Phoenix bankruptcy/ownership Part XVIII: Is that a pale horse in the distance?
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MotorMaster
Registered User
so new thread- how do the NHL amend the bid to make it acceptable for Baum as he has indicated he cannot accept it as it is written now, or do they try to force the no sale route?
Seeing as Baum's job is to ensure the creditors are taken care of, I highly doubt the no sale route is anything more then him trying to convince Balsille and the NHL to work out a deal so he doesn't have to create a new precedent and have it appealed. Since the NHL's bid doesn't seem to be acceptable as it is, the Judge may have to pick Balsille's bid and let someone else clean up the mess.
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LadyStanley
Registered User
That's all speculation based on "ancient" history (of 2+ years ago).
http://hfboards.com/showthread.php?t=675418
LadyStanley
Registered User
From Twitter:
brahmresnik: Coyotes BK: Balsillie exits courthouse, can't find his car, heads back in to make a call. Heads will roll
brahmresnik: Coyotes BK: Balsillie exits courthouse, can't find his car, heads back in to make a call. Heads will roll
CanadaBacon
#SavetheGoons
Quote:
We can be pretty darn certain Balsillie has no interest in teams not in Hamilton.
Apples and oranges. For one thing, none of the people buying those franchises were trying to move it without the league's permission. Remember what the league is really fighting for here, not what the Balsillie propagandists are claiming they are. The power to control where their franchises play and who owns them is paramount to the league.
The league did fight for Winnipeg, for years. It's not like as soon as the owner wanted to sell, the team left the city.
They didn't fight so hard for Quebec, but it seems a decision was made that that market was hopeless, and given the city had no new arena, no prospects, and no owner while being the second smallest market with a pro major league team in North America (ahead of only the special case Green Bay), its hard to argue with the decision.
There is little Bettman could have done to save the North Stars given they moved in 1993. But if we are just talking the league itself, Minnesota was another market with arena troubles. Still, that team never should have moved.
Bettman worked as hard or harder for Edmonton, supported by Cal Nichols' accounts. Is Edmonton one of "Bettman's teams" or is this argument baseless?
You're getting your timelines mixed up. The league doesn't take official offers for relocation while local options still exist. So Balsillie wasn't getting a relocation option. Those "terms" did not yet exist.
If he wanted relocation terms, he needed to wait for the local options be exhausted. Apparently, though, he was willing to pose as a local bidder for his own purposes until it became time to actually sign the agreement
1. How can you be sure? Was he not going to sign an agreement that if the Capri Plan or Plan B happened he would keep the team in Pitts?
2. How exactly did the NHL fight for Winnipeg? The NHL didnt fight at all for Quebec. Saying Quebec was hopeless is just....wow
3. When did Bettman become the commish? Was Minnesota still not in Minnesota?
4. Do you have any Links to the NHL fighting for Edmonton? Not saying your wrong, i just dont know about this topic.
5. Balsille would have known that he could have the option to relocate if there were no local bidders. Who were the local bidders that kept this option open? Once again, with no local bidders, no Capri Plan or Plan B, Balsille could have had the option to relocate the team. He was told to sign an agreement that this would not happen. If no local bidders came about and the Capri/Plan B fell apart, why would he have to sign this agreement?
Were there still local bidder options at this point in time?
We can be pretty darn certain Balsillie has no interest in teams not in Hamilton.
Apples and oranges. For one thing, none of the people buying those franchises were trying to move it without the league's permission. Remember what the league is really fighting for here, not what the Balsillie propagandists are claiming they are. The power to control where their franchises play and who owns them is paramount to the league.
The league did fight for Winnipeg, for years. It's not like as soon as the owner wanted to sell, the team left the city.
They didn't fight so hard for Quebec, but it seems a decision was made that that market was hopeless, and given the city had no new arena, no prospects, and no owner while being the second smallest market with a pro major league team in North America (ahead of only the special case Green Bay), its hard to argue with the decision.
There is little Bettman could have done to save the North Stars given they moved in 1993. But if we are just talking the league itself, Minnesota was another market with arena troubles. Still, that team never should have moved.
Bettman worked as hard or harder for Edmonton, supported by Cal Nichols' accounts. Is Edmonton one of "Bettman's teams" or is this argument baseless?
You're getting your timelines mixed up. The league doesn't take official offers for relocation while local options still exist. So Balsillie wasn't getting a relocation option. Those "terms" did not yet exist.
If he wanted relocation terms, he needed to wait for the local options be exhausted. Apparently, though, he was willing to pose as a local bidder for his own purposes until it became time to actually sign the agreement
1. How can you be sure? Was he not going to sign an agreement that if the Capri Plan or Plan B happened he would keep the team in Pitts?
