Business Services Industry
News about Gateway finances worries project's bondholders. (Gateway Economic Development Corp.; clients of Cowen & Co. and McDonald & Co.)
Crain's Cleveland Business, April, 1991 by Shingler, Dan
News about Gateway finances worries project's bondholders Publicity surrounding snags with the Gateway Economic Development Corp. stadium/arena project are causing some investors who purchased the project's bonds to become concerned - but with little reason, say dealers in the securities. Tom Watterson, manager of the municipal bond department at Cowen & Co.
in Cleveland, estimated that eight to 10 of his clients have called expressing concerns since publicity surfaced about a gap in the project's financing, first reported at $27 million but then said to be as high as $95 million. Mr. Watterson has 50 clients who own the bonds. "The public perception is that the project's in trouble; my bonds are in jeopardy," Mr. Watterson explained. Robert Clutterbuck,...
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