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

[Strummergas]

cant have everybody. Plus did you ever see Kate Murray? Even she looks too greedy for Wang...

Unfortunately, I've seen enough Kate Murray to last several lifetimes.

 

[LeapOnOver]

The fact that there is a debate about whether or not DISASTER is the appropriate word to use tells you all you need to know. Call it whatever you want. In hockey terms if you can't use disaster to describe the isles for the last 20 years then you cannot use the word ever in a hockey context. Personally I can think of other more descriptive words to use that more appropriately describe what has transpired but this is a family forum.

Again I was not debating this and I never said anything about it. This was not remotely close to my op.

Like the mod said I don't even really care that much about the past. Nothing can be done about it. If you want to sulk in bad memories do it....but don't be surprised when the same old song and dances show up to your pity party with no food or drink....

 

[JKP]

I heard it was some burrough in Ontario...don't necessarily know if it's considered Toronto though. I think they just meant another city in the province...just like Hamilton has been talked about for many years.

No, I'm pretty sure it's Toronto, probably Markham, where there has been a lot of talk about a new NHL-sized arena. All the $$ are in Toronto (metro pop ~6M), that's where they are eying.

 

[scott99]

Isn't there an expansion thread already on our board. Let's keep all expansion talk there and Islander's sale talk here.

As far as the Barroway lawsuit, seems like Wang is ready to attack it head on, though he wants the case switched from Manhattan to Long Island. Interesting, can't wait till this gets settled.

 

[Bunk Moreland]

Looks like Charles Wang is a pleasant person to negotiate with:

Apparently unbeknownst to Barroway, Fortune has learned that Wang also was negotiating to sell the team to a Boston-based investment firm called Peak Ridge Capital. Not beginning in March, but several months earlier.

The ultimate agreement would have valued the team at $508 million — Peak Ridge originally had offered around $30 million less — with Wang sending Peak Ridge a purchase and sale agreement that in many sections is identical to the one sent to Barroway (it is worth noting that Peak Ridge would have been aware of Barroway’s attempts to purchase the team, as it had been leaked to the media). Part of the Peak Ridge group included a former NHL player, who likely would have run hockey operations.

A source familiar with the situation says that Wang told Peak Ridge that it had a deal on July 28, the very same day that Barroway alleges that Wang began asking him for a $548 million price-tag. Wang then headed off to vacation in Hawaii (per the Barroway complaint), and left Peak Ridge with the impression that the documents would be executed upon his return. Then, four days later, Peak Ridge also learned about Ledecky and Malkin.

http://fortune.com/2014/09/05/exclusive-charles-wangs-other-deal-to-sell-the-ny-islanders/

 

[scott99]

Wow, what a lowlife Wang is. Playing 3 groups against each other, each thinking they had a deal agreed upon. I kinda like the sound of the Peak Ridge Group with the former NHL'er running the operations, too bad it fell through. Ledecky and Malkin were probably the only knuckleheads who agreed to allow Wang to stay as majority owner for the next 2 years. That's probably why Peak Ridge and Barroway lost out. Nobody wants that maniac Wang running things after spending half a billion on the team.

 

[MJF]

Looks like Charles Wang is a pleasant person to negotiate with:



http://fortune.com/2014/09/05/exclusive-charles-wangs-other-deal-to-sell-the-ny-islanders/

Bad faith negotiating. Somehow, I don't believe this is anything new for Charles Wang.

 

[MJF]

Wow, what a lowlife Wang is. Playing 3 groups against each other, each thinking they had a deal agreed upon. I kinda like the sound of the Peak Ridge Group with the former NHL'er running the operations, too bad it fell through. Ledecky and Malkin were probably the only knuckleheads who agreed to allow Wang to stay as majority owner for the next 2 years. That's probably why Peak Ridge and Barroway lost out. Nobody wants that maniac Wang running things after spending half a billion on the team.

Agreed.

