Phoenix CI: TeA.R.S. for FeA.R.S.

[RandR]

Huh - much lower than I was guessing.

For an orderof this magnitude, it means IA has to pay that much money into court as security for costs. That is, if IA ultimately loses, they'd be ordered to pay for Glendale's legal costs. This bond guarantees that IA has enough money to cover that potential costs order.

Thank you for the explanation; crucial for us interested non-lawyers in understanding what the heck is going on.

 

[RandR]

Cooper Rummell ‏@CooperRummell 1m1 minute ago
#BREAKING Judge grants @ArizonaCoyotes temporary restraining order against Glendale. @KTAR923

 

[rt]

Has it been confirmed that Andrew Barroway is out as majority owner?

 

[XX]

 

[RandR]

MC Superior Court ‏@courtpio 2m2 minutes ago
The Coyotes v The City of Glendale: Judge Dawn Bergin grants the TRO and set a bond of $250,000.

 

[DopeyFish]

So it was Julie Frisoni?

 

[Yukon Joe]

MC Superior Court ‏@courtpio 2m2 minutes ago
The Coyotes v The City of Glendale: Judge Dawn Bergin grants the TRO and set a bond of $250,000.

Ah, that seemed to contradict what was said in other tweets. But the TRO being effective today is good news for the Coyotes.

Seems to guarantee at least one more season in the desert.

 

[MeticulouslyDishevel]

Huh - much lower than I was guessing.

For an orderof this magnitude, it means IA has to pay that much money into court as security for costs. That is, if IA ultimately loses, they'd be ordered to pay for Glendale's legal costs. This bond guarantees that IA has enough money to cover that potential costs order.

Isn't Glendale's $15m payment to the Coyotes due on July 1st of each year? If so, the June 29th return date was no coincidence.

 

[Yukon Joe]

Isn't Glendale's $15m payment to the Coyotes due on July 1st of each year? If so, the June 29th return date was no coincidence.

There's no way there'll be a final determination by June 29 though.

 

[gstommylee]

Has it been confirmed that Andrew Barroway is out as majority owner?

Why would Barroway be out as majority owner.

 

[mmajeski06]

What a mess

 

[rt]

Why would Barroway be out as majority owner.

Not forced out. Asked out and granted out. Somebody said that Craig Morgan stated this on a local radio show this afternoon. Barroway out. I'm hoping to confirm whether it's true.

 

[Hawker14]

I wonder if the Coyotes will tank the first round of this legal fight, by getting rid of their veteran lawyers, in order to draft high end law school grads over the next few springs ?

 

[gstommylee]

Not forced out. Asked out and granted out. Somebody said that Craig Morgan stated this on a local radio show this afternoon. Barroway out. I'm hoping to confirm whether it's true.

So what in the world is going to happen if that's the case? Is this part of NHL's "back up" plan?

 

[NYRFAN218]

Not forced out. Asked out and granted out. Somebody said that Craig Morgan stated this on a local radio show this afternoon. Barroway out. I'm hoping to confirm whether it's true.

According to a tweet from Arizona Sports 98.7 FM's John Gambadoro of the Burns & Gambo Show, preliminary talks have taken place among the ownership group of the Arizona Coyotes to reduce current majority owner Andrew Barroway's stake in the franchise.

The reduction in Barroway's shares in the franchise would make him a minority owner.

Barroway became the majority owner, chairman and governor of the Arizona Coyotes on Dec. 31 when he acquired a 51 percent share of the franchise for $152.5 million.

http://arizonasports.com/43/1841878...rroway-may-become-minority-owner-in-franchise

 

[DopeyFish]

“Working with Julie during the last several years, she consistently displayed a wealth of knowledge, creativity, intelligence, and persistence. These qualities will serve her clients very well in any future projects.â€

Anthony LeBlanc
Arizona Coyotes President, CEO and co-owner"

welp, looks like this blurb on Frisoni's website testimonial area will now finally have to be explained

 

[Wheathead]

What on earth does a restraining order do for the team and the city?

 

[NYRFAN218]

What on earth does a restraining order do for the team and the city?

Prevents them from terminating the agreement until the court date.

 

[barneyg]

Hey, was this posted?

2015-16 arena budget package

City deficit, as budgeted by arena manager, projected to be $8.4 million for 2015-16, down from $8.7 million for 2014-15, mostly due to naming rights going up. On the other side, IA budgeted $9.5 million in net operating profit and ~$8.8 million in net cash available to be transferred to team or holdings. Of course this is all a bit theoretical now.. but if you're looking for pointers as to how much room for renegotiation there is... look it up.

And just to clarify a few numbers....

COG pays $15m this year. Through 9 months of "year", Coyotes have "paid back" $9m to COG.

No.Latest available arena report says $5.4M in revenues and $11.75M in AMF+capex. So final expenses will be $15M, only revenues left to come are from non-hockey events. Overall loss will be around $8.5-$9M as estimated by the city (2015-16 budget above has revised 2014-15 city estimates).

Out of curiosity, how many more years of debt payments, does Glendale still have on the arena? The payments are until 2033, no?

I don't feel like looking this up in Glendale's financial statements but IIRC much of the city's debt was restructured over the years so the actual amount of arena debt left and the maturity date would need to be assessed arbitrarily. (might edit later)

First post ever. I'm not a hockey person but I am a long time Phoenix lawyer who knows these types of issues. I have followed this board's discussion for years due to my interest in local politics. The discussion compels me to share my views on various points of discussion.

snip

I'll echo every other troll in here and thank you for your input -- posts like yours are the reason I hang around and parse through the seriously ******** stuff (I'm not even talking about Dr. K).

Who says they'd even pay rent? Sarver could theoretically buy a majority share of the team (if the rumors of Barroway giving up the majority share are accurate) and use them in his push for a new downtown arena in Phoenix.

A long shot sure, but there are a few ways such a scenario could work.

IA is making $9 million/yr in the current arena deal. That's pretty sweet. Unless they get a share of non-sport events, parking etc, and/or the league is threatening them with a heavy relocation fee in the background, that option does not seem very plausible. (IMHO of course)

 

[Stanley Cup]

So reducing Barroway's share is against his will? Could this create another legal battle?

 

[rt]

So reducing Barroway's share is against his will?

I didn't get that impression.

 

[Stanley Cup]

I didn't get that impression.

It was meant as a question. Tweets aren't detailed enough

 

[Killion]

-- posts like yours are the reason I hang around and parse through the seriously ******** stuff (I'm not even talking about Dr. K).

... yeah? Well when they name a soda, and a damn fine mixer at that after you your opinion might matter barney. For now?

 

[XX]

It was meant as a question. Tweets aren't detailed enough

He doesn't want to be the face of the franchise (and be attacked by reporters like Westhead for not being around during all of this) per Craig Morgan.

 

[barneyg]

... yeah? Well when they name a soda, and a damn fine mixer at that after you your opinion might matter barney. For now?

Wow, that was quick, I even looked around my living room to see whether you were here.. were you?