massive Disney World theme park, the Journal is reporting, "One of the bill’s sponsors is now considering re-establishing a watered-down version of Reedy Creek to unwind the legal mess. "
According to the report, Reedy Creek bonds are plunging in value over repayment concerns.
https://www.wsj.com/articles/floridas-1-billion-disney-question-11651347911?mod=hp_lead_pos11
The Disney bill, signed by the governor in retaliation after the media titan criticized his so-called "Don't say gay" bill, leaves the future of the special taxing district known as Reedy Creek up in the air -- and that has anxious investors asking questions.
Withn the report stating, "Florida law dictates the bondholders must be paid," the Journal's Heather Giller wrote, "Those caught up in the fight include municipal bond investors, firefighters, and the $210 billion global media and marketing enterprise behind Star Wars, the Avengers and ESPN."
With investors asking, who will be held accountable for repaying nearly $1 billion in municipal debt used to build the infrastructure surrounding the massive Disney World theme park, the Journal is reporting, "One of the bill’s sponsors is now considering re-establishing a watered-down version of Reedy Creek to unwind the legal mess. "
According to the report, Reedy Creek bonds are plunging in value over repayment concerns.
https://www.wsj.com/articles/floridas-1-billion-disney-question-11651347911?mod=hp_lead_pos11