 

[MatthewBarnabysTears]

any guesses as to the "former player" assumed to be taking over hockey operations with the peak ridge group was?

 

[bluechipbonzo]

Classic smokescreen.

 

[JKP]

Honestly, with over $100M in the difference, I'm not sure I blame him one bit. There's no deal until paperwork is signed. Is it bad faith?

I don't know, seems like capitalism 101 to me. Will any of those guys do biz with him again? Probably not, but he got his extra money. So I bet the NHL and his peer group of owners are happy too.

It's just big business.

 

[YearlyLottery]

Honestly, with over $100M in the difference, I'm not sure I blame him one bit. There's no deal until paperwork is signed. Is it bad faith?

I don't know, seems like capitalism 101 to me. Will any of those guys do biz with him again? Probably not, but he got his extra money. So I bet the NHL and his peer group of owners are happy too.

It's just big business.

This!

 

[periferal]

Honestly, with over $100M in the difference, I'm not sure I blame him one bit. There's no deal until paperwork is signed. Is it bad faith?

I don't know, seems like capitalism 101 to me. Will any of those guys do biz with him again? Probably not, but he got his extra money. So I bet the NHL and his peer group of owners are happy too.

It's just big business.

Yeah - You say that, but not too often you see one of the losing parties sue the seller of the franchise to get control. There's ways to handle things good and bad - Even in big business. I mean the Clippers sale couldn't have been any more big business and I don't see any of the losing parties raising a finger in protest.

Once again...Stop giving wang a pass on anything. He's the worst.

 

[The Underboss]

Honestly, with over $100M in the difference, I'm not sure I blame him one bit. There's no deal until paperwork is signed. Is it bad faith?

I don't know, seems like capitalism 101 to me. Will any of those guys do biz with him again? Probably not, but he got his extra money. So I bet the NHL and his peer group of owners are happy too.

It's just big business.

If anything, other NHL owners saw what the Isles went for and thought in their heads that my franchise just went up X dollars if that's what Wang got.

 

[PK Cronin]

Yeah - You say that, but not too often you see one of the losing parties sue the seller of the franchise to get control. There's ways to handle things good and bad - Even in big business. I mean the Clippers sale couldn't have been any more big business and I don't see any of the losing parties raising a finger in protest.

Once again...Stop giving wang a pass on anything. He's the worst.

I don't think it's a pass on how he acted, but why he did it.

 

[JKP]

If anything, other NHL owners saw what the Isles went for and thought in their heads that my franchise just went up X dollars if that's what Wang got.

Exactly my point. Every single one of them is cheering Wang's deal because it just made them all 20-30% richer.

 

[blitzkriegs]

Yep, wang saved the islanders and no one Ever wanted to buy them...uh-huh. Gee, once Wang wanted to sell not one, or two, but so far three wealthy offers came along.

 

[JKP]

Yeah - You say that, but not too often you see one of the losing parties sue the seller of the franchise to get control. There's ways to handle things good and bad - Even in big business. I mean the Clippers sale couldn't have been any more big business and I don't see any of the losing parties raising a finger in protest.

Once again...Stop giving wang a pass on anything. He's the worst.

You see people suing each other over business deals all the time. That's one of the reasons why we have courts - to resolve and remedy disputes in commercial contracts.

This stuff happens literally all the time. I work for a company where I am taking some new office space. I had a letter of offer signed with a Landlord and before we got the lease done, he reneged because he got a better offer for the space.

I was pissed because I lost a month of time on the deal, but I guess if I'd really wanted it I should have paid more. Will I do business with that landlord again? Maybe, but certainly with a different level of trust. And that was only over a few grand a year, not $100M.

Is Wang someone you'd want to be in biz with? Probably not. Is he within his rights to try to get the most value for his asset? Yes.

Is how he did it wrong? Looks like that's for the courts to decide based on the contracts signed and the law.

 

[ScaredStreit]

Nobody on here would leave $100m on the table. I'm no Wang fan by any stretch of the imagination, but let's be honest.

