News Article: Lebreton project

[Sensung]

Wait, so this same group that was going to try and outright buy the Sens now want to get in bed with Melnyk to develop just the rink? Doesn't sound like they'll have the billions required to develop lebreton if they were selling assets to try and buy the team. This makes no sense. The big for all of lebreton would be completely different if the partnership changes.

Save yourself the keystrokes.

 

[Alex1234]

I will still only repeat what I know without revealing names. Prominent ottawa family with a handful of ex nhl players. This is starting to make sense, how would the new investors partner with EM and also have trinity to deal with and split the pot of gold. I just never thought it would reach a level such as this to sever the current development partnership.

Matthews?

 

[armani]

Karlsson is coming home.

Too early to think that my friend, lets see what happens here, Euge is a moron after all since he has an empty arena where the team plays. But Lebreton is gone from Melnyk's scheme, and this may force the NHL to step in as well to "mediate" a sale. Melnyk has outstanding NHL facilitated loans, amongst many other liabilities.

 

[FlyingJ]

I will still only repeat what I know without revealing names. Prominent ottawa family with a handful of ex nhl players. This is starting to make sense, how would the new investors partner with EM and also have trinity to deal with and split the pot of gold. I just never thought it would reach a level such as this to sever the current development partnership.

So wait, is this "prominent Ottawa family" also going to build the extensive real estate and entertainment developments in the area? Because last I checked, Trinity is the top dog in Ottawa in this regard. Also, are they going to acquiesce to Melnyk's apparent demands that the arena is built without spending any of his own money (if he even has much in the way of liquid cash these days. He reeks of being rich in assets but cash broke)? I'm skeptical, and that's putting it mildly.

Really seems like you simply enjoy the attention of claiming to be an insider.

 

[mysens]

Just stop. You have no credibility.

Whenever you feel like giving us "insider" info, just take a ride in the ferrari instead.

Ferrari is in storage for the winter. So I will only throw out there what I know and when new developments happen. John Ruddy was hedging his own fortune by doing his own development right next to lebreton. I still think EM is down right crazy, but if I was partnering with a developer with a project that would change the neighborhood and he goes behind my back to hedge his own billion dollar project next to ours....well, that would piss me off and pull the plug on it.

 

[Relapsing]

Save yourself the keystrokes.

While I normally would, I really want to see this clarified

 

[armani]

So wait, is this "prominent Ottawa family" also going to build the extensive real estate and entertainment developments in the area? Because last I checked, Trinity is the top dog in Ottawa in this regard. Also, are they going to acquiesce to Melnyk's apparent demands that the arena is built without spending any of his own money (if he even has much in the way of liquid cash these days. He reeks of being rich in assets but cash broke)? I'm skeptical, and that's putting it mildly.

Really seems like you simply enjoy the attention of claiming to be an insider.

Bingo.

 

[Engineer]

Ferrari is in storage for the winter. So I will only throw out there what I know and when new developments happen. John Ruddy was hedging his own fortune by doing his own development right next to lebreton. I still think EM is down right crazy, but if I was partnering with a developer with a project that would change the neighborhood and he goes behind my back to hedge his own billion dollar project next to ours....well, that would piss me off and pull the plug on it.

Just stop. Take your winter beater for a ride instead.

 

[Do Make Say Think]

I just never thought it would reach a level such as this to sever the current development partnership.

So your experience in the field is limited I gather?

 

[coladin]

I think I have figured out Melnyk's angle , and it isn't something that I am not unfamiliar with as I went through a similar situation in a property transaction.

Melnyk wins the bid for Lebreton, and has the paper for the land. He was basically trying to flip the paper to Ruddy, who would, in lieu of profits , build him the arena, or the lion's share of it. He could build it a lot cheaper at Ruddy's costs instead of making profit on the arena. That 600M number , realistically, has about 400M in actual costs. I had this happen, a right of first refusal of sorts. It was annoying but had to be dealt with. And I'm sure Ruddy did.


