3-9 is an interesting scenario but I hope for all our sake it doesn't happen. But it could. Then what happens to the remaining PSLs? I was just listening to Fatcessa this morning and he was yapping away about how tough a schedule the Jets have. "The Jets should consider themselves lucky if they are 2-5 by Game 8." I'm not agreeing with this, just reiterating what he said. And this is why I'm surprised Woody allowed the ticket salespeople to take a "vacation" and stop calling. It's crunch time now. If the Jets should tank in the beginning of the season, starting on Sunday, then lose to NE on the 20th, can you imagine the resistance then to not only buying the remainder of the 2009 tickets, but the 2010 PSLs as well? My God, it's going to be a bloodbath trying to sell those fucking things.
I wish I could be confident about this season but I am preparing myself for a tough 1st half and a better 2nd half. We have a new QB, coach, defense and no punter. A win Sunday would be HUGE but its a lot to ask. I hope I am wrong and at 1pm I will be super pumped. If we suck, at least WoodYee takes a hit
I feel the same way. It's hard to explain, but if we tank this year, I hope the ticket sales for 2010 tank even worse. If I have to go into the tank as a Jets fan, I want Woody to suffer even more. I know that's petty and probably not what a "true Jets fan" should be thinking, but nonetheless, I find myself thinking that. Glad you brought that up, because I thought I was the only one thinking that. And please, don't anyone tell me I'm not a Jets fan. Been rooting for the team for over 4 decades and personally been going to the games since the late 60's... had my own season tickets (4) since 1986.
im with you 227 imagine how much money 30k put into a college fund could be in 15 years. its a damn shame but i feel the same way as you do about woody. i am so sickened by him and this franchise at this point that its sad.
Did you folks see this about that crook Findel who paid 400K for PSL 's - Woody's Buddy! Monmouth County mortgage broker David Findel seemed to bullishly defy the real estate crisis last October when he bid a record $400,000 for 50-yard-line season tickets to watch his beloved Jets at the new Meadowlands stadium. Findel, the 44-year-old president of Worldwide Financial Resources in Morganville, said the move was, in part, a business investment. But authorities say Findel's business was actually in a free fall. To cover losses, they say he was selling banks phony mortgages. Yesterday, the alleged scheme finally crashed to the ground, and Findel stood before a federal judge in Newark, charged with an $11 million wire fraud. "This is a man who had it all," said Weysan Dun, head of the FBI's Newark office. Findel stood quietly during the brief hearing, wearing a dark blue suit with gold cuff links. U.S. District Magistrate Judge Mark Falk released him on $1 million bond, secured by Findel's $4 million house in Colts Neck. If convicted of wire fraud, he faces up to 20 years in prison, said Kevin O'Dowd, an assistant U.S. attorney. Findel abruptly shuttered his Worldwide Financial last week, leaving more than 100 employees out of work. Authorities say his family founded the firm in 1988 as a financial planning company. By 1993, Findel had moved into the mortgage market. In some cases, the firm helped homeowners secure loans from other lenders. In others, it lent money directly to buyers. In those cases, Worldwide Financial Resources took out loans itself and resold the mortgages to pay them back. Each month, the firm financed roughly $90 million in mortgages, authorities said.
good i hope they give that scumbag all they can. they shoulda took his gold cufflinks and sold em and given the money to the people he owes. they shoulda taken his suit too. left him there in his tighty fuckin whiteys. greedy cocksucker. theres your fuckin posterboy woody.
I see a lot of people worrying about the ticket prices going up dramatically. I don't get it. I mean, maybe because I'm using the 15 years to pay for my tickets I'm not as exposed to this... but if the prices were to double in the next 3 years I would only be 3 of 4 PSL payments on the hook. I could just flip the PSL for what I could get, or walk away from it. Sure, I'd be out a few bucks... but I really doubt they are planning on jacking up ticket prices. I mean, they can hardly sell the seats now from the looks of things. Am I nuts? Or am I missing something? Are most people paying the full PSL nut up front?
I would say wait till the economy rebounds, then see how ticket prices go. Plus team performance will dictate how much money you get back.
