Speculation: NY Islanders Sale Talk ONLY Part III *Barroway out Post 652*

[Dutch Frost]

No we don't.

We will soon

 

[BillD]

Can you get me a source on this breakup fee that NYI would have to pay?

The more I think about it, the more my lawyer senses are tingling...

No I can not. As said, the source was an investor in Barroway's group. So I only have his say that he was told of the break up fee. For there to be one in this deal is not surprising, leading me to speculate that Wang had every intention of closing. Then something changed. he had second thoughts, wanted to talk to other bidders, hoping for a sweeter deal. We were told that he was back tracking on control matters and also that he wanted to revise the percentage of equity he would sell and hold. That went up and down, back and forth.
Dealing with Wang must be an exercise in bizarro world. Anything is possible at any time, nothing is ever as it seems.

 

[blitzkriegs]

It very well could have been.
It just isn't like Wang to throw away $$$$ like that even if it could be a "smart" expense.
I think we have all seen enough of Wang's money saving deals to think that this isn't a move he would make.......unless there is another deal coming ??

Let's hope there is another deal in the works and the Wanger used Barroway as bait.

Neal Smith had to file suit against Wang to get paid eventhough he had a contract...

 

[CREW99AW]

I dislike Wang, hoped he'd sell to someone. But, I am not sorry that Burroway is out.
This was his 3rd attempt to buy a pro team. I had concerns about what the isles budget would be, questioned whether the isles could be a cap ceiling team under his ownership.

 

[scott99]

I dislike Wang, hoped he'd sell to someone. But, I am not sorry that Burroway is out.
This was his 3rd attempt to buy a pro team. I had concerns about what the isles budget would be, questioned whether the isles could be a cap ceiling team under his ownership.

Yeah, Barroway seems kinda sketchy. I was never excited about a possible new owner who needs a bunch of help financially to buy a team, and always seems to back out.

 

[Isles Fan]

RUmors and quotes by anonymous people, yet they state a buyer backed out...meaning there was a potential sale. You have zero ground to stand on.

However the sources remain unidentified, nothing from the alleged buyer and nothing more form the team except restating their position from day one that Wang will consider offers as he has since day one.

I have plenty of ground to stand on.

 

[Isles Fan]

Exactly DSP, he seems to have missed that rather small detail. He seems to miss a lot of details.

Actually I do not miss details at all and that is what gets people around here all riled up.

Have the anonymous source who said there was a done deal come forward? No.

Has the alleged buyers camp come forward? No.

The team remains set in their position that Wang will consider offers as he has since day one.

Those are the only details.

if I have missed something, please enlighten me.

 

[Isles Fan]

If "done deal" meant a signed contract, yes the information was wrong and people got ahead of themselves. What we had was Wang accepting an agreement to sell to Barroway, then going silent. According to what I am told, he never actually pulled back, he just would not communicate about execution of the agreement he signed.
There was no way for this eventuality to be anticipated, except when dealing with Wang, any unscrupulous behavior has to be taken into consideration. Up to that point, the intelligence we were getting was accurate. Wang is the wild card.
For what it's worth, there was reportedly a clause in the agreement that if Wang does not close on the deal, he has to pay a break up fee of $10MM to Barroway. Again, I have not seen the agreement, this comes from one of the investors in the Barroway group who was the source of all the information.
I am told that Barroway is heartbroken, desperately wanted this deal and had all the financing lined up for a $400MM 100% buy out. The NHL is pissed because they were the ones who "brokered" the deal, who brought Wang and Barroway together last September, and they really wanted the deal done.
That's all I got. There was a deal negotiated for months, signed in May. Wang blew it up. Other buyers or change of heart, we might never know. For the time being, Wang is the owner of this team. Comfy feeling, no?

Really? After all of this you are still claiming to be "in the know"?

Everything you have reported form your "source" has been dead on incorrect. You were willing to bet the house about 2 months ago this was a done deal, then you began to back peddle and now you are trying to remain relevant by insinuating you know about a "break up" fee? Does it ever end?

