Phoenix bankruptcy/ownership Part XI: A Fistful of Dollars?
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08-04-2009, 02:05 AM
Join Date: Mar 2007
Originally Posted by
A few questions/observations:
1. It's obvious the Glendale taxpayers and the COG, are going to take a HUGE bath on any local bid winning the auction. That's if the council doesn't get cold feet, now that the terms have been leaked, and vote down the concessions to JR or Ice Edge due to HUGE public backlash. Mind ya, COG takes a bath with Balsillie too, if he relocates, cause they're left with that huge white elephant and still have to make bond payments.
2. If Reinsdorf or Ice Edge can't persaude Dell to change his mind and take terms, do either of them even bid since neither wants to put up 80 million in cash to satisfy Dell, even if they can get concessions from COG and new agreements/terms from the other creditors.
3. What is the effect on the Westgate businesses when they're all of a sudden charging an additional 11.5 percent tax on goods/services? I would say their business would plummet. I know if I go out for dinner in Westgate, or buy a jersey, or whatever, and I have to suddenly pay an extra 11.5 percent I'd for sure be reconsidering.
So instead of 100 bucks that jersey now costs me 111.50. Times are tough, every dollar counts.
4. I wonder too who gave or leaked the concession negotiation information to Moyes. That will most surely come out in the contempt hearing when Baum says to Moyes, where did you get this info anyways, cause you weren't supposed to be privy to negotiations between the COG and Reinsdorf. I agree with the earlier poster, probably someone with morals, who thought the deal stunk for the taxpayers, leaked it to Moyes.
5. Does anyone know for sure/has anyone seen a copy yet of Balsillie's new offer, whether it does in fact have no conditions. My bet on that is that he disguises it as a local bid then does a midnight move. The court accepts it at face value, local bid, satisfies all the creditors including Dell (who wants his cash). Then challenges the NHL on not approving Balsillie because now he's a local bidder right, isn't that what the NHL wants. Finds there was no 'material' change to PSE's status since 2006.
6. Dell knows, the longer this goes, and the more the NHL is owed for funding the team through bankruptcy, ahead of him, the less the chances are of him being made whole.
7. Did I read that right that Reinsdorf's attorney said if this wasn't settled September 10th that Reinsdorf was out of the running cause they couldn't close then?
Also that Reinsdorf has 0 financing lined up so far?
8. Funny how now it comes out that Bettman told Balsillie that the Standard 7 year no movement clause would be waived for Pittsburgh but it appears in the final print. Also Bettman says the Executive Committee made him put it back in there. Lemieux's money man backs up Balsillie on this. Daly denies it of course.
if he pulled an Irsay after posing as a "local bidder", I'm pretty sure he'd get the franchise revoked.
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