Management Eugene Melnyk -Lawsuits, rants, and more...

[Upgrayedd]

He was born on May 27th. Maybe that has something to do with it?

Likely because of this, I believe I have read a few times quoting him as saying 27 is just his fav number.

 

[BatherSeason]

I can’t believe how ridiculous it is that some people think there is a secret meaning.

His birthday is May 27

2. Don't mis-characterize a posters position or posts to something outlandish. in other words don't twist what somebody posts to the worst possible interpretation.

Nobody mentioned a "secret meaning" but you.

 

[Spartachat]

What if he is waiting for the lottery draft in April to see if he will get the 1st overall pick, in which would increase the value of the franchise for a possible sale.

/clinging to any hope right now

Or a COVID-19 induced recession could tank franchise vales and force him to sell at a huge loss!

 

[Spartachat]

I wonder how Melnyk will do financially if COVID-19 makes him cancel NHL games and concerts at CTC. He is on a shoestring budget already. This could be the straw that breaks the camels back.

 

[Ice-Tray]

I wonder how Melnyk will do financially if COVID-19 makes him cancel NHL games and concerts at CTC. He is on a shoestring budget already. This could be the straw that breaks the camels back.

Honestly, I’m more worried about how my family is going to do once things start shutting down.

EM is a billionaire, or close, he’s not going to feel the pinch of Corona even remotely like the rest of us.

The league will protect itself, the players will protect themselves, and so many of them have more than enough money to hunker down and weather a storm regardless.

It’s all of us who will have to carry all of the straw.

 

[Crosside]

I wonder how Melnyk will do financially if COVID-19 makes him cancel NHL games and concerts at CTC. He is on a shoestring budget already. This could be the straw that breaks the camels back.

Probably have insurance

 

[AchtzehnBaby]

I closed the thread because out 34 comments there were about 8 on topic. Many were dumb jokes or most of page two was talking about Mel Gibson. I have no issues with a Melnyk thread, but a few people like to ruin it for everyone.

When those few users who continue with the threadjacking decide to have real discussions and leave the high school humour out of the threads it will be easier for everyone.

Feel free to continue the joke discussions here

Thread is re-opened. Anything sideways will result in this thread being closed for good.

 

[Spartachat]

VP of communications is on leave
Ottawa Senators' VP of communications and community relations on leave - TSN.ca

 

[Nac Mac Feegle]

No point leaving this thread open.

 

[coladin]

There will be other screw ups shortly, so why not leave it open?

This team will Persevere in spite of him. The boys clearly are bonding and building something. If anything, this sorry excuse of an owner is possibly having the desired effect of making the boys circle the wagons amongst themselves. Looked like they were having a blast in Cali, it a care in the world while fans of this team wring their hands.


A good draft will make the team move forward, and fans will want to watch. Even the most ardent Melnyk hater will have the hardest time not go watch a player like Lafreniere.

 

[branch]

Honestly, I’m more worried about how my family is going to do once things start shutting down.

EM is a billionaire, or close, he’s not going to feel the pinch of Corona even remotely like the rest of us.

The league will protect itself, the players will protect themselves, and so many of them have more than enough money to hunker down and weather a storm regardless.

It’s all of us who will have to carry all of the straw.

If EM is a billionaire then I grossed 750k last year and drive an air cooled 1972 911S Targa with a vintage MacIntosh PC installed in the dash to automate air/fuel mix

 

[AchtzehnBaby]

If EM is a billionaire then I grossed 750k last year and drive an air cooled 1972 911S Targa with a vintage MacIntosh PC installed in the dash to automate air/fuel mix

Is your 1972 Porsche a Singer at least?

I really doubt EMs net worth has dropped more than $200m over the last few years. Markets were up over the last few years.

 

[JungleBeat]

I hope he loses every lawsuit and gets taken to the cleaners.

 

[harrisb]

Is your 1972 Porsche a Singer at least?

I really doubt EMs net worth has dropped more than $200m over the last few years. Markets were up over the last few years.

Divorce, failed pharma startup, sold all horses, gambling, multiple lawsuits...

 

[AchtzehnBaby]

Divorce, failed pharma startup, sold all horses, gambling, multiple lawsuits...

