Part VIII: Phoenix Coyotes Post-bankruptcy
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06-07-2010, 03:10 PM
Originally Posted by
Ghost, you never did provide anything to back up your claim that none of the others can be wealthy. As someone pointed out, one of the partners did donate $7 million to his local arena.
Also, I posted this a while back in response to your incessant claim that these guys can't have money just because you don't know how they did it:
In the article, you'll see that $210 million a year is the low-end of what the best hedge-fund managers can make, and some can make as much as $1 billion A YEAR. If you want to pretend that it's not possible for hedge fund managers can't accumulate $100M plus, then have fun.
So Breslow sold his family company for $260 million, and is a big donor.
MuCullough has worked with numerous private equity funds, including the Carlyle Group which is so huge that it's often the subject of conspiracy theories, they manage some $84.5 billion. From all his private equity dealings, Carlyle Group and many others, it's completely unsupportable to claim that he's not worth $100 million plus. Not saying he is, I don't know, but neither do you, and you can't claim with any credibility that it's unlikely that he's worth that much.
Todd Jordan, mehp, no idea what he's worth.
Now, why are they financing the deal then?
As someone already pointed out, there's a difference in net worth and liquidity. It could be a situation where the owners collectively have a high net worth but not a lot of liquid cash to spend, as in they'd need to sell shares in companies they own in order to generate cash. It's like having a Ferrari, it's very valuable, but until you sell it, you can't spend it. Maybe what they're doing is using their net worth to mortgage a loan to buy the team, with plans to sell off shares of their companies gradually over an extended period of time to pay off the loan.
I'm not saying this is what's happening, I'm saying that to claim that there's no way they can be worth a lot is laughable, and there are many plausible reasons they may need to borrow the money which does not neccesarily indicate they aren't extremely wealthy.
I think it's far easier to question a significant amount of wealth than to assume it's there.
I'd prefer if someone did come up with some indication that these guys have 'hundreds of millions of dollars' in net worth.
People assumed Boots had a lot of money too. I guess he did, but it wasn't his own.
The greater point is that without something that does show there's a substantial net worth, it's rather pointless to write up paragraphs about
what it can be
. I'd like proof that it is, not for someone to prove the hypothesis is indeed false. There's nothing to back up the hypothesis much either.