As Under Armour Collapses, CEO Builds Elitist Hotel & Whiskey Distillery | Zero Hedge

As Under Armour Collapses, CEO Builds Elitist Hotel & Whiskey Distillery | Zero Hedge
"Earlier, we reported on Under Armour’s epic stock collapse down over -75% from its September 2015 highs. 

...Simultaneously, Plank built an elitist only hotel in Baltimore’s Fells Point district called Sagamore Pendry.

The two year, $60 million dollar project was also constructed around the time of the whiskey distillery.

According to Kayak.com, the 128-room property sits on the historic recreation pier in Fells Point with rooms starting at +$335.
Interesting to note, a majority of Americans don’t even have $500.00 in savings, so a one night stay at Plank’s hotel does not welcome middle America...

JPM’s Wealth Inequality desk outlines that nearly 1/3 of households of color have a net worth of zero in Baltimore. Considering total population is around 620k, that means over 100k African Americans in the city are flat broke. This gives you a perspective of Baltimore’s economic disparities as Plank builds fancy things.

...And one more thing, Plank’s $5.5 billion dollar ‘city with-in a city’ for elites was in danger of failing this year. Goldman Sachs came in with a hockey stick save for $233 million back in September to rescue the project when the stock was 20% higher. With the latest tumble in the stock along with re-imaging plans for the company through layoffs and cost cuts. The idea of such a project is farfetched...

Bottomline:

Kevin Plank’s actions over the past few years will certainly go down in the record books of what not to do in a stock market bubble.
It’s only a matter of time when the overwhelmingly poor citizens of Baltimore wake up to the wide wealth inequalities produced by easy money policies of the Federal Reserve..."