Phoenix XL - Rich Man's World
View Single Post
10-22-2011, 02:02 PM
Join Date: Feb 2010
Originally Posted by
While most of the damages the NHL is seeking strike me as unlikely to happen I still think there's a good chance Moyes ends up paying Gretzky his owed money and the NHL gets the personal guarantee amount. Those agreements were signed directly with Moyes the individual, who has not personally filed for bankruptcy.
Gretzky being owed $8.5M & Moyes signing personal guarantee's that have been ramped up to (app.) $53.5M for a total claim of $62.5M. Moyes floated close to $700M+ on a stock offering last year & if he's found to be in breach of the personal guarantee's he signed with the league in 2008, along with the franchise agreement itself, it would seem to me that this isnt exactly a case of trying to get "Blood from a Stone" as another poster so aptly put it. Quite the contrary, Im thinking "There Will be Blood". That being said, as CasualFan pointed out, that the District Court basically punted without call for any further requirements pursuant to the last hearing earlier this month, the ball on this ones' breaking records for "hangin" in terms of air-time.
Originally Posted by
Excuse my ignorance, but has anything actually happened here since May? Other than Reinsdorf changing his mind every other day about whether he feels like dealing with this?
Several things, much of it subtle. As you know, Hulsizer pulled out last May, the league signing a 10yr AMUL with the COG renewable annually without penalty should they decide to relocate the franchise. Separately, for 2011-12, and to be voted on & approved annually thereafter by the COG, a $25M "Arena Management Fee" to be paid to the NHL or if the league sells & assigns the AMUL to Reinsdorf or Jamison. Alternatively, the latter two could deal directly with Glendale pre or post acquisition in working out an AMULA.
It has been confirmed by multiple, reliable sources throughout the summer & fall that yes, Greg Jamison of San Jose leads a group of Investors who reportedly have raised somewhere around $400M. Further, it was confirmed that he was in fact forced out of San Jose' last October, however for various reasons, still sat on the leagues powerful Executive Committee & retained the position as the Sharks designate on the BOG's, a position which recently expired... John Kaites meanwhile appears to have taken a lead role with the Reinsdorfs, Jerry & Michael, along with a rumored 2-3 other minority partners in taking another run at the team, again, confirmed by multiple reputable media sources.
Contemporaneously, Ellmans backers in Westgate pulled the plug pushing the development into foreclosure. iStar Financial, a publicly traded real estate development firm was/is owed $96M & seized Westgate; Credit Suisse a whopping $500M+ (on other Ellman deals in addition to Westgate) and seized vacant land adjacent to the mall & Glendale Arena earmarked for development. A public auction for the vacant land is planned (no date set that Im aware of); the auction for Westgate closed in mid-September when no one bid iStars reserve of $40M. If so inclined, GJ/JR could re-enjoin the development with the franchise now or, let iStar & Credit Suisse "dangle" & buy the entire ranch including the franchise for a song, as its very likely the NHL will be offering a deep discount (using TNSE's $60M relo fee to pay-down their LOC) and possibly terms whereby Jamison or Reinsdorf assumes the leagues LOC with Bank America. Any number of possibilities/creative ways to get that done.
Phoenix/Glendale has won the 2015 SuperBowl. Tanger Discount Superstores is scouting Westgate for a massive 70+ store mall. The nearby air base is about to receive a fat contract from the feds. If it ever see's the light of day, the Tohono's Indian Bands' plans could deliver hundreds of millions to Westgate & Glendale. The Bidwells' have plans for a massive development adjacent to Westgate called Sportsmans Park, golf course, single family homes, condo's, shopping, the works. As another poster stated some time ago, little wonder a couple of Wise Old Silverbacks like JR/GJ are circling, quietly and out of view.
View Public Profile
Find More Posts by Killion