The Securities and Exchange Commission analysis of the Town Toyota Center financing fiasco is peppered with synonyms for lies. “Materially false and misleading,” is often repeated. Statements to potential investors were “factually inaccurate,” the SEC says. There were “statements of untrue facts” and “material facts” omitted.
This is not shocking — the region has spent recent years dealing with horrid consequences of this debacle. Anyone could see that much was amiss, as collectively we were gifted with hindsight and a new financial burden. A $42 million default has clarifying power.