I think Woody if he has ant decency should leave the prices where they will be next year for at least a few years. He's be a idiot not to, like you said things are n't going well at all. He probably thought this would've been done by September or so. I put half down, but I plan on keeping mine for the long haul. This is my only interest that I put substantial money into, so that's how I justify it.
I tend to agree with the last two posts. If sales are bad now,how could they justify raising prices. Everyone says , we'll your locked into the PSL - so they don't care. But , they will care if more people who already have tickets bail and they can't replace them . It was different a few years back when tickets were in demand and our waiting list was long. Sure non PSL holders can bail easier - no future impact on them . But if a PSL holder bails the worst case is they are on the line for the PSL cost - but the Jets lose the revenue on the ticket sale. If you sy well the Jets can just sell them easily , then that would also imply a market for the PSL resale. Again I hate the PSL , but I just can't see all the negativity torwards those who are willing to buy them.
The last several pro-PSL posts stymie me and I don't know where to begin even. What part of "on the hook" are some not getting? You don't just walk out on the PSL payments. You're financially obligated for the full payment, just as with a car loan. Okay, you'll sell out to someone else and lose a "few bucks?" What did that translate into as far as ticket price if you did that? $900 per game or some such ridiculous amount? So no, you can't just call up the Jets and say, "I've decided to not pay the rest of what I owe you on the PSLs I bought, sell thenm to someone else. They'll tell you no, you sell them. And BTW, you're late with this month's payment, so we're reporting it to the credit bureaus. " I am telling you that Woody Johnson jacked Mezz ticket prices unmercifully for the past 8 years... good economy or bad, good season or bad. Don't think for a minute that either of those two things enter into the ticket pricing equation, PARTICULARLY if you are a PSL holder! That's my point! He's got you! He can raise your ticket price through the roof... you betcha... and how can he do that? BECAUSE YOU BOUGHT THE PSL! He'll do it because he can. In the uppers, without the PSL, people can tell him to shove it and walk away. And forget about the reasoning that "if a PSL holder bails the worst case is they are on the line for the PSL cost - but the Jets lose the revenue on the ticket sale." Okay, so lets see... the Jets pocket all the money you've given them so far for your PSL and eventually sell it to someone else. They lose nothing. You, on the other hand, are sucking wind. "Worst case scenario is you are on the line for the PSL cost.".... well, yeah... the Jets probably have the right to call the loan should you go into default (like a car loan), in which case, if you don't sell that PSL quickly to satisfy your debt, your credit goes in the crapper. Oh yeah, that's some "worst case scenario" all right. But you know what? I've been reciting this 'till I'm blue in the face and there will always be someone who comes along and says, "Oh, this can't really happen. Woody would never do that." Well, he already has, for the past 8 years. "Well, okay, in that case, he can't do that because the economy is bad." Oh, yes he can! And he can because you bought the PSL and gave him the opportunity to do it even in a down market. It's okay though. People are going to piss their money away on these things no matter how many warnings, so I just let it go. In the end, it's your money anyway and your decision to get into it or not. I've just been letting everyone know what our experience in the Mezz has been, and it's been brutal. Once a snake, always a snake. "But you promised you wouldn't bite me," said the little boy, to which the snake replied, "I know that's what I said, but after all, I AM a snake you know?"
Like I said if you walk away from a PSL, your out the PSL cost or less if you can sell it . So if soemone had 2 $4000 PSL's and assuming they wouldn't bail til year 3 . They would have paid roughly $5800 of the $8000 bill assuming 5 year financing option. Upon bailing they'd eat $2200 to pay off the loan. Now granted $2200 is a lot of scratch, but this is if they just walk away . Now given everyone's premise here that there will be no resale market on the PSL's - the Jets would be eating minimally $2400/yr. But basesd on your projections that Woody would increase prices every year, that number now goes up to what $3000/$4000 ??/yr revenue that the Jets are out. Now multiply this by the large number of people bailing as theorized here and its a large chunk of change the Jets and Woody will lose. And no these seats won't be on Ebay for $25 like those foolishly hope. The Jets would either resell them at face - which guess what means there is a resale market and those wanting out could sell their PSL or the more likely scenario - The Jets will try to avoid losing their revenue by hiking ticket prices. If there's demand( read a resale market) I can see them jacking prices, just like they've done in the past when there's been demand(waitlist) . If there's no demand or waitlist , raising prices and forcing people to bail only causes the Jets to lose money .