 

[Isles Fan]

Break up fees are quite common in agreements to buy out companies in Chapter 11. It has not been that common in usual transactions of buy/sell, but if included in the agreement is perfectly legal and binding.
I was told about the break up fee back in June but since I do not have first hand knowledge I didn't post it. Is it a little light? IDK, there is no standard for these conditions of sale, they are just agreed to as one of the terms.
In the end, none of this matters anymore. Wang has not closed on the deal he agreed to, and so we do not have a new owner of the team. Will he sell to someone else? I have no idea and will never have any insight into what would be taking place in that respect. The prior information was from an investor in the Barroway group. Now that that is over, any news we get will be in the paper, from Wang, the NHL, or a new buyer.

But willing to post it now?

This just keeps getting better!

 

[MJF]

Yeah, Barroway seems kinda sketchy. I was never excited about a possible new owner who needs a bunch of help financially to buy a team, and always seems to back out.

I'm not concerned about that at all. When George Steinbrenner, who had no ties to New York City, bought the Yankees in 1973 he had 9 partners. And we all know how that ended up working out.

 

[Bunk Moreland]

I'm not concerned about that at all. When George Steinbrenner, who had no ties to New York City, bought the Yankees in 1973 he had 9 partners. And we all know how that ended up working out.

The dodgers were just bought by a group as well and they spend more than anyone, it is very very common now a days.

 

[BillD]

Really? After all of this you are still claiming to be "in the know"?

Everything you have reported form your "source" has been dead on incorrect. You were willing to bet the house about 2 months ago this was a done deal, then you began to back peddle and now you are trying to remain relevant by insinuating you know about a "break up" fee? Does it ever end?

Everything I have been told has been correct. There was one mistake which could not be anticipated. Wang backed out.
At this stage there is no meaning in rehashing what didn't happen or why. There is nothing more to say, and no more information to hold back or to disclose. There could be some context disclosed but it changes nothing.

 

[ScaredStreit]

Everything I have been told has been correct. There was one mistake which could not be anticipated. Wang backed out.
At this stage there is no meaning in rehashing what didn't happen or why. There is nothing more to say, and no more information to hold back or to disclose. There could be some context disclosed but it changes nothing.

No you were wrong. Your source was wrong. These things happen. As I've said countless times I really DO have a source-and what you have to remember is things can change on a dime and MOST deals (trades/purchases/etc.) do NOT go through. That's the way it works. I'm giving you the benefit of the doubt, but honestly man there's a reason why McKenzie, and other very reputable sources didn't come out and say what you said. Do you really think you had better sources that McKenzie? Highly unlikely.

There's a reason why I never go public with what I hear from my "source" (a very good friend of mine), because most of it never comes to fruition and legit HOCKEY sources (not lawyers/friends/cousins/etc.) are tight lipped. But I was very vocal in saying that no deal was in place, and that while there's smoke (and let's face it there's been smoke for a LONG time when it comes to Wang potentially selling the team)--nothing was close to being done.

Legit hockey sources have their reputations are at stake. They wont come out and claim every single breaking news they have. Because they're look highly incompetent, as most of it would end up falling through.

Now I understand we as fans really want to believe it. We ALL want Wang gone. If he sells tomorrow it couldn't be too soon. But I think when you come in and give tons of people false hope (even if it's not intentional)--people are going to question your integrity, because we're all passionate about the team.

 

[BillD]

No you were wrong. Your source was wrong. These things happen. As I've said countless times I really DO have a source-and what you have to remember is things can change on a dime and MOST deals (trades/purchases/etc.) do NOT go through. That's the way it works. I'm giving you the benefit of the doubt, but honestly man there's a reason why McKenzie, and other very reputable sources didn't come out and say what you said. Do you really think you had better sources that McKenzie? Highly unlikely.

There's a reason why I never go public with what I hear from my "source" (a very good friend of mine), because most of it never comes to fruition and legit HOCKEY sources (not lawyers/friends/cousins/etc.) are tight lipped. But I was very vocal in saying that no deal was in place, and that while there's smoke (and let's face it there's been smoke for a LONG time when it comes to Wang potentially selling the team)--nothing was close to being done.

Legit hockey sources have their reputations are at stake. They wont come out and claim every single breaking news they have. Because they're look highly incompetent, as most of it would end up falling through.

