The author of the article didnt provide conclusive information one way or the other....
"One team official told CNBC that it had a multi-year deal with the company that provided for either the team or Spongetech to get out early. The official said that SpongeTech did pay for its 2009 signage, but that the rest of the deal has been canceled."
Where in the above does it state which party retracted the contract? It simply states that both sides had an out, yet it didnt specify who backed out.
If you handled advertising space and there was more supply than demand and you desperatly cut deals with an agressive negotiator because you were losing money by the day. Times where scary and economy EXTREMELY unstable so you dump the ad space for .20 cents on the dollar with a clause for either party to cancel after first year.
Then the Economy seemingly pics up (enough to at least double the value of the ad space)... what would you do?
No brainer. Ax the .20 cents on the dollar and sign a .40 or .60 (or more)
I have no arguement with the logic, But there could easily be other reasons as well and I dont think thats the reason in light of all the other circumstances surrounding this company.
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