Is anybody going to the BNP Paribas Open in Indian Wells CA?
The tennis tournament starts tomorrow, hopefully it will be memorable. However, something fishy is going on.
Remember the bankruptcy of the Lehman Brothers? It turns out that the BNP Paribas bank was one of Lehman's biggest unsecured creditors, right before they went bankrupt!
How in the hell can they afford this tournament, since they lost lots of money when Lehman went down? If you were part of a large financial institute, what is the reasoning behind sponsoring a tennis tournament? (Not counting obvious PR-stunt)
- global trotterLv 61 decade agoFavorite Answer
Back a couple of months ago, this problem was placed on the table by ATP organizers. And the attorneys started working on the funds deposited with Lehman Brothers. I haven't heard since how the deal was progressing.
Yes, I'm concerned about the prize $ for the players...
I'm not returning to the Palm Desert event this year, but some of my friends are going from AZ. I believe the BNP Paribas has been affected like many other banking sytems...I wonder if they will use the emergency fund ? As you know the Pacific Life isn't involved w/ Indian Wells..Big burden to the Paribas..Do you think the Paribas over expanded ? All I care is that our players, plus event workers are adequately compensated.
- ferretkissLv 41 decade ago
I don't know nor care to know the details about this company's finances, but will state a few things, (1) contracts surely were signed long time ago and terms must be fulfilled, (2) companies even in bankruptcy - if it is a going concern - will continue to spend on marketing, (3) not sure how much it actually costs, as there are revenues from both ticket sales and from TV coverage offsetting costs.
I went to Indian Wells last year and had a blast! Great tournament: best I've been to.
- 1 decade ago
yes i am going. hope to see u there