Oakland Raiders Las Vegas Stadium Money Woes Cause $278 Million Mechanics Lien
Oakland Raiders Las Vegas Stadium Money Woes Cause $278 Million Mechanics Lien - Video
Oakland Raiders Las Vegas Stadium Money Woes Cause $278 Million Mechanics Lien The Oakland Raiders and The Las Vegas Stadium Authority (which represents Clark County, Nevada) “have a money problem”. Those are the words of an Oakland-based real estate lawyer who did not (yet) want to be named, but said in reaction to the news of the $278 million mechanics lien filed against Clark County Nevada and the Raiders. The mechanics lien was filed by Merrill Steel and the letter reporting it was presented to the Las Vegas Stadium Authority as part of the agenda for the March 21st meeting. Bradley G. Taylor, a Las Vegas attorney for the law firm of Gordon Rees Scully Mansukhani, submitted the mechanics lien on behalf of Wisconsin-based Merrill Steel. My real estate lawyer source said that “filing a mechanics lien is no small thing. It means someone is demanding to be paid for material and services rendered, and has not been paid. On normal situations, with a project this large (over $2 billion in total costs), you have deep pockets. And there would be a performance bond to cover those costs (so that contractors like Merrill Steel are paid).” The documents placed on the website of the The Las Vegas Stadium Authority revealed that a performance bond was, indeed, filed, but it's total value of $105 million, whereas the total value of work done was $172 million, and only $93 million was paid, leaving $70 million due. “It looks like someone wasn't paid all they were owed,” my real estate lawyer source observed. Indeed, the The Las Vegas Stadium Authority presented show a total value of the work done, when both pending and approved change orders totalling $99,109,423 are added, comes to $278,522, 974. Again, $93 million was paid, $70 million is owed, and $8.6 million is contract retention. But, even with that $163 million paid and owed, there's still and additional $115 million of unpaid work caused by the change orders and thus the lien against the property itself. That comes to a total of $278 million – the value of the lien. My real estate lawyer source specifically said that I can say the parties have a money problem “Maybe someone didn't pay the premium on a bond? Whatever, there's clearly a money problem.” This vlogger has pointed to two primary sources of that money problem: the less than forecasted revenue from the Clark County Stadium Hotel Tax, and the less than $1 billion in sponsorship revenue secured to date. Attempts to receive answers to this problem are ongoing, but no official has responded yet. Calls to the lawyer for Merrill Steel have, to date, went unanswered. At the March 21st Stadium Authority Meeting, Don Webb, the Raiders' construction manager for the Las Vegas Stadium project, said ““Without editorializing too much, our steel fabricator who filed that lien has been paid every dollar that they’ve ever billed, so that’s very curious and unusual in my experience. Typically, a lien is filed after you’ve exhausted other remedies to collect that which you are owned. And certainly to allege that you’re owed something that you haven’t even billed is rather creative.” My real estate lawyer source responded to that by saying “They filed a lien because they haven't been paid. And do you know what that means? It means they (Clark County and the Raiders) have 60 days to respond by paying them. If they don't do that, the lien filer can file a lawsuit for payment. This is serious.” Stay tuned.
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Oakland Raiders Las Vegas Stadium Money Woes Cause $278 Million Mechanics Lien The Oakland Raiders and The Las Vegas Stadium Authority (which represents Clark County, Nevada) “have a money problem”. Those are the words of an Oakland-based real estate lawyer who did not (yet) want to be named, but said in reaction to the news of the $278 million mechanics lien filed against Clark County Nevada and the Raiders. The mechanics lien was filed by Merrill Steel and the letter reporting it was presented to the Las Vegas Stadium Authority as part of the agenda for the March 21st meeting. Bradley G. Taylor, a Las Vegas attorney for the law firm of Gordon Rees Scully Mansukhani, submitted the mechanics lien on behalf of Wisconsin-based Merrill Steel. My real estate lawyer source said that “filing a mechanics lien is no small thing. It means someone is demanding to be paid for material and services rendered, and has not been paid. On normal situations, with a project this large (over $2 billion in total costs), you have deep pockets. And there would be a performance bond to cover those costs (so that contractors like Merrill Steel are paid).” The documents placed on the website of the The Las Vegas Stadium Authority revealed that a performance bond was, indeed, filed, but it's total value of $105 million, whereas the total value of work done was $172 million, and only $93 million was paid, leaving $70 million due. “It looks like someone wasn't paid all they were owed,” my real estate lawyer source observed. Indeed, the The Las Vegas Stadium Authority presented show a total value of the work done, when both pending and approved change orders totalling $99,109,423 are added, comes to $278,522, 974. Again, $93 million was paid, $70 million is owed, and $8.6 million is contract retention. But, even with that $163 million paid and owed, there's still and additional $115 million of unpaid work caused by the change orders and thus the lien against the property itself. That comes to a total of $278 million – the value of the lien. My real estate lawyer source specifically said that I can say the parties have a money problem “Maybe someone didn't pay the premium on a bond? Whatever, there's clearly a money problem.” This vlogger has pointed to two primary sources of that money problem: the less than forecasted revenue from the Clark County Stadium Hotel Tax, and the less than $1 billion in sponsorship revenue secured to date. Attempts to receive answers to this problem are ongoing, but no official has responded yet. Calls to the lawyer for Merrill Steel have, to date, went unanswered. At the March 21st Stadium Authority Meeting, Don Webb, the Raiders' construction manager for the Las Vegas Stadium project, said ““Without editorializing too much, our steel fabricator who filed that lien has been paid every dollar that they’ve ever billed, so that’s very curious and unusual in my experience. Typically, a lien is filed after you’ve exhausted other remedies to collect that which you are owned. And certainly to allege that you’re owed something that you haven’t even billed is rather creative.” My real estate lawyer source responded to that by saying “They filed a lien because they haven't been paid. And do you know what that means? It means they (Clark County and the Raiders) have 60 days to respond by paying them. If they don't do that, the lien filer can file a lawsuit for payment. This is serious.” Stay tuned.
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