NY Islanders Sale Talk Part II

[IslesRock4]

Part I: http://hfboards.mandatory.com/showthread.php?t=1633657

Click to read more...

 

[scott99]

Thank goodness, Can we PLEASE keep this thread on topic, ONLY about SALE news, none of that anti-Brooklyn vs pro-Booklyn B.S.

 

[doublechili]

Thank goodness, Can we PLEASE keep this thread on topic, ONLY about SALE news, none of that anti-Brooklyn vs pro-Booklyn B.S.

I second that. Let's stay on topic and not keep bringing up the same old unrelated topics!

So, how does everyone think Josh Bailey will do in Brooklyn?

 

[BD]

Hyped Isles “Impending†Sale Doesn’t Pass the Litmus Test

My latest...

HERE COMES THE BOOM! Hyped Isles “Impending†Sale Doesn’t Pass the Litmus Test
http://hockeyindependent.com/blog/bdgallof/54059/


Cheers y'all,

BD

 

[The Underboss]

If you want to discuss Brooklyn, do so in the link below. This thread is strictly about the sale of the Isles.

http://hfboards.mandatory.com/showthread.php?t=1453671

 

[CREW99AW]

My latest...

HERE COMES THE BOOM! Hyped Isles “Impending†Sale Doesn’t Pass the Litmus Test
http://hockeyindependent.com/blog/bdgallof/54059/
Though the NHL have made it known to prospective owners that the NY Islanders are for sale, there seems to be some assumption in lieu of actuality that Charles Wang wants to disconnect himself from the Isles and hockey operations. Nothing could be further from the truth. A percentage of the Isles is for sale, folks. Not sure why this is being ignored.

Assumption #1: Charles Wang wants to step away from hockey and give someone else control….

Charles Wang, proverbial fan-blame pin cushion to a slower than desired rebuild and step backward, is still a important fixture and partner to the hockey ops of the organization. Besides that he has always been a vested part of the hockey operations, people seem to forget he has a vested stake is seeing it through. He will not step out of the way, and let’s also add NeuLion’s important and oft-forgotten entrenchment as a NHL partner and technology piece of the pie. A company that is poised to try to get on NADSAQ soon. Their partnership with the NHL is paramount for that effort.

This has been furthered echoed as percentages change and price hikes in the rumor-mill. No person who just wants to hand it off sticks to a hard line and price. Sorry.


BD

Wang reportedly is discussing selling 75% of his team. Do you really think he can sell a majority and still call the shots? Still keep Snow and his choice of coaches?

 

[Felix Unger]

That was 30 seconds I'll never get back. I was sort of curious what the "litmus test" was, but realized after some bafflement that there is none.

 

[BillD]

Wang reportedly is discussing selling 75% of his team. Do you really think he can sell a majority and still call the shots? Still keep Snow and his choice of coaches?

Who would shell out $278MM ($75% of $370MM asking price) and get told to shut up and sit down, I, the $25% owner will call the shots? Would you?
Wang is being irrational and difficult, putting up obstacles to a sale. Makes you wonder if this is just a stalking horse to see if he can get interested parties at his first price point, then maybe go higher?
By some accounts he is facing a $75MM debt maturity sometime this summer that will be a nut for him to swallow if he doesn't get a buyer in place with cash in hand to deal with at least that.

 

[scott99]

The Barroway “purchasing†the NY Islanders is one of the most hyped-up over spun stories with a lack of fact.

The last 10 words of this sentence can be used to describe the story you wrote BD. I'm sorry, But I would take Botta's word about something over yours 10 times out of 10. Your info and rumors are as credible as Incarcerated Bob's. Like one of the gentlemen stated in the comments about your story, I'm sure you're a nice guy, but sheesh, any fan can write a story nowadays and people print it as fact. I respect you as a person, and respect your press credentials though.

 

[And You Feel Shame]

I was just happy to hear that this "has been furthered echoed as percentages change price hikes in the rumor mill".

What a relief!