2. How exactly did the NHL fight for Winnipeg? The NHL didnt fight at all for Quebec. Saying Quebec was hopeless is just....wow
3. When did Bettman become the commish? Was Minnesota still not in Minnesota?
4. Do you have any Links to the NHL fighting for Edmonton? Not saying your wrong, i just dont know about this topic.
5. Balsille would have known that he could have the option to relocate if there were no local bidders. Who were the local bidders that kept this option open? Once again, with no local bidders, no Capri Plan or Plan B, Balsille could have had the option to relocate the team. He was told to sign an agreement that this would not happen. If no local bidders came about and the Capri/Plan B fell apart, why would he have to sign this agreement?
Were there still local bidder options at this point in time?
From Twitter:
brahmresnik: Coyotes BK: Balsillie exits courthouse, can't find his car, heads back in to make a call. Heads will roll
Ohhhhh my ???what happened
Bettmen relocate it?
Quote:
We can be pretty darn certain Balsillie has no interest in teams not in Hamilton.
Apples and oranges. For one thing, none of the people buying those franchises were trying to move it without the league's permission. Remember what the league is really fighting for here, not what the Balsillie propagandists are claiming they are. The power to control where their franchises play and who owns them is paramount to the league.
The league did fight for Winnipeg, for years. It's not like as soon as the owner wanted to sell, the team left the city.
They didn't fight so hard for Quebec, but it seems a decision was made that that market was hopeless, and given the city had no new arena, no prospects, and no owner while being the second smallest market with a pro major league team in North America (ahead of only the special case Green Bay), its hard to argue with the decision.
There is little Bettman could have done to save the North Stars given they moved in 1993. But if we are just talking the league itself, Minnesota was another market with arena troubles. Still, that team never should have moved.
Bettman worked as hard or harder for Edmonton, supported by Cal Nichols' accounts. Is Edmonton one of "Bettman's teams" or is this argument baseless?
You're getting your timelines mixed up. The league doesn't take official offers for relocation while local options still exist. So Balsillie wasn't getting a relocation option. Those "terms" did not yet exist.
If he wanted relocation terms, he needed to wait for the local options be exhausted. Apparently, though, he was willing to pose as a local bidder for his own purposes until it became time to actually sign the agreement
1. How can you be sure? Was he not going to sign an agreement that if the Capri Plan or Plan B happened he would keep the team in Pitts?
2. How exactly did the NHL fight for Winnipeg? The NHL didnt fight at all for Quebec. Saying Quebec was hopeless is just....wow
3. When did Bettman become the commish? Was Minnesota still not in Minnesota?
4. Do you have any Links to the NHL fighting for Edmonton? Not saying your wrong, i just dont know about this topic.
5. Balsille would have known that he could have the option to relocate if there were no local bidders. Who were the local bidders that kept this option open? Once again, with no local bidders, no Capri Plan or Plan B, Balsille could have had the option to relocate the team. He was told to sign an agreement that this would not happen. If no local bidders came about and the Capri/Plan B fell apart, why would he have to sign this agreement?
Were there still local bidder options at this point in time?
CB:
THEN THE CASINO PLANS in PA (IoC/B) were shot down by Rendell but it eventually led to Mellon being phased out for Consol. Keep in mind Lemieux had scouted KC AS AN OPTION...
as for Quebec, tht's an accurate statement, how come there's been rumored for years arena proposals in Quebec City, but Le Colisee still exists, 22 years after the relocation of the Nordiques to Denver... if there had been another owner locally in QC TO BUY them from Aubut, would there still be 2 franchises in Quebec province?
It was a semi-technical issue of the NHL leaving Moyes off a creditors list because they regard his claim as equity but the judge hasn't decided that yet. The NHL assured that they will amend their bid tonight. Apparently not a major item for the NHL but significant if they didn't do it because the judge couldn't go forward with their bid legally.
There was one report about the dollars and preferential treatment of others by the NHL over Moyes but I think that related to this non creditor presumption.
I'm a touch fuzzy on the above but that's the gist of what I've gathered.
Crazy_Ike
Cookin' with fire.
- Mar 29, 2005
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How can we be sure Balsillie wanted to relocate the franchise? Are you serious?
2. How exactly did the NHL fight for Winnipeg? The NHL didnt fight at all for Quebec. Saying Quebec was hopeless is just....wow
Ah, so no owner, no arena, and no hope of either for the future isn't hopeless, eh?
If you have to ask, you shouldn't be allocating blame. Bettman started in Feb 1993, the rather convoluted North Stars saga started in 1990 and finished in spring 1993. It was another arena situation, the city promised an expansion team when they get a new arena built. It still shouldn't have happened, but the whole Gund/Norm Green mess was ugly in so many different ways.
No offense but I've had to go through that around two dozen times just since these threads started. I really don't want to go through it again nor is this the proper place for it. Let's just say Cal Nichols has been one of Bettman's biggest supporters ever since he appeared on the scene. If you want more, there's plenty in the earlier threads.
Because the league only wanted local bidders at that time.
Obviously, since the team is still there.