 

[BillD]

Nobody on here would leave $100m on the table. I'm no Wang fan by any stretch of the imagination, but let's be honest.

It's the way he went about doing it.
Wang went to Morgan Stanley (investment bankers) and asked them to find potential buyers. Barroway was connected to Wang by them, not sure how the Boston group or Ledeckey got into the mix.
Acting aboveboard but still not giving up business tough, all he needed to do is state his selling price and have a bidding competition. Instead, Wang reverted to his lowest instincts, reached deals on a handshake and principle with the first guy, then the second guy, all to insure that he had a fish on the line.
Illegal? No. Unethical......This is Wang.

 

[scott99]

Honestly, with over $100M in the difference, I'm not sure I blame him one bit. There's no deal until paperwork is signed. Is it bad faith?

I don't know, seems like capitalism 101 to me. Will any of those guys do biz with him again? Probably not, but he got his extra money. So I bet the NHL and his peer group of owners are happy too.

It's just big business.

Wait, is my math off ? Didn't the article state the Peak group's offer was 508 million ? That's only 40 million less than the Ledecky/Malkin alleged offer of 548 million.

 

[MJF]

It's the way he went about doing it.
Wang went to Morgan Stanley (investment bankers) and asked them to find potential buyers. Barroway was connected to Wang by them, not sure how the Boston group or Ledeckey got into the mix.
Acting aboveboard but still not giving up business tough, all he needed to do is state his selling price and have a bidding competition. Instead, Wang reverted to his lowest instincts, reached deals on a handshake and principle with the first guy, then the second guy, all to insure that he had a fish on the line.
Illegal? No. Unethical......This is Wang.

The sentiment I'm getting from reading some responses is that ethics goes out the window when trying to extract the best price possible.

I guess that's why there are so many lawyers.

 

[ScaredStreit]

It's the way he went about doing it.
Wang went to Morgan Stanley (investment bankers) and asked them to find potential buyers. Barroway was connected to Wang by them, not sure how the Boston group or Ledeckey got into the mix.
Acting aboveboard but still not giving up business tough, all he needed to do is state his selling price and have a bidding competition. Instead, Wang reverted to his lowest instincts, reached deals on a handshake and principle with the first guy, then the second guy, all to insure that he had a fish on the line.
Illegal? No. Unethical......This is Wang.

I never said it wasn't unethical. I said that everybody on here would have done the same thing.

Would I be unethical to make $100m? Yes I would. I can admit it. I would do it tomorrow. And I suspect that everybody on HF would.

This isn't chump change.

PS: It wasn't overly unethical. I think the "I hate Wang" blinders are a little too strong in this case.

 

[periferal]

This isn't about money. Of course I expect the seller of anything to make as much money as possible. No problem with that.

This is about wang and the kind of human being he is. Everything wang does is difficult. He makes it harder than it has to be and alienates everyone outside his inner inner circle.

Who knows how much more we will hear about this controversy, but I ask you...Please name some other sports franchise sale where three separate parties claim they had a deal with the owner of the team. It is incredibly rare and honestly...Did anyone think wang was just going to make it easy when he finally sold the team?

The guy is impossible. Doesn't care about how any of his actions effect others. Not my kind of human being and I do not wish him well in anything. I wish he would just literally disappear into thin air.

 

[CREW99AW]

Wow, what a lowlife Wang is. Playing 3 groups against each other, each thinking they had a deal agreed upon. I kinda like the sound of the Peak Ridge Group with the former NHL'er running the operations, too bad it fell through. Ledecky and Malkin were probably the only knuckleheads who agreed to allow Wang to stay as majority owner for the next 2 years. That's probably why Peak Ridge and Barroway lost out. Nobody wants that maniac Wang running things after spending half a billion on the team.

The article did not say if this former player had any experience or success, running any other franchise. I am not sorry the Peak Ridge offer was rejected. I have had enough with former players learning on the job with the isles.