Now I understand we as fans really want to believe it. We ALL want Wang gone. If he sells tomorrow it couldn't be too soon. But I think when you come in and give tons of people false hope (even if it's not intentional)--people are going to question your integrity, because we're all passionate about the team.

When the deal doesn't come to fruition, breaks down, of course we are "wrong" if that is how you want to put it.
The fact is that all along you and others doubted there was a sale agreement between Wang and Barroway. That was correct. No one, not Barroway or anyone else. could anticipate Wang's behavior which was more bizarre than I am saying here for lack of time or interest.
If it make you and other pessimists feel good to call people out, go for it. We will never get that good an amount of intelligence again. What happens with this team in the future will happen and we will know it when they choose to announce it, just like the surprise Barclays move news. This was information from an investor in Barroway's group, a one time chance to get some information on an ongoing process. RickeyRed39 (IM) was this inside investors college roommate and best man at his wedding. As the information was disclosed (Barroway's name etc) we were told that well before it came out.
So SS, i guess we were "wrong", it didn't happen. I am shamed

 

[giddy up*]

When the deal doesn't come to fruition, breaks down, of course we are "wrong" if that is how you want to put it.
The fact is that all along you and others doubted there was a sale agreement between Wang and Barroway. That was correct. No one, not Barroway or anyone else. could anticipate Wang's behavior which was more bizarre than I am saying here for lack of time or interest.
If it make you and other pessimists feel good to call people out, go for it. We will never get that good an amount of intelligence again. What happens with this team in the future will happen and we will know it when they choose to announce it, just like the surprise Barclays move news. This was information from an investor in Barroway's group, a one time chance to get some information on an ongoing process. RickeyRed39 (IM) was this inside investors college roommate and best man at his wedding. As the information was disclosed (Barroway's name etc) we were told that well before it came out.
So SS, i guess we were "wrong", it didn't happen. I am shamed

What do da sauces say now?

 

[PK Cronin]

Actually I do not miss details at all and that is what gets people around here all riled up.

Have the anonymous source who said there was a done deal come forward? No.

Has the alleged buyers camp come forward? No.

The team remains set in their position that Wang will consider offers as he has since day one.

Those are the only details.

if I have missed something, please enlighten me.

No you were wrong. Your source was wrong. These things happen. As I've said countless times I really DO have a source-and what you have to remember is things can change on a dime and MOST deals (trades/purchases/etc.) do NOT go through. That's the way it works. I'm giving you the benefit of the doubt, but honestly man there's a reason why McKenzie, and other very reputable sources didn't come out and say what you said. Do you really think you had better sources that McKenzie? Highly unlikely.

There's a reason why I never go public with what I hear from my "source" (a very good friend of mine), because most of it never comes to fruition and legit HOCKEY sources (not lawyers/friends/cousins/etc.) are tight lipped. But I was very vocal in saying that no deal was in place, and that while there's smoke (and let's face it there's been smoke for a LONG time when it comes to Wang potentially selling the team)--nothing was close to being done.

Legit hockey sources have their reputations are at stake. They wont come out and claim every single breaking news they have. Because they're look highly incompetent, as most of it would end up falling through.

Now I understand we as fans really want to believe it. We ALL want Wang gone. If he sells tomorrow it couldn't be too soon. But I think when you come in and give tons of people false hope (even if it's not intentional)--people are going to question your integrity, because we're all passionate about the team.

Bettman did seem to indicate that it was all up to Wang, and that's kind of important and he's a pretty good/reputable source.

 

[periferal]

Yeah, Barroway seems kinda sketchy. I was never excited about a possible new owner who needs a bunch of help financially to buy a team, and always seems to back out.

Yup. Yup. Makes sense. Uh huh. Let's kick the potential new owner who needs investors to help buy the team to the curb, and give a pass to the guy who currently owes the team, has all the money necessary to build a winner, and refuses to spend anything to but the minimum on anything.

 

[Strummergas]

Yup. Yup. Makes sense. Uh huh. Let's kick the potential new owner who needs investors to help buy the team to the curb, and give a pass to the guy who currently owes the team, has all the money necessary to build a winner, and refuses to spend anything to but the minimum on anything.