Now, Melnyk still has the paper and will probably approach the rest of the construction community. The Malhotras and Friends would be my guess as his next angle. He is going to scurry to try and locate a business partner. People in business have short memories, but this will be a difficult venture moving forward.

Terrible news, but like JD1, I just didn't see the validity of this deal from the Sens standpoint. Too much money that he doesn't have, too much risk and the revenues just don't support the viability of a new arena downtown.

 

[Sensung]

While I normally would, I really want to see this clarified

The "information" you would get is worthless.

 

[Do Make Say Think]

Melnyk wins the bid for Lebreton, and has the paper for the land. He was basically trying to flip the paper to Ruddy, who would, in lieu of profits , build him the arena, or the lion's share of it.

The bid was won by the Group, not by Melnyk only.

 

[mysens]

What Coladin says makes a lot of sense. There is so much more to the story of why this happened today.

 

[Relapsing]

What Coladin says makes a lot of sense. There is so much more to the story of why this happened today.

Ummmm.. The rendevouz group won the bid. Not Melnyk. The rink is not some separate bid man

WHAT ARE YOU EVEN TALKING ABOUT

 

[JD1]

This is what really makes January a bit of a false deadline...because they will not jump into another process until it is determined if Melnyk is now open to selling the team. If he is, then more negotiation between DevCore and Melnyk will have to happen before they re-ignite Lebreton. If Melnyk refuses to sell...not sure what or if DevCore is still interested.

One thing I can guarantee you, this may seem like a game to Melnyk where he can just go back to the CTC at the end of it all, but if he pulls out on Ruddy, he is pulling out on a LOT of local business entities that were about to get pieces of the deal. Several of which I know for a fact are suite holders who have had to direct not a small amount of time and resources during this process.

So just to check the scorecard, Melnyk will have burned bridges with:

- Fans
- Local Business Community
- Local Politicians
- Players
- NHL BOG??? (How can he have not at this point)

ya it'll get way worse

 

[Sensung]

Coladin and Mysens making stuff up?

Nah, that never happens.

 

[Fandlauer]

So the spin has been established as "well this never made sense to begin with" lmao. It's so insane you've just got to laugh.

 

[Korpse]

Anyone else find the $700m number interesting?

Anyone know if this lawsuit would hold up any further advancements with Lebreton flats?

 

[foggyvisor]

LOL.

Like anyone else in Ottawa's construction community is going to partner with a crazy, toxic despot that just launched a lawsuit against his CURRENT partner.

Can we all just let that sink in?

 

[Sensung]

Anyone else find the $700m number interesting?

Anyone know if this lawsuit would hold up any further advancements with Lebreton flats?

Don't see how it would.

This is internal to the bid group.

NCC can just wait until the deadline they announced yesterday and then pull the plug.

 

[stempniaksen]

So the spin has been established as "well this never made sense to begin with" lmao. It's so insane you've just got to laugh.

This excuse is the best one so far, absolutely top notch.

The giant project that the Senators and Eugene have been working on for 4 years (and dumped X number of dollars and X number of man hours into the project) suddenly doesn't make any sense 8 weeks before the deadline? Sure, that's entirely more believable than a loose cannon of an owner doing whatever he pleases at the detriment of his own investment.

 

[Gil Gunderson]

LOL.

Like anyone else in Ottawa's construction community is going to partner with a crazy, toxic despot that just launched a lawsuit against his CURRENT partner.

Can we all just let that sink in?

No next time he’ll finally get the right partner. He’s been so unlucky all his life with people who can’t work with him.

 

[GrantLemons]

Anyone else find the $700m number interesting?

Anyone know if this lawsuit would hold up any further advancements with Lebreton flats?

Yea, it's likely been his asking price for the sale of the team (that no one has been willing to meet).

 

[OttawaSenators11]

I rather not have EM profit off this project anyways so the worse it gets the better
I hope he hits rock bottom and he's forced to sell.

 

[Take a Bath Son]

Omg the twitterbots are back!!