The bankruptcy of Oregon Arena is complete, and Paul Allen has given up control of the Rose Garden to creditors. The Blazers, unable to sell a big chunk of their prime seating (luxury boxes and courtside seats) in recent years, have been unable to generate the rent required to pay off the 1995 facility. Having insurance companies in control of the facility - rather than another arm of Allen's corporate holdings - would not appear to help matters much.
Portland was once a great NBA city. Something has poisoned the well of pro basketball in the US, and the NBA has a tough job on its hands to diagnose and fix the problem.