Unless you have some credible info, the last I heard was this:


What seems to be lost in the rush to write Melnyk’s financial obituary is that the team’s overall value is growing – fast – despite its current fiscal woes.
Forbes Magazine recently estimated the franchise’s value at $435 million, nearly double that of just six years ago thanks to a surge in expansion fees and TV revenues, making the Senators a smart long-term financial investment.
Apparently, Melnyk is doing very well in his other business ventures too and, like many businessmen, has chosen not to cross-pollinate the balance sheets of his various business interests. Which means he does have other financial resources available if he needed it.
Meanwhile, even if Melnyk loses money operationally running the team, his balance sheet continues to improve nicely.

Just over a year ago... so let me know what new info you have to share.

 

[foggyvisor]

Unless you have some credible info, the last I heard was this:


What seems to be lost in the rush to write Melnyk’s financial obituary is that the team’s overall value is growing – fast – despite its current fiscal woes.
Forbes Magazine recently estimated the franchise’s value at $435 million, nearly double that of just six years ago thanks to a surge in expansion fees and TV revenues, making the Senators a smart long-term financial investment.
Apparently, Melnyk is doing very well in his other business ventures too and, like many businessmen, has chosen not to cross-pollinate the balance sheets of his various business interests. Which means he does have other financial resources available if he needed it.
Meanwhile, even if Melnyk loses money operationally running the team, his balance sheet continues to improve nicely.

Just over a year ago... so let me know what new info you have to share.

Link?

 

[harrisb]

Unless you have some credible info, the last I heard was this:


What seems to be lost in the rush to write Melnyk’s financial obituary is that the team’s overall value is growing – fast – despite its current fiscal woes.
Forbes Magazine recently estimated the franchise’s value at $435 million, nearly double that of just six years ago thanks to a surge in expansion fees and TV revenues, making the Senators a smart long-term financial investment.
Apparently, Melnyk is doing very well in his other business ventures too and, like many businessmen, has chosen not to cross-pollinate the balance sheets of his various business interests. Which means he does have other financial resources available if he needed it.
Meanwhile, even if Melnyk loses money operationally running the team, his balance sheet continues to improve nicely.

Just over a year ago... so let me know what new info you have to share.

A mod calling out a poster for credible info while quoting a Forbes article lol. Every point I made was factual and can be proven. In your case it is pure speculation and given other known facts about the man it may be difficult to substantiate his statements. Other proven examples of this behaviour include lying to shareholders and cooking the books.

While researching Forbes articles I suggest reading up on Wilbur Ross. That story will help you understand how Forbes gains their info before calling out someone’s credible info with speculation. I’ll save you some time: A lot of billionaires probably lie about being billionaires

Back on topic, any more info on the HR manager or communications guy?

 

[BonHoonLayneCornell]

We were so lucky to get someone in like Jim Little with the balls to tell him the truth and he got shit canned for it. Things are as hopeless on the business side of the Senators as they've ever been.

One day he'll be gone and his legacy will be nothing but a fading memory of being the most hated figure in Ottawa.

Even if Ottawa ever miraculously won a Chip, it would be portrayed as being in spite of him standing in the way at every opportunity.

 

[AchtzehnBaby]

We were so lucky to get someone in like Jim Little with the balls to tell him the truth and he got shit canned for it. Things are as hopeless on the business side of the Senators as they've ever been.

One day he'll be gone and his legacy will be nothing but a fading memory of being the most hated figure in Ottawa.

Even if Ottawa ever miraculously won a Chip, it would be portrayed as being in spite of him standing in the way at every opportunity.

I am sure the last few guys that were in there told him where to go too ...in a not so public manner.

 

[Wondercarrot]

If EM is a billionaire then I grossed 750k last year and drive an air cooled 1972 911S Targa with a vintage MacIntosh PC installed in the dash to automate air/fuel mix

Alright, well this is a good a place as any.
He literally sold shares in what was (outside of the senators) virtually the entirety of his wealth at its absolute lowest point.
(He basically sold all his shares and said good luck without me, at which point the stock reversed course to an all time highs)
Melnyk, the owner of the Ottawa team who founded Toronto-based Biovail more than 20 years ago, said in a release he has sold "substantially" all of his6.25 per cent holding. The sale of the 9.6 million shares is worth about $157.6 million.Mar 23, 2010
Eugene Melnyk gets out of Biovail stock

i had thought he had sold for a few hundred million, but this article says $157 million.
He sold his horses/stable, the St Mike’s majors (which vowed would be the last thing he ever sold it meant so much to him) & then got divorced and paid out half.
The two companies he touted as going to be bigger than Biovail in PurGenesis & Trimed, the first is out of business & the current iteration of Trimel has a market cap of $50 million.

