Skip to main content

Featured Post

Atlantic Yards/Pacific Park infographics: what's built/what's coming/what's missing, who's responsible, + project FAQ/timeline (pinned post)

A snag with Nassau Coliseum refunds, thanks to Prokhorov's departure (updated/clarified)

The Concerts Were Canceled Months Ago. So Where Are the Refunds?, the New York Times reported yesterday, concerning refunds for Tool and Judas Priest shows at the Nassau Coliseum

Nassau County, the building's owner, says the former leaseholder, Mikhail Prokhorov's Nassau Events Center, is responsible. The latter entity claims to be “working closely with Ticketmaster regarding refunds" but wouldn't explain to the Times the reason for such delays.

Given that Nassau Events Center has walked away from the lease, the possibility of recourse remains in question.

The Times erroneously described the new leaseholder as the U.S. Immigration Fund, which is a regional center that recruits--and profits from--immigrant investors under the EB-5 program. But no one responded to my tweet, below. 

Clarification

(Updated 12/1/20.) I find that shorthand misleading, but it may not be completely wrong. The Times reported:

 The county directed further questions to Mr. Prokhorov’s company, Onexim Sports and Entertainment, which held the lease on the arena until August, when a deal brokered by Nassau County transferred it to an investor that had financed recent renovations to the 48-year-old building.

(As part of that deal, the investor, U.S. Immigration Fund — which is not affiliated with the federal government — paid more than $2 million that Onexim owed the county in back rent.)

The U.S. Immigration Fund was not the investor; it recruited 200 Chinese investors to raise $100 million. But an affiliate of the U.S. Immigration Fund, which manages that investment, may well now control the lease.

Comments