5-Dec-2012 (Wed)
Wherein I again wonder, "Where's My Bailout?"

Hey, great news everybody! You remember how San Francisco loaned $7.5 million to catastrophically-mismanaged local venue Yoshi's? (Which is to say, they loaned them $6 million, and then when they burned through that without paying back a dime, they loaned them $1.5 million more.)

Well, the first payment on that loan came due this week, so in an absolutely coincidental and unrelated move, Yoshi's just declared bankruptcy. Oh, but, "We're continuing to operate business as normal," says their PR Director.

Gee, why can't I get someone to "loan" me $7.5 million dollars of the taxpayers' money and then default on it -- while still getting to keep my business?

If that happened, I could probably afford to hire a "PR Director"!

It's like that scene in Office Space: "I don't think I'm gonna go to work any more." "What are you going to do about money and bills?" "I never really liked paying bills, so I don't think I'll do that either."

As I rhetorically asked a couple years ago, "Where's my bailout?"

Oh, also we got our fourth annual blow-off from the Noise Pop festival again, so that's... totally expected. "I'm not sure it's going to work out for us right now, maybe next time!" Uh huh.

Meanwhile, I can tell that the show we have tonight is going to be crap, because any time the promoters make my Twitter feed look like this, the event is an unmitigated disaster:

@Santana_YFGMB: @elmothedj @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @Goof_WhoElse @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @Millionz10 @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @smokeahontaz @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @JTeklai @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @MiryMade @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: This Wednesday @dnalounge #CSM x #JLR x #TSMG x #RFTPS are turning up w/ @Pharoahjewels x @CurrenSy_Spitta x @G_MALY tickets $25
@Santana_YFGMB: @YNGCA @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @recklesslivin @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @pytKillaL @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @PHEEELDEGUZMAN @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @NuNu_IsWeird @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @J_AveryRFTPS @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @wassupKIMMY @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @iSNEAKERBOX @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @imabeastbxtches @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @vznaryjay @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @DNas @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @SemCityy @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @djamen3000 @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @BitchesNBlunts @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @babu_beatsworld @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @suckmyLOVEjuice @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @KELLtoosuave @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @epierre1990 @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @ivorionda @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: @CoutureKisses_ @CurrenSy_Spitta x @Pharoahjewels this Wednesday @dnalounge tickets are $25
@Santana_YFGMB: Come out & support Flight x The Jets this Wednesday @dnalounge tickets are $25 hit me up.

Sigh.

23 Responses:

  1. Craig says:

    Hahaha sorry little buddy!

  2. Be Culchural, Book Moar Jazz.

  3. I immediately thought of you when I saw that story. Clearly you need to spend more time acquiring the right customers.

  4. Dave says:

    Well of course they're getting bailed out--without Yoshi, how would the Bay Area accommodate scary talent like Kenny G?

  5. MattyJ says:

    I think I see the problem. Yoshi's only charges $26 for a pork chop. Maybe if DNA Pizza were more classy and charged $15 for a slice the city would feel you're worthy of a bailout.

  6. phessler says:

    [Yoshi's PR Director] said the [bankruptcy] filing stems from disagreements between the owners of the two Yoshi's clubs over "the value and validity of certain obligations to vendors"

    Remember kiddies: don't bother to pay your old debts.

  7. Pavel says:

    This example seems to show that ignoring old debts nets you 7.5 million dollars.

  8. conspiracyGuy says:

    Remember Watergate? Follow the money. Who approved the $7.5M, and what happened to the money after Yoshi's got it?

    Instead of Watergate, this could be SFGate. Heh...see what I did there?

    • MKV says:

      It's not that it's hard to backtrace the fraud that is most cities' redevelopment agencies, it's just hard to get anyone to care. Insert Wire reference.

  9. Perry Metzger says:

    For someone who claims to dislike libertarians, Jamie, you seem to sound like one an astonishing fraction of the time.

    • Cyrus says:

      It always amazes me how libertarians interpret anyone in favor of reasonable governance and use of funds as a fellow libertarian. Perhaps surprisingly, a great number of people are in favor of state services, yet still find themselves able to criticize stupid decisions by that very same state! Mind blowing, I know.

      • Leonardo Herrera says:

        Probably because that great number is not so.

        • Cyrus says:

          Whatever. If you can't bother yourself to familiarize yourself with American public opinion, I'm not going to do it for you.

      • i am never amazed by anything libertarians believe, considering the kind of shit you have to believe to be one in the first place.

    • jwz says:

      If I sound that way to you, then I'm afraid you're not really listening.

  10. Kristofer Hess says:

    The amount of fuzzy-headed liberal stupidity here is high, but I'll focus on the key items:

    1. Chapter 11 bankruptcy allows a business to continue to operate while things are being sorted out, but does not change the economic outcome of insolvency for stakeholders. So, in this case, the former creditors of Yoshi's (e.g., the city) will very likely emerge as its new owners, and the former owners of Yoshi's will very likely emerge with nothing. So there will ultimately have been no bailout, and nobody will ultimately be netting $7.5m, although the city may be out that amount. And I-am-a-lawyer, so no disclaimer. Of course, the city becoming an owner of Yoshi's doesn't sound like a great idea, but maybe no dumber than most things that the SF government causes to happen.

    2. If you give the government the power to forcibly take money from people and invest it in private businesses, that power will frequently be abused as in this case, and will rarely produce any benefits. Russia, France, Japan, China, California--the examples are legion. Libertarians and most Republicans don't want that result and don't want the government to have that power. Socialists and most Democrats also don't want that result, but do want the government to have that power. I'll leave for the reader to determine who the idiots might be.

    • will rarely produce any benefits.

      ...said a man on the ARPAnet, somehow not dying of shame.

      • Kristofer Hess says:

        And paying private contractors market fees to develop ARPANet for appropriate government purposes = corrupt, off-market investments in the equity or debt of such contractors how? Fuzzy-headed liberal stupidity, res ipsa loquitor.

    • Ronald Pottol says:

      While there are mythical republicans who feel that way, almost all the ones who make it into office feel just like everyone else in office, and want to give other peoples money to their friends.

      I'd vote for any mostly principled electable politician, but they are rare, in any party.

    • ix says:

      1) That $7.5 million was spent on something, so I think it's a bit premature to say nobody made out on it.

      2) You seem to have picked your examples based solely on how much Fox hates them.

  11. Kevin says:

    I'm glad someone intelligent is paying attention to local politics. But, brah, you gotta say $7.5MM.

  12. Will Sargent says:

    I wonder how much of Yoshi's is tied up with the Western Addition redevelopment project. It could be that the City puts money into Yoshi's just because it'd be politically embarrassing to have it go under.

    http://www.sfgate.com/bayarea/article/Sad-chapter-in-Western-Addition-history-ending-3203302.php#page-2