Meanwhile back in Sens land he has consistently re-financed the team in order to help keep it afloat. He financed the entire purchase price with $130 million in debt, no big deal if you have a billion or two but very different if you have a fraction of it. He himself stated 4 or 5 years ago that the team had lost $94 million (mainly in cost of upgrades/maintence etc on the arena), all these costs were financed so that about $250 million in debt (though I did read somewhere that he had had a one time sale of shares of $40 million when he was still rolling in it). So let’s say $200 million in debt 4 or 5 years ago.

So you’ve got a guy who had about $300 million after he sold everything, then gave half to his wife.
$150 million is an enormous amount of money - not so much though if you own a pro team.
He has the Sens which are worth $400-$600 million, not that helps if he can’t unlock it. (He does partially through refinancing it, so it doesn’t cost him out of pocket. )
Id suspect all that cash is out of the country making it more difficult for him here as well when he requires large cash infusions.

Anyway, I’d say he’s got a hundred million or two - if he ever sells the Sens he may get himself halfway back to a billion.
Since he hasn’t sold he doesn’t have the amount of cash required for things like front loaded contracts or bonuses. It’s why front office staff has been hacked to the bone, hockey staff cut to the bone, why real dollars on player salaries are hilariously far below the cap floor.

In summary, not a billionaire, nor a guy who should own a sports franchise.

 

[harrisb]

Oh how sweet it would be to see those divorce filings. It would show exactly his net worth and also if there is any behaviour against the code of conduct of the Ottawa Senators and NHL.

I wonder why he had them sealed lol

Alright, well this is a good a place as any.
He literally sold shares in what was (outside of the senators) virtually the entirety of his wealth at its absolute lowest point.
(He basically sold all his shares and said good luck without me, at which point the stock reversed course to an all time highs)
Melnyk, the owner of the Ottawa team who founded Toronto-based Biovail more than 20 years ago, said in a release he has sold "substantially" all of his6.25 per cent holding. The sale of the 9.6 million shares is worth about $157.6 million.Mar 23, 2010
Eugene Melnyk gets out of Biovail stock

i had thought he had sold for a few hundred million, but this article says $157 million.
He sold his horses/stable, the St Mike’s majors (which vowed would be the last thing he ever sold it meant so much to him) & then got divorced and paid out half.
The two companies he touted as going to be bigger than Biovail in PurGenesis & Trimed, the first is out of business & the current iteration of Trimel has a market cap of $50 million.

Meanwhile back in Sens land he has consistently re-financed the team in order to help keep it afloat. He financed the entire purchase price with $130 million in debt, no big deal if you have a billion or two but very different if you have a fraction of it. He himself stated 4 or 5 years ago that the team had lost $94 million (mainly in cost of upgrades/maintence etc on the arena), all these costs were financed so that about $250 million in debt (though I did read somewhere that he had had a one time sale of shares of $40 million when he was still rolling in it). So let’s say $200 million in debt 4 or 5 years ago.

So you’ve got a guy who had about $300 million after he sold everything, then gave half to his wife.
$150 million is an enormous amount of money - not so much though if you own a pro team.
He has the Sens which are worth $400-$600 million, not that helps if he can’t unlock it. (He does partially through refinancing it, so it doesn’t cost him out of pocket. )
Id suspect all that cash is out of the country making it more difficult for him here as well when he requires large cash infusions.

Anyway, I’d say he’s got a hundred million or two - if he ever sells the Sens he may get himself halfway back to a billion.
Since he hasn’t sold he doesn’t have the amount of cash required for things like front loaded contracts or bonuses. It’s why front office staff has been hacked to the bone, hockey staff cut to the bone, why real dollars on player salaries are hilariously far below the cap floor.

