It's become fairly clear that the COG actually selling the bonds is a bit of a hail mary as investors are staying away for a variety of reasons. I think the more interesting factor is that rather than the COG just admitting that their end around didn't work and that their deal won't work as is, they're trying to pass the buck to blame the GWI as if the GWI is the only reason why people don't want to buy. The interest rate and the reports from all of the reputable sources of bond information like Moody's go hand in hand.
If anything, GWI will probably end up saving the COG some money as they won't have to pay back nearly half a billion dollars in interest and principle. In fact, if the bonds sell at 9%, it will actually cost the COG more than their "worst case scenario" of the arena getting boarded up while they move the entire COG five miles down the road.
Actually, if MH can be believed, I think your wrong. I think the bonds can be sold, but the interest rate right now is too high. Everything has a price.