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CITY LIGHTS


study for Harvard Business School, where transplanted New York city hedge-fund magnate Mike Stone got his MBA back in 1988. With locals wondering


if the city’s politics will deliver a land-grabbing vic- tory to the biggest spender, Stone and his well-heeled La Jolla compadres have once again opened their wallets, this time to the tune of a million dollars. Stone’s latest money


move comes just days after the megamillionaire and his well-heeled compatri- ots disclosed March 23 that they had sunk an initial $1,391,599 into their effort to seize control of the Mis- sion Valley acreage by way of a petition drive to force the question to the city council, and if unsuccessful there, to city voters. In Stone’s hard-nosed


Wall Street parlance, pour- ing cash into the pockets of a bevy of Los Angeles lawyers, campaign consul- tants, public relations men, and paid signature gatherers is known as “burn rate.” The Stone team’s cash


burn is now approaching $2.4 million, and disclosure filings show that he and his partners are tapping into their personal funds for the money — in contrast to the billionaire Spanos family, who paid for last year’s ulti-


LETTERS continued from page 4


Cover story Posted March 29 Thanks. Wish that just one person like me could keep these places afloat. It’s the end of a very sweet era. I know my kids in their 20s are not gonna care enough to fix this no matter how many times I took them to White Rabbit or Barnes when they were kids. I am so sorry and so sad. — Francie Dunn


It’s been going on for a while, but it’s still shocking. Is buy- ing a book from a bookstore an elitist notion? Is reading a


CITY LIGHTS


mately failed Chargers sta- dium initiative with Chargers Football Company money. Top-giver Stone has per-


sonally given a reported total of $857,091, filings say, with Jon Dunbar, a partner in Stone’s FS Investors, con- tributing the least, $17,524. With such spectacular


stakes, it’s not surprising, critics of the privatization bid maintain, that petition carriers are not always telling the truth about the terms of the 600-page mea- sure, drafted behind closed doors by Stone’s group them- selves, presumably for their maximum financial gain. How much the partners


could ultimately make and other financial details are tightly guarded secrets. Nick Stone, another FS Partner said not to be related to Mike Stone, has given $43,810 to the cause, as has Univision sports hon- cho Juan Carlos Rodriguez of Miami, Florida. Ex-Qualcomm executive


Steve Altman has thus far come up with $292,565. Bridgewest Communities, an investment vehicle of the super-rich Tayebi brothers, have mustered $567,265, with Pete Seidler, the wealthy Padres managing partner from L.A.’s Marina del Rey, accounting for $569,532.


Matt Potter


newspaper elitist? Or are both just unnecessary and passe? The new non-exploding Samsung smart phone costs $650 a pop (so to speak) and that’s expensive, if notelitist, especially when every fam- ily member over age 10 has a device. Maybe this is just the outset


of a trend whose end we are too preoccupied to consider. Bookstores are disappearing. Newspapers are on the ropes. Our first celebrity apprentice- President is in the White House tweeting outright lies, platitudes and exaggerations. Maybe there’s much more of same to come but we are too “connected” to notice. — monaghan


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San Diego Reader April 6, 2017 29


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