Phoenix XXVIII: Lawyers, Bonds and Money

Discussion in 'Fugu's Business of Hockey Forum' started by Fugu, Mar 16, 2011.

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  1. Fugu

    Fugu Administrator

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    Continue. Previous thread:

    http://hfboards.com/showthread.php?t=889968&page=1

    The crux of the matter per GWI:

    http://www.bondbuyer.com/news/COURT...RSS&utm_source=twitterfeed&utm_medium=twitter
     
  2. RAgIn

    RAgIn Registered User

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    What's budget time? March 22?
     
  3. RAgIn

    RAgIn Registered User

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  4. crazed323

    crazed323 Registered User

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  5. LeftCoast

    LeftCoast Registered User

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    I had the same question earlier and GSC pointed me in the right direction.

    Apparently the parking rights are not a part of the lease (AMULA) but were a part of Ellman's original Mixed Use Development Agreement (MUDA) for Westgate with CoG, and were transfered to Moyes when they split up their interests.

    With the bankruptcy, the NHL bought the Coyotes' assets from the estate and acquired the right (not obligation) to assume any contracts / agreements that the Coyotes held (including, the franchise agreement, all players contracts, the lease and the parking rights). Any contracts that were not assumed by the NHL by (IIRC) June 2010 could be terminated by Moyes.

    Obviously the NHL did not (and would be foolish to) assume the lease as it would lock them into Glendale. But the parking rights don't have termination penalties, royalties or lock-ins, and would be useful/essential to keeping the team in Glendale, so I would think the NHL did assume this agreement. If the NHL did indeed assume the parking rights, and Jerry Moyes didn't terminate them, the NHL currently owns the parking rights. If Moyes had terminated the agreement, parking rights would (I think) revert back to the City who owns the land.

    From my POV, if the City had really valued and desired the parking revenues, they could have obtained them from the NHL for much less than $100M when they agreed to cover the operating losses for the 'Yotes for an additional year. That could have been accomplished simply by the NHL asking Moyes to cancel the agreement. IMO, (and that of GWI) the parking rights are basically being used by the City and the NHL as a mechanism to transfer $100M to Hulsizer.
     
  6. King Woodballs

    King Woodballs Captain Awesome

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    hahaha good luck!
    you will see 10 threads a day about how winnipeg (if a team moves there) isnt making any money or something of that sort haha
     
  7. LeftCoast

    LeftCoast Registered User

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  8. OthmarAmmann

    OthmarAmmann Omnishambles

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    Yup.

    http://www.glendaleaz.com/2011Budget/index.cfm

     
  9. RAgIn

    RAgIn Registered User

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    All the way from Washington D.C.:

    Never heard of the ATR before. Maybe someone can add.

    http://www.atr.org/atr-opposes-taxpayer-subsidized-purchase-phoenix-a5949#

    Letter: http://www.atr.org/files/files/031111ltr-GlendaleCC.pdf
     
  10. RAgIn

    RAgIn Registered User

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  11. AllByDesign

    AllByDesign Who's this ABD guy??

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    The trouble is that even our best experts have not been able to find with any certainty that the NHL adopted this agreement. This may be the card that GW is holding.
     
  12. Antidote

    Antidote Registered User

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    Pondering the NFL situation and the arrival of Fehr on the NHLPA scene, how would a strike/lockout in the 12/13 season impact COG if the deal actually goes through? Presumably there'd be much less parking revenue. Would there be an arena management fee if the anchor client wasn't using the facility? Etc. etc.
     
  13. Brodie

    Brodie Marxist-Harbaughist

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    with the tea party folks and Fox getting in on this, things are looking pretty bleak for Glendale. It's only a matter of time before political and public pressure mount for them to fold.
     
  14. y2kcanucks

    y2kcanucks I Am Negan Sponsor

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  15. RAgIn

    RAgIn Registered User

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    Maybe. But wow, wouldn't that be something. Who's the owner? Need bonds for that too?
     
  16. Antidote

    Antidote Registered User

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    Naw, it makes more sense to send them to Victoria. There are usually enough AHL teams on the brink to choose from for Glendale.
     
  17. borno87

    borno87 Registered User

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    ICE. EDGE. HOLDINGS.

    The perfect ending?
     
  18. y2kcanucks

    y2kcanucks I Am Negan Sponsor

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    IIRC, Victoria is more interested in a WHL team than an AHL team. The ideal spot for the Moose would be Abbotsford, but the Heat are currently affiliated with the Flames. I'm still puzzled as to why the Flames would have their farm team so close to Vancouver...their attendance figures are in the toilet, and only spike when the Moose are in town and the entire arena are cheering on the Moose.
     
  19. Fugu

    Fugu Guest

    Yes, that's been my feeling as well--- if such an agreement exists and was part of the Moyes three tiers of LLC's that held either the team and mgt/arena rights, etc., he certainly terminated everything around June 30, 2010. If the NHL had not exercised it's right by June 30, 2010, there would NO REASON whatsoever for the CoG to give the rights to the NHL, or anyone else. This is elevated to the nth degree if these rights have real value (or anything approaching $100m).

    Furthermore, I seem to recall a clause that if the team was sold and moved, the bankrupt estate would be on the list to share in the proceeds above and beyond some level after the NHL recouped it's payment. If the NHL possesses something that is valued at $100m + the NHL team, would this not also be covered by the BK agreement against prior claims from unsecured parties? Glendale is in the interesting position of having a claim against the estate for termination of the lease, but then dishing out $100m to buy something that the estate once held. (Hope that convoluted bit made sense to someone.)
     
  20. crazed323

    crazed323 Registered User

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    TNSE is the owner of the Moose (I think). I have been wondering for awhile what the value of an AHL team is. If the Moose are moved are they sold? Or does the Moose become another source of income for TNSE if they are moved to another city and operated at a profit. Would seem funny for one owner of an NHL team to own the Farm team of another (conflict of interest).

    It will be interesting to see just how this whole musical chairs thing shakes out.


    Also, who owns Phoenix's farm club? How does all this work.
     
  21. Antidote

    Antidote Registered User

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    You recall correctly but an AHL possibility would stop WHL discussions in their tracks imo. Little OT here but the ripples go to lots of shores.
     
  22. MoreOrr

    MoreOrr B4

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    Where's Roland the Thompson Gunner when you need him?
     
  23. Antidote

    Antidote Registered User

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    Headless in Mombasa!
     
  24. Alberta Yote

    Alberta Yote Owns the Yotes

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  25. RAgIn

    RAgIn Registered User

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    Geez. Weren't they working on an expansion team for Thunder Bay (ECHL)?
     
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