- the masked grammar-cop

 

[scott99]

Who would shell out $278MM ($75% of $370MM asking price) and get told to shut up and sit down, I, the $25% owner will call the shots? Would you?
Wang is being irrational and difficult, putting up obstacles to a sale. Makes you wonder if this is just a stalking horse to see if he can get interested parties at his first price point, then maybe go higher?
By some accounts he is facing a $75MM debt maturity sometime this summer that will be a nut for him to swallow if he doesn't get a buyer in place with cash in hand to deal with at least that.

Exactly, why would anyone who has 75% of the pie sit back and let the person who has 25% be in control of everything ? Makes ZERO sense.

 

[airbus220]

If you want to discuss Brooklyn, do so in the link below. This thread is strictly about the sale of the Isles.

Sure it's good to stay on topic, problem is, there is no sale, only negotiations. And negotiations means that both parties are still far apart.

Ask yourself, why would you pay a high price when there is no other who would pay that much.
And why should you buy now. Still too early.

 

[BillD]

Well again, we the public know nothing of what has actually transpired, where things are, and how they will end. Wang has put up the Great Wall of China and refuses to disclose anything on the subject in public with the exception of the issued Memorandum of Offer.
Andrew Barroway has been identified by a leak and "confirmed" by several other sources as a person interested and/or in negotiations with Wang to buy the team.
Any position taken by any poster on this or any other message board, or by any blogger is unreliable......no one simply knows except Wang and Barroway and their people.
There could be no deal, or there could be a deal that will be announced as soon as tonight. Either opinion can not be authenticated.
I have a belief that a deal is very close to being finalized, but that is just my own opinion, as good as anyone else's. The ticking tome bomb is the $75MM note that matures this summer. Wang will not want to pay this, the money will have to come from partial proceeds of a sale.

 

[airbus220]

The ticking tome bomb is the $75MM note that matures this summer. Wang will not want to pay this, the money will have to come from partial proceeds of a sale.

If you know this, Barroway knows too. Wouldn't you then wait to get Wang desperate? The fraud who seems to just gave Snow a 10 year extension, knowing he wants to sell.

 

[OlTimeHockey]

Wang reportedly is discussing selling 75% of his team. Do you really think he can sell a majority and still call the shots? Still keep Snow and his choice of coaches?

Not to get into CA or LHP or ANY OTHER BS but to testify as to his character:

When he resigned from CA, he later tried to influence company policy and work the board after the Sam Wily incidents.....when he had NO STANDING.

CA has gone onto success since the accounting scandal but initially he did meddle - or try to - but was rebuffed.

So I say he will try, possibly, to get his Sumo goalie mantra going but there's no reason to fear if he has no standing except as minority owner {for all intents and purposes, minority owner bowing out in disgrace, as he did with CA}.

The majority owner calls the shots unless there is stipulation in the sale contract that majority owner is passive, minority active. I don't see that happening.

 

[BillD]

Not to get into CA or LHP or ANY OTHER BS but to testify as to his character:

When he resigned from CA, he later tried to influence company policy and work the board after the Sam Wily incidents.....when he had NO STANDING.

CA has gone onto success since the accounting scandal but initially he did meddle - or try to - but was rebuffed.

So I say he will try, possibly, to get his Sumo goalie mantra going but there's no reason to fear if he has no standing except as minority owner {for all intents and purposes, minority owner bowing out in disgrace, as he did with CA}.

The majority owner calls the shots unless there is stipulation in the sale contract that majority owner is passive, minority active. I don't see that happening.

Exactly. Barroway is not a fool, he is a hedge fund operator, investor, and long time attorney for creditors rights. He has been around the block and seen a lot of things. Even a neophyte would not plunk down or commit to investing $278MM and then allow the guy you paid it to do what he wished with the asset you just paid all that money for. In essence he would be hiring Wang and his monkey Snow to run his hockey operations department because they have shown so much ability and knowledge over the years and had so much success. Yes, there IS a bridge right there in Brooklyn and it is for sale cheap.

 

[N Ireland Nets Fan]

The way I see it is Wang is asking for a dreamland figure of over $350m, people are contacting him to confirm the price but have no interest in paying anywhere near Wang's asking price, rinse and repeat.