I'm not sure that scott is actually advocating for Wang here. I think all he's trying to say is if he were given the choice of a NEW owner, Barroway wouldn't be his top choice.

 

[Dutch Frost]

But willing to post it now?

This just keeps getting better!

Exactly my point... post after post that this is a done deal and now its "well I knew all along but didnt want to say"

 

[scott99]

I'm not sure that scott is actually advocating for Wang here. I think all he's trying to say is if he were given the choice of a NEW owner, Barroway wouldn't be his top choice.

Thanks Strummer, That's exactly what I was saying. When a guy tries to buy a team, 3 times, and backs out all 3 times, that seems somewhat sketchy to me.

 

[stranger34]

When the deal doesn't come to fruition, breaks down, of course we are "wrong" if that is how you want to put it.
The fact is that all along you and others doubted there was a sale agreement between Wang and Barroway. That was correct. No one, not Barroway or anyone else. could anticipate Wang's behavior which was more bizarre than I am saying here for lack of time or interest.
If it make you and other pessimists feel good to call people out, go for it. We will never get that good an amount of intelligence again. What happens with this team in the future will happen and we will know it when they choose to announce it, just like the surprise Barclays move news. This was information from an investor in Barroway's group, a one time chance to get some information on an ongoing process. RickeyRed39 (IM) was this inside investors college roommate and best man at his wedding. As the information was disclosed (Barroway's name etc) we were told that well before it came out.
So SS, i guess we were "wrong", it didn't happen. I am shamed

BillD thank you for your contributions. How the story ended with a loon like Wang I don't think in any way discredits the information you brought here. It's a message board and I don't expect everything I read here to be infallible.

 

[scott99]

I want to trust this so bad but we've been burned too many times at this point... I'll just wait for an announcement from a real source this time around.

I agree with you, but since Matty Boy posted a full day before Newsday that Barroway was out, I feel he has a good source.

 

[JeffNYI]

Absolutely incredible that Wang would make keeping Garth freaking Snow on board a sticking point in a $400M transaction.

Nah it makes sense.. for one, he's holding all the cards..

Two, if this team has a major bounce upwards maybe he doesn't want some totally new regime taking all of the credit for that..

If it takes giving Snow the benefit of the doubt and the opportunity to remain GM in order for Wang to sell, I'm 100,000% fine with that..

Wang is the one we need to get rid of.. 1 or 2 more years of Garth Snow is not a deal breaker.. he's made some mistakes but he's not a total disaster of a GM, while Wang has been a total nightmare of an owner..

 

[stranger34]

Nah it makes sense.. for one, he's holding all the cards..

Two, if this team has a major bounce upwards maybe he doesn't want some totally new regime taking all of the credit for that..

If it takes giving Snow the benefit of the doubt and the opportunity to remain GM in order for Wang to sell, I'm 100,000% fine with that..

Wang is the one we need to get rid of.. 1 or 2 more years of Garth Snow is not a deal breaker.. he's made some mistakes but he's not a total disaster of a GM, while Wang has been a total nightmare of an owner..

No... Sorry it makes zero sense. If I am spending 400m plus to buy a sports franchise I should get to pick who runs the front office. I would agree to something like keeping Garth on board for a salary to keep wang happy but he's not running the team unless I want him to.

 

[JeffNYI]

No... Sorry it makes zero sense. If I am spending 400m plus to buy a sports franchise I should get to pick who runs the front office. I would agree to something like keeping Garth on board for a salary to keep wang happy but he's not running the team unless I want him to.

Yeah but one problem.

It ain't your team yet.

In order to make it your team, you gotta agree to certain conditions and apparently not all of them are financial..

Much smaller scale of course, but I sold a business where I put it in writing the existing staff get 6 months unless they totally screwed up and it could be documented.. and I turned down a guy who wanted to pay $5,000 more because he was gonna fire everyone and put in his wife as the main manager...

He was pissed too and said IT'S MY BUSINESS AND I SHOULD GET TO SAY WHO DOES WHAT.... so I told him: Yeah but one problem ..........