NY Islanders Sale Talk ONLY Part IV **Post 400, Isles SOLD**

[MJF]

The lawsuit is to get the 10 million dollar fee, since Wang apparently isn't paying it.

The events so far for clarification:
Barroway and Wang come to an agreement on a sale, verbal and with a handshake.
Both agree on a the 10 million dollar fee against either side if one decides to back out.
After the Clippers are sold, Wang has second thoughts on the sale price.
Wang then either sells to someone else instead or lies about selling to someone else, and tells Barroway that he's already sold to someone else at a higher price.
Barroway is now going to sue Wang for that 10 million dollar fee they agreed on.

Am I missing anything anyone?

I don't think so.

This is similar to someone selling a house, taking a deposit from a buyer, then learns the next day that the municipality is buying up all the land surrounding the house and paying 3 times more than the selling price the seller agreed to and backs out of the original deal.

 

[KOforprez2016]

Really quite incredible when you think about it. Had a billionaire's mistress on the other side of the country not released an audio recording of him saying racist things, we may very well be talking about what direction our new owner Barroway would be taking the team in.

I will forever hate the clippers for a reason that has nothing to do with basketball

I hope they never win a championship

 

[JTforPres2012]

You can't make this up....

 

[Riseonfire]

Soooo.... is there smoke now? lol

 

[xECK29x]

At least we are sold....right?

 

[MatthewBarnabysTears]

I don't think so.

This is similar to someone selling a house, taking a deposit from a buyer, then learns the next day that the municipality is buying up all the land surrounding the house and paying 3 times more than the selling price the seller agreed to and backs out of the original deal.

You're right that the underlying facts are similar. But the terms of the contract control. If the contract had a clause that covered this scenario, then it's enforcement of that clause — not the entire underlying agreement — that's at issue.

 

[PK Cronin]

Soooo.... is there smoke now? lol

Nope. It's a conspiracy theory set up by Wang and Co.

 

[xECK29x]

So....were sold I guess? Yay?

 

[mitchy22]

A sale wouldn't be approved until it was both financed and approved by the NHL BoG.

The $10 million dollar suit here is about the sale reaching a specific point in the process that should've been too late to back out of. The company suing wants either the sale to go through or the litigation to proceed.

It's possible that Wang does have another buyer who is awaiting the two things I mentioned in the first sentence, but you wouldn't know until that information gets released. The only way that info gets released is if someone leaks it or the sale is actually approved.

It is possible that the team has been sold in understanding, but is awaiting financing or BoG approval. It is also possible that Wang is full of ****.

If Wang actually does sell the team for a significantly higher price than the $420 million, then it might be worth his word taking a hit and the $10 million "fee" for backing out of the previous deal (which might get settled for less or have less awarded at the end of the court case.)

If Wang has a deal in place, it might be worth it for him if the numbers are high enough. If Wang doesn't have a deal in place, it's not going to make someone else who is thinking about plopping down $0.50 billion more comfortable in pursuing ownership of the team.

As a fan of this team, I am hoping there is another buyer that has already agreed to terms. If there is no other buyer in sight, one would think the lawsuit and lack of other bidders might knock some sense into Wang. I'm hoping for the former.

,
Mitch

 

[MJF]

You're right that the underlying facts are similar. But the terms of the contract control. If the contract had a clause that covered this scenario, then it's enforcement of that clause — not the entire underlying agreement — that's at issue.

Agreed. I'm not assuming that Barroway is suing to force the sale of the team to his group. He is suing to recover the break-up fee that was written into the deal.

 

[MJF]

I wonder to what extent the NHL gets involved in this situation.

 

[TheWhiteWhale30]

Yay we are a joke again...not that it ever officially stopped but we were heading in the right direction. Some one needs to throw the hot lava challenge wang's way

 

[MatthewBarnabysTears]

I wonder to what extent the NHL gets involved in this situation.

how is it even possible that a sports owner has a secret, half-billion dollar buyer that no one knows anything about?

 

[MJF]

At least we are sold....right?

Who own da Isles?

Oooownz, oooownz!

 

[F127]

Gotta give Wanger credit, he knows how to keep things interesting!

 

[PK Cronin]

So if there is no other deal in place, is there any way that Wang could be forced to sell to Barroway? Or would he just pay that $10 million for backing out no matter what?

In theory, could Barroway get that $10 million break up fee and then purchase the team at a higher price? Ha

 

[Riseonfire]

I feel like a cheap hooker. Ripped off and forgotten.

I JUST WANT TO BE LOVED!

 

[KOforprez2016]

Agreed. I'm not assuming that Barroway is suing to force the sale of the team to his group. He is suing to recover the break-up fee that was written into the deal.

Which is why he is suing for 10 mil. if he was suing to force the sale of the team to his group, surely that would have been mentioned in the article

 

[thedonger]

Soooo.... is there smoke now? lol

Nope, the sale did not happen so that means all the rumors are false. Kind of like if a tree falls in a forest and no one hears it, did it really happen? I call it the "I.F." Defense.

 

[MJF]

how is it even possible that a sports owner has a secret, half-billion dollar buyer that no one knows anything about?

I guess its possible considering that the move to Brooklyn was kept quiet until a few hours before the press conference.

 

[Islanders1932]

Take it for what it's worth, but I have heard rumblings that the supposed other group is an apparel company. Rumors that it may be Urban Outfitters or Under Armour.

I don't see Under Armour making much sense, but I am thinking of the damage Urban Outfitters could do with a move to Brooklyn.

 

[MatthewBarnabysTears]

Take it for what it's worth, but I have heard rumblings that the supposed other group is an apparel company. Rumors that it may be Urban Outfitters or Under Armour.

so now we have to stage another several months twitter lobbying campaign not to change the uniforms?

 

[TROLLCHUK]

I will forever hate the clippers for a reason that has nothing to do with basketball

I hope they never win a championship

You stole my rant!

 

[TROLLCHUK]

Take it for what it's worth, but I have heard rumblings that the supposed other group is an apparel company. Rumors that it may be Urban Outfitters or Under Armour.

I don't see Under Armour making much sense, but I am thinking of the damage Urban Outfitters could do with a move to Brooklyn.

What does that mean? Good damage or bad?

 

[YearlyLottery]

So have the isles been sold for days?


Also, BillD I now trust everything you say on this topic.