Call of the loonie
Registered User
To anyone following this situation closely -
Why doesn't the NHL just tack an extra 40M onto their bid and get this thing over with? I know it is a lot of money but it would surely give the Judge the escape clause he's been looking for.
Also, 40M might be close to what they end up spending this year if this thing doesn't get resolved soon.
Why doesn't the NHL just tack an extra 40M onto their bid and get this thing over with? I know it is a lot of money but it would surely give the Judge the escape clause he's been looking for.
Also, 40M might be close to what they end up spending this year if this thing doesn't get resolved soon.
LadyStanley
Registered User
Currently the NHL has excluded a handful of creditors (including TGO and the unsubstantiated claim of Moyes). If they fulfill all but those two (completely), they might get a happier Baum. And that might be only another $10m or so.
MsMeow
Registered User
- Nov 4, 2005
- 16,454
- 1,104
Cause of this:
So even if they added $40 million, worse case scenario the estate could still only get $42 million.
So happy this ends tomorrow.
and the best part is I won't be sitting around all day waiting for the decision.
and the best part is I won't be sitting around all day waiting for the decision.
CanadaBacon
#SavetheGoons
1. Once again. He was going to sign an agreement to keep the team in pittsburgh if the Capri/Plan B came about.
2. so the economy had no factor? no help from the government/nhl for Arenas? Why do you consider there to be no hope?
3. I knew when GB became commish, the way you answered made it sound like he was not in office when minny moved. So Minnesota moved after GB came in to office. But he couldnt do nothing about it of course. And it was another arena situation, why was Minnesota not hopeless? Winnipeg was pulling in attendance not much lower then Minny and Quebec was pulling in higher attendance. NHL didnt fight to keep any of these teams in town, They all went to the highest bidder no matter if relocation was in the works and all because of arenas/no hope for the future. Yet Minnesota has a team and are doing quite well. You dont think if the NHL was going to give Winnipeg or Quebec a team an arena would not be built?
4. Was just asking about Edmonton because im not sure what you are talking about, did the NHL help Edmonton before Nichols group owned or during? Are you talking about the CCAP?
5. The didnt get a "local bidder" the Lemieux Group kept the ownership instead of selling because there were no local bidders. And the same group was thinking about relocation and most likely would have been granted it. So there were no local bidders and relocation was being considered, just not for JB.
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Mike in MN
Mr Bandgeek
He was either "not quite" the commissioner, or he had Just started when it was announced that the team would be moving after the 92/93 season.
Norm Green sucks.
so to put it bluntly, the entity in charge of approving bidders, cannot approve themselves as their bid is deficient
It won't end tomorrow. Don't be shocked when this is still going on by the time the season starts.
That's better. Now we may proceed in earnest!
If the NHL agrees to ante up their offer I really think Baum will take the easy route in this one. As it stands though, there is little going in their favor. The only thing the NHL has to hope for is that Baum isn't willing to create a precedent to avoid appeal. I'm somehow doubting that's first and foremost on his mind when he's got a heaping plate of creditors to try to make happy.
CanadaBacon
#SavetheGoons
They could bid $50 MM and tell the secureds to fight among themselves.
There is no law that says anyone has to bid an amount based on liabilities of the bankrupt. They usually bid based on the value (to them) of the asset.
They would not do so because there are a number of motions currently being argued before the court (all the ones argued today and tomorrow). Those motions MUST be argued and decisions issued thereon before Baum J. can make a final determination. That is required as a procedural matter.
As a tactical matter commercially, there would be no percentage in making such a bid at this time. It invites a counter-bid and provides time to the other bidder to consider their strategy more fully.
I find it interesting that some on here regarded the JB offer to the City as a master stroke of some kind. Most experienced commercial negotiators would find it amateurish to increase one's bid at that time (before the auction), to be frank about it. Even if the City were interested in selling its claim, it would have no incentive to accept it at that time before the scheduled final bidding time on Friday afternoon. Making a bid that early essentially gives away a significant amount of leverage to the City. The City now knows it has a fish on the hook. If JB is prepared to offer $50 mil, there is a fairly high probability that he will offer more (whether it is a lot more or a little more is not really the point).
As a matter of commercial strategy, in bidding situations, the only circumstance in which one makes a bid BEFORE an auction is if one is going to make a truly preemptive bid - in effect, the proverbial bid that one cannot refuse. Unless you are going to get an agreement by making an offer at that early preemptive moment, there is simply no percentage in it. It is a wasted bid.
TeamTourigny
Formally TeamTurris & TeamTippet & TeamTocchet
I think it's clear that both bidders are trying to purchase this asset on the cheap and make a huge profit. (although in the leagues case its offered 100% of the proceeds to creditors so the league wouldn't make a profit, but it does wet the apatite of a JR) The league tacks on $40m then they better hope they get someone willing to pay that freight once this team gets flipped to a new owner. Not sure JR or Ice Edge want to pay $180-$190m for this team, frankly it's not worth that much at this time at this location.
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