We rise in defense of Sidney Shlenker.
Now, we bet that’s something you didn’t ever expect to hear in this city.
We do it because of a comment in the otherwise impressive reporting by Chris Davis of the Memphis Flyer in his coverage of the Networx controversy.
In one of the articles, he of the multiple hats – both board member of MLGW and Networx - Nick Clark was quoted, comparing an offer to buy the troubled fiber optics company to the now legendary Sidney Shlenker, who fell from grace so fast that he went from being voted Memphis “Man of the Year” to much-despised goat in about three years.
Mr. Davis states it thusly: “
First off, Mr. Shlenker arrived on the scene after The Pyramid had already been championed by a number of local leaders, including financier John Tigrett, the politically-connected Lewis Donelson and others possessed by a dream for a signature building on the city’s riverfront. It was they, not Mr. Shlenker, who promised an arena for $39 million, “including the balloons at the opening,” as Mr. Tigrett once promised our mayors.
Second, it’s not as if Mr. Shlenker really conned anybody in
Big And Bigger
In the end, it wasn’t Mr. Shlenker’s greed that ruined the big plans for The Pyramid. It was city government’s. Once Mayor Dick Hackett convinced Mr. Shlenker that he should add
Had he been allowed to focus his financing and his plans on just The Pyramid, it seems likely that he could have succeeded.
It’s also worth remembering that it wasn’t just Mr. Shlenker’s plans that kept shape-shifting. So did the promise by Hard Rock Café founder Isaac Tigrett that he’d build one of the chain’s restaurants in the bottom of The Pyramid.
While Mr. Shlenker can’t seem to catch a break by the authors of the city’s history, it’s essentially a revisionist history that portrays him as conman and unethical fast talker. He was what the city asked him to be, and it was he who put all of his financial chips into the game against mounting odds and in the face of growing dissension with his partners.
Jaws Of Victory
In the end, he lost everything at the precise moment when it appeared that success was finally at hand. By that time, he and Mr. Tigrett would no longer come to a meeting in City Hall at the same time. Only days after a letter of intent was delivered from French bank Société Générale, agreeing to provide Pyramid financing for the music attraction, the restaurant, the inclinator and the attraction at the apex, the offer was withdrawn when the bankers received a devastating letter from a Memphian whom they would not identify that caused the bank to question and summarily withdraw the loan.
Mr. Davis is right in describing Mr. Shlenker as
Sitting up in his hospital bed in the
And he did.
A few weeks later, the entire Pyramid plan was as dead as Mr. Shlenker’s chances of being named again as “Man of the Year.”
All of this should serve as a cautionary tale for what strange things can happen when political expediency and civic boosterism converge and give birth to promises that outstrip common sense. It is in such a cauldron that promoters of implausible ideas are treated as saviors of the city by politicians reluctant to conduct basic due diligence for fear of having to abandon the latest magic answer to the problems of