Phoenix LXXII: Send in the Clowns
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02-15-2013, 03:10 PM
Join Date: Jan 2009
Location: South of Heaven
Originally Posted by
I still think that the team having a value and what that is can't be swept under the rug just because an owner took on losses that equaled the valuation (or exceeded it). If you compare to Phoenix, Moyes had debt that was far in excess of the team valuation, and that valuation was only bolstered by the fact that the NHL actually paid that amount to a BK court settlement. One cannot say that they're an uninterested party, so it's not like that figure is solely about the team's valuation as the transfer was in the case of Florida.
Cohen had X amount in debt. He transferred the ownership to Siegel and Viner for the reported $200MM, iirc, ergo the value is still that sum. Cohen could have taken the cash and then paid off his debt. Same result.
That about sums it up
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