In summary, not a billionaire, nor a guy who should own a sports franchise.

 

[Do Make Say Think]

He sank the Lebreton project because he couldn't afford to play with the big boys.

Of course he's broke. If he wasn't he wouldn't have single handedly ruined his best chance in years at dramatically improving ticket sales at higher prices.

 

[AchtzehnBaby]

Alright, well this is a good a place as any.
He literally sold shares in what was (outside of the senators) virtually the entirety of his wealth at its absolute lowest point.
(He basically sold all his shares and said good luck without me, at which point the stock reversed course to an all time highs)
Melnyk, the owner of the Ottawa team who founded Toronto-based Biovail more than 20 years ago, said in a release he has sold "substantially" all of his6.25 per cent holding. The sale of the 9.6 million shares is worth about $157.6 million.Mar 23, 2010
Eugene Melnyk gets out of Biovail stock

i had thought he had sold for a few hundred million, but this article says $157 million.
He sold his horses/stable, the St Mike’s majors (which vowed would be the last thing he ever sold it meant so much to him) & then got divorced and paid out half.
The two companies he touted as going to be bigger than Biovail in PurGenesis & Trimed, the first is out of business & the current iteration of Trimel has a market cap of $50 million.

Meanwhile back in Sens land he has consistently re-financed the team in order to help keep it afloat. He financed the entire purchase price with $130 million in debt, no big deal if you have a billion or two but very different if you have a fraction of it. He himself stated 4 or 5 years ago that the team had lost $94 million (mainly in cost of upgrades/maintence etc on the arena), all these costs were financed so that about $250 million in debt (though I did read somewhere that he had had a one time sale of shares of $40 million when he was still rolling in it). So let’s say $200 million in debt 4 or 5 years ago.

So you’ve got a guy who had about $300 million after he sold everything, then gave half to his wife.
$150 million is an enormous amount of money - not so much though if you own a pro team.
He has the Sens which are worth $400-$600 million, not that helps if he can’t unlock it. (He does partially through refinancing it, so it doesn’t cost him out of pocket. )
Id suspect all that cash is out of the country making it more difficult for him here as well when he requires large cash infusions.

Anyway, I’d say he’s got a hundred million or two - if he ever sells the Sens he may get himself halfway back to a billion.
Since he hasn’t sold he doesn’t have the amount of cash required for things like front loaded contracts or bonuses. It’s why front office staff has been hacked to the bone, hockey staff cut to the bone, why real dollars on player salaries are hilariously far below the cap floor.

In summary, not a billionaire, nor a guy who should own a sports franchise.

Are you kidding me? Do you really think he wasn’t a billionaire two years ago?

Here we go again. Sorry, I am not bothering to look up the last three threads on this.

 

[Ice-Tray]

If EM is a billionaire then I grossed 750k last year and drive an air cooled 1972 911S Targa with a vintage MacIntosh PC installed in the dash to automate air/fuel mix

Eh, whatever floats your boat brother.

The man is crazy rich, none of this is going to hurt them as much as it hurts the rest of us.

 

[AchtzehnBaby]

Lets see what I can dig up:.

In 2001, Melnyk purchased the prestigious Mockingbird Farm in Ocala, Fla. After renaming it Winding Oaks Farm, he committed to restoring it back to its original glory. Melnyk’s horses have yielded victories in all three legs of the Canadian Triple Crown: the Queen’s Plate, the Prince of Wales Stakes and the Breeders’ Stakes. In the United States, Melnyk’s horses have celebrated wins in the Breeders’ Cup Sprint, the Travers Stakes, the Jim Dandy Stakes and the Dwyer Stakes. Internationally, his horses have twice won the Barbados Gold Cup and participated in the prestigious Dubai World Cup. In 2007, Melnyk became the first owner to win the Triple Tiara, the Canadian Triple Crown for fillies with Sealy Hill. He was presented with the 2004 Eclipse Award (Speightstown) and was named the national owner of the year by the United States Thoroughbred Owners and Breeders Association (TOBA) in 2005. A winner of 14 Sovereign Awards, Melnyk was recognized as Canadian owner of the year and breeder of the year in 2009 and in August of 2017 he received the tremendous honour of being inducted into the Canadian Horse Racing Hall of Fame.