Eventually I think Wang will lower the price and a deal gets done but until then I don't see anything happening personally.

 

[BillD]

The way I see it is Wang is asking for a dreamland figure of over $350m, people are contacting him to confirm the price but have no interest in paying anywhere near Wang's asking price, rinse and repeat.

Eventually I think Wang will lower the price and a deal gets done but until then I don't see anything happening personally.

I think the price and terms of payment and interest are settled, but the deal is not final yet until all the details are sorted through. That allows Wang to continue to hear offers. It happens in industry a lot, even when the boards of directors of two merging companies vote approval. Until final offer and acceptance are signed, a new offer can be considered.
It is a bit sleazy but has happened with guys like Carl Ichan and other corporate raiders bring last second enhanced offers, usually more cash less terms. Wang would be open to that and possibly encouraging it. A buyer does not like to see that happen because there is cost involved in making a bid....legal, accounting etc.
The key to me is the maturing note, reported to be $75MM. It was assumed by Wang as a $66MM note when he bought the team.

 

[OlTimeHockey]

What if the $350M figure were to DEDUCT the loan? $273M?

Still a bit too much chronic in Wangland....but as a starting point it's just funny....not outrageous but funny. The team should be Wang's for a long, long time unless he gets desperate or closes his Neulion deal soon.

 

[lorwood]

Wang loves basketball

The L.A. Clippers will soon be for sale.

Wang should sell the Islanders to help finance a purchase of the Clippers.

Let the N.B.A. have him!

Just a dream.

 

[Felix Unger]

Wang loves basketball

The L.A. Clippers will soon be for sale.

Wang should sell the Islanders to help finance a purchase of the Clippers.

Let the N.B.A. have him!

Just a dream.

Not sure Wang can afford an NBA team.

 

[N Ireland Nets Fan]

Wang loves basketball

The L.A. Clippers will soon be for sale.

Wang should sell the Islanders to help finance a purchase of the Clippers.

Let the N.B.A. have him!

Just a dream.

Ratner is selling his 20% stack in the Nets, maybe he's doing it with an eye on the Isles. That's obviously complete speculation in regards the Isles but Ratner is selling his share in the Nets, which is strange because with the new TV deal being hammered out for the NBA the price of teams should make a large jump once it is sorted, so selling before that must have a reason behind it of why Ratner wants the money.

http://online.wsj.com/news/articles/SB10001424052702304893404579531730623901734

 

[First Blood]

If the NBA Commish can kick an owner out of basketball then why cant Gary Bettman kick this clown out of owning the islanders and force him to sell enough is enough whos with me

 

[scott99]

Ratner is selling his 20% stack in the Nets, maybe he's doing it with an eye on the Isles. That's obviously complete speculation in regards the Isles but Ratner is selling his share in the Nets, which is strange because with the new TV deal being hammered out for the NBA the price of teams should make a large jump once it is sorted, so selling before that must have a reason behind it of why Ratner wants the money.

http://online.wsj.com/news/articles/SB10001424052702304893404579531730623901734

His 20% of Forbes current valuation of the team worth (780 million) is only 156 million. That is way less than what is needed to buy the Islanders. AND, that 156 million would not be HIS money alone, the 20% he still owns is with a group of investors. Nothing to see here, he just wants to get out of the team owning business.

 

[doublechili]

Ratner bought the Nets to bring them to his real estate development as the anchor team (note to Wang: start the real estate project, THEN buy the team).

Now it's "mission accomplished" and he has a secure tenant for bball in BK. Could it be that he wants to firm up the Isles, especially the games at NVMC, by purchasing a significant share (majority vote in ownership group) of them?

The $156 million Nets' valuation is based upon Forbes' numbers, but Wang is supposedly asking way more than Forbes values the Isles. So perhaps Ratner gets more. If he's a 51% investor in a group (needing maybe $175 million), say Barroway's, wouldn't he then be able to control where the Isles play (including the games at NVMC)? And maybe even have a say in where their minor league teams play? So maybe he ends up with 6 NHL games and 40 or so AHL games at his NVMC.

Maybe this scenario is impractical for some reason - just speculating here.