Foreclosure for the Marriot?

[Space Herpe]

http://www.newsday.com/business/uniondale-marriott-foreclosure-sought-by-lender-1.6824457

Click to read more...

 

[redbull]

See what happens when you spend above the cap floor?! #wangwasright

 

[SI90]

Paying Vanek and a real goalie are probably the furthest things from Wangs mind.

Why own a sports franchise and make the fans suffer if you don't have the means to do so? I never understood that.

 

[WangMustGo]

Paying Vanek and a real goalie are probably the furthest things from Wangs mind.

Why own a sports franchise and make the fans suffer if you don't have the means to do so? I never understood that.

So wang can't even pay the bills for the Marriot, how can he possibly afford the bills for the Isles? I have wanted Wang gone for a long time, and this is just another indication that when the team moves to Brooklyn he will be gone.

 

[Isles Fan]

So wang can't even pay the bills for the Marriot, how can he possibly afford the bills for the Isles? I have wanted Wang gone for a long time, and this is just another indication that when the team moves to Brooklyn he will be gone.

And you are basing this on??????

Based on the details of the lease, Wang has more reason to keep the team now than ever. Look at it this way, if you owned a business and someone told you to move to their building and they would pay you guaranteed money for 25 years, regardless of if the business was successful or not, why on earth would you even consider selling that business? That's exactly what Wang has in going to Brooklyn.

I ask again, Why on earth would he sell?

 

[The Underboss]

Not concerned. Its more likely a business move to force the bank to renegotiate their payments. Many business do it.

 

[A Pointed Stick]

The best thing that could ever happen to that Marriot would involve a bulldozer and a new set of plans.

 

[Isles Fan]

The best thing that could ever happen to that Marriot would involve a bulldozer and a new set of plans.

Worked there for about 10 years a while back and still know people there. That place is a gold mine. Makes money hand over fist.

 

[JeffNYI]

Not concerned. Its more likely a business move to force the bank to renegotiate their payments. Many business do it.

On the surface that makes sense.. in 2007, when the last loan was taken out, interest rates were double what they have been in 2013-14 when Wang defaulted..

But ... there's other banks out there.. surely the Marriot's people have connections, Wang has connections, etc., and they could have reached out to any number of banks to re-finance the Marriot at today's rates.. sometimes multiple banks even work together on deals of this size..

I dunno if I'm concerned.. but I am surprised..

I guess I'm just hoping the Nets people gave Wang incentive to order Snow (or whoever our GM is) to ice a winning team.. something along the lines of the higher you finish in the regular season, the more money we give you.. the more playoff games you win, the more money we give you..

Otherwise Wang's strategy will be just hoping the team happens to win with the lowest possible payroll.. and that's bad for all of us..

 

[islesfan186]

uh oh....my dad works there. wonder if he knows anything about this?

 

[blitzkriegs]

On the surface that makes sense.. in 2007, when the last loan was taken out, interest rates were double what they have been in 2013-14 when Wang defaulted..

But ... there's other banks out there.. surely the Marriot's people have connections, Wang has connections, etc., and they could have reached out to any number of banks to re-finance the Marriot at today's rates.. sometimes multiple banks even work together on deals of this size..

I dunno if I'm concerned.. but I am surprised..

I guess I'm just hoping the Nets people gave Wang incentive to order Snow (or whoever our GM is) to ice a winning team.. something along the lines of the higher you finish in the regular season, the more money we give you.. the more playoff games you win, the more money we give you..

Otherwise Wang's strategy will be just hoping the team happens to win with the lowest possible payroll.. and that's bad for all of us..

The bank is gonna be stuck with a no performing loan on its books - they don't want that.

The appraisal is more than 50 percent off the amount owed. That's kinda absurd.

Wang playing chicken with the bank since the burden to recoup the total amount owed falls on them and like a smart man - it ain't worth 2x. If the bank foreclosed they end up with the hotel on their books, a hotel worth a ton less, the loss of the tax incentive for the owner, and a long expensive route to sell. The hotel is very unattractive without the tax incentive, ie the bank is holding that one. Of course someone could negotiate the tax incentive again, but good luck with that.