Bigmehl, no offense personally, but your reasoning is quite flawed and again, I feel I'm faced with explaining why. I don't have the time right now to get into that... and tomorrow may be worse for me timewise... so maybe I'll leave it to others to explain. But basically, I have quite a problem with two terms that you use... "eating" being one of them and "bailing" being the other. Please explain what it is to "bail" and also please explain how the Jets or anyone else will be "eating" the losses.
No offense taken. Bail means to walk away from the PSL - in otherwords to pay off the remainder of the contract and not buy the tickets anymore. Eating refers to the additional outlay of cash that would be needed to pay off the contract . I think I've explained the scenario in which the Jets would incur losses. Again, I'm in no way defending Woody or PSL's I'm just trying to point out reasons why I believe the Jets wouldn't raise ticket prices uncontrollably.
Very well then. You've defined the two terms. Okay, but bear in mind you owe the NY Jets the full value of the PSLs. By "bailing," you'll need to come up with the cash by selling the PSL yourself or by financing (and paying off) the balance with a home equity loan or by simply withdrawing the money from your savings account (assuming you have that kind of cash in your savings account). Good move if you have the money and a horrible financial burden if you don't and need to find another buyer to "bail" you out. Bottom line is, is this worth that kind of effort and financial stress, should you have other interests or obligations in the next 20 years and/or decide there are other things you want to do with your life and finances besides attend Jets games every other weekend in the fall, including meaningless preseason games? The Jets will incur no losses. None. Please be assured of that and also know that they are not concerned about any losses over your forfeiture of your PSL obligations to the NY Jets because there will be none. They'll find somebody else (some idiot) who will step up. They always have and always will. There will be a full house even if they have to offer a discount, as they are currently doing right now. The fact that you acknowledge that you might need an "additional outlay of cash that would be needed to pay off the contract" tells me you're smart enough to stay away from the program altogether in the first place. Who walks into a financial obligation thinking they might have to "bail" and need an "additional outlay of cash" to get the hell out of it? Those are EXTREME warning signs in any contractual relationship and should tell you right off the bat that this is over-the-top risky. I'm afraid you haven't convinced me. It's almost like you're living in an acedemic world (a hypothetical world) in which your theoretical instincts tell you "The Man" couldn't possibly raise ticket prices. The facts are, he has and he can. He has during the past 8 years, and he can because of the PSLs. There is no other logical argument I can present that better explains my position. Don't do it. Just don't. Watch on TV instead.
whats it been 10% for each of the past 5-8 years 227? thing is they will get their money from you, they WANT you to default, then they can go ahead and sell it again and make double off that seat? i would assume they could.
17a New Stadium Tour This is my first (and probably last) post on GG. I have found this thread to be helpful in the past and will "pay it forward" by sharing my seat selection yesterday (1991 seniority). As I waited for my rep to call, I had made up my mind that if I could not get something I could live with I would be prepared to walk. I currently have two seats on the aisle row 6, upper deck, Jets side. My hope was that only needing two seats, there may be something at least comparable. My rep called at 1:30. I immediately told her to forget the PSL schpeel because I had no interest. To her credit she quickly obliged. She began by telling me that in order to get the best possible seats I would be better off on the visitor side (shade) as the Jets side has mostly higher rows. I agreed and was given the following locations to choose (remember, two seats) Sec/row: 330-11, 331-12, 332-12, 333-14, 334-17, 335-21, 336-25, 342-21, 343-17, 344-9, 345-11. Sacrificing a little from the middle to get a little lower I chose 344 row 9. So let's see, I'm further in the end zone, higher up on the shady side and will incur a 40% increase in my tickets and in some strange way still realize things could have been worse. Like many of you, I will give this a try in 2010 and prepare myself to bid farewell to Woody and his "Monument of Greed" if I am not satisfied. Hope this helps those of you expecting calls.
