Will The Ambasador Bridge Be Next

It was very interesting what happened at the 9 AM news conference today held by Matthew Moroun. As you will see, there is much more involved than one might think.

There were three alternatives that were likely:

     1) No transaction whatsoever

     2) A partnership between the Moroun Family and another party

     3) A sale of the entire Moroun interest.

We know now what the answer is. Matthew Moroun told us:

"The deal is complete. The future of the Depot is assured. The next steward of the building is the right one for its future. The Depot will become a shiny symbol of Detroit's progress and its success.

The Ford Motor Company's Blue Oval will adorn the building.

I thank Bill Ford and Ford Motor for their vision and commitment to this building."

The speech was relatively short but it was very important in understanding what is going on not just at this project but at other projects in which the Moroun Family is involved.

If one listened closely to what Matthew said, one learned a lot about how to deal with them. More importantly, one learned how poorly the Governments have done in negotiating with them with respect to Ambassador Bridge. How can a deal with the Ford Company be completed in such a short time while the Governments have still not yet negotiated anything final with the Bridge Company in over a decade! Here is what I mean:

"On October 13, 2017 a meeting was arranged by a friend that connected me to the grand development I was looking for."

Hold on, you might be thinking. The deal took about eight months to negotiate. How could it have been so "friendly?" Here is what was said about the timeframe:

"The Depot's revitalization would only be part of enormous plan taking in much more than Depot itself. The developer had to be the owner and the user.

I would characterize the negotiations as respectful and they were not protracted in any way. The due diligence of checking out the bones of the building and formulating plans took the vast majority of the time."

What is very interesting is that the Bridge Company has owned this unit since 1992. That is quite a long length of time. Moreover, it was hardly a great project when they took over ownership:

"Although my father and I believed in this building and Detroit, many others did not. The New York Times labeled its iconic façade as an example of how far the city had fallen...

My father and I were quite alone, left only with a positive long term vision that no one else could see."

Gee, that sounds a lot like the way that the Morouns have handled the Ambassador Bridge since they have taken it over! Do you really believe, dear reader, what the Governments are saying about how they want to build a new bridge several miles downriver when the reality is they should be building a second bridge right beside the existing Ambassador Bridge. Is it really only the Morouns who have the "positive long term vision?"

Tell me, to which Moroun ownership business does this comment apply? Clearly, it is not only the Depot:

"My father and I were quite alone, left only with a positive long term vision that no one else could see. Certainly we had made acquisitions in the past that at first looked rough and later blossomed.

However, this one was different. Our critics were not just throwing words but rocks.

We held strong over many years."

Matthew made a relatively short speech. However, when one listens to what he said, one understands that there is a lot more stated about another major project about which the Governments ought to start thinking. The Governments need to start dealing properly with the Ambassador Bridge Company right now. Otherwise, their relationship will go on for a very long time and will involve lawsuits in both countries.