Don't let TM near BOCS - Victoria got burnt

http://www.audit.vic.gov.au/mp2000/mp00dpc.htm#3.6.51

Check out this section, now would you go into joint venture with them?

Only thing that stops TM selling your grandmother is that you won't pay the booking fee!!

Sale of ticketing joint venture interests – Victorian Arts Centre Trust

The result achieved from the sale of Victorian Arts Centre Trust's interest in 2 ticketing joint ventures was at the lower end of independent valuations obtained prior to the sale, and well below the recommended sale price advised to the Trust in August 1998.
Paras 3.6.51 to 3.6.58

The net proceeds from the sale of the 2 joint ventures to the Trust, after taking into account the costs of sale of approximately $511 000, were around $3.4 million.
Para. 3.6.58

aha ....

3.6.50 Subsequently, the Trust received legal advice indicating that Ticketmaster Corporation had committed the following possible breaches in relation to the joint venture arrangements:

Joint Venture 1

A contribution of $670 000 towards the acquisition of FirstCall without the knowledge and approval of the Trust or its representative;

The submission of tenders with conditions to make significant up-front payments without the prior agreement of the Trust; and

The withholding of management incentive payments to the Trust;

Joint Venture 2

The acquisition of FirstCall and the entering into related financing arrangements; and

The submission and negotiation of ticketing tenders relating to the Sydney 2000 Olympics without prior agreement of the Trust of the terms of the tender.