Wednesday, May 10, 2006

$10,000,000

As in ten million dollars. That's how much concert promoter Live Nation is paying the city of Mountain View to settle a racketeering lawsuit over accounting practices at Shoreline Amphitheatre.

Details of the settlement came out after Tuesday night's council meeting. In addition to the lump sum, the two sides are signing a new lease that pays the city $1.8 million in annual base rent. The city also expects to get up to $1.3 million from its insurance company, since Clear Channel's original lawsuit (which does not look like it was such a good idea right now) revolved around safety issues.

The settlement money will go in part to cover the costs of the case. The city spent more than $4 million on this over the last three years, an incredible amount compared to other agencies who have fought with Clear Channel. The cost was mainly in legal fees ($3.1 million and counting), but it also included things like $200,000 in copying charges, which gives you a pretty good idea of the scale of the case.

As for what happens with the other $5-$6 million (which appears to be the back rent the city was claiming minus any damages or fees) now might be a good time to jump in with those hare-brained schemes you've been cooking up. My guess: the city spends it on something entirely reasonable and boring, like covering health benefits for retired city employees.

Now it's on to the next big story at Shoreline: why do people think it's cool to wear one band's t-shirt to another band's concert? I wouldn't wear a Red Sox shirt to watch the A's play the Mariners, why are you wearing a Bon Jovi t-shirt to a Journey concert? (Yes, I go to Journey concerts).

1 comment:

Osaka Steve said...

The last thing you brought up is one of man's great questions: What type of logswear is appropriate in each context. Remember Jeremy Piven's advice to John Faverau in PCU, "You're wearing the T-shirt of the band you're going to to see. Don't be that guy."