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Part IX: Phoenix Coyotes Post-bankruptcy UPD: Pres Moss fired 6/30 with IEH input

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06-22-2010, 10:34 AM
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Fugu
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Part IX: Phoenix Coyotes Post-bankruptcy UPD: Pres Moss fired 6/30 with IEH input

Sigh.

Continue here. Link to old thread:

http://hfboards.com/showthread.php?t=784077

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06-22-2010, 11:00 AM
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Sigh.

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Old
06-22-2010, 11:19 AM
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kdb209
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Previously on Lost ...

05-05-2009 Balsillie puts in $212.5 mil offer for the Coyotes
05-07-2009 Balsillie/Phoenix part II
05-18-2009 Balsillie/Phoenix part III
05-22-2009 Balsillie/Phoenix part IV
06-03-2009 Balsillie/Phoenix part V
06-09-2009 Balsillie/Phoenix Part VI
06-12-2009 Balsillie/Phoenix Part VII: I'm just waitin' on a judge
06-16-2009 Balsillie/Phoenix Part VIII: It's dead, Jim
06-24-2009 Balsillie/Phoenix Part IX: 'Dorf on Hockey
07-25-2009 Phoenix bankruptcy/ownership Part X: The Truth? You Can't Handle The Truth!
08-03-2009 Phoenix bankruptcy/ownership Part XI: A Fistful of Dollars?
08-07-2009 Phoenix bankruptcy/ownership Part XII: For a Few Dollars More
08-12-2009 Phoenix bankruptcy/ownership Part XIII: The Good, The Bad, and The Ugly
08-21-2009 Phoenix bankruptcy/ownership Part XIV: The Wrath of Baum
08-27-2009 Phoenix bankruptcy/ownership Part XV - SITREP: SNAFU
09-02-2009 Phoenix bankruptcy/ownership Part XVI: Barbarian at the Gate
09-08-2009 Phoenix bankruptcy/ownership Part XVII: Wake Me Up When September Ends
09-10-2009 Phoenix bankruptcy/ownership Part XVIII: Is that a pale horse in the distance?
09-12-2009 Phoenix bankruptcy Part XIX: How I Learned to Stop Worrying and Love the Baum
09-21-2009 Phoenix Bankruptcy Part XX: There Will Be Baum
09-28-2009Phoenix Bankruptcy Part XXI: 2009 -- A Sports Odyssey
10-26-2009 Phoenix Bankruptcy Part XXII: Long and winding road

Followed up by the ever popular:

11-24-2009 Keeping up with potential owners for NHL Phoenix Coyotes (UPD: Ice Edge signs LOI)
03-14-2010 Part II. Potential owners of NHL's Phoenix Coyotes
03-26-2010 Part III. Prospective Owners - Phoenix Coyotes (UPD Lease vote 4/13; IEH signs MOU)
04-10-2010 Part IV Phoenix Coyotes post bankrtuptcy; UPD COG approves Reinsdorf MOU, not IEH MOU
05-02-2010 Part V Phoenix Coyotes post bankruptcy UPD Reinsdorf out? IEH back in? else Winnipeg?
05-11-2010 Part VI Phoenix Coyotes post bankruptcy
5-23-2010 Part VII Phoenix Coyotes post bankruptcy
06-07-2010 Part VIII Phoenix Coyotes post bankruptcy
06-22-2010 Part IX: Phoenix Coyotes Post-bankrtuptcy

Come on Mods - start showing a bit more creativity in thread names again.

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06-22-2010, 11:29 AM
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MHX
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Went back to read posts in the first thread: Balsillie puts in 212.5 mil offer for the Coyotes and the 10th entry reads:

Quote:
This should be interesting.
Seems like an understatement now doesn't it...

I also agree that the titles could be better

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06-22-2010, 11:38 AM
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Quote:
Originally Posted by The Bank View Post
Went back to read posts in the first thread: Balsillie puts in 212.5 mil offer for the Coyotes and the 10th entry reads:



Seems like an understatement now doesn't it...

I also agree that the titles could be better
just think we could've avoided all this drama for a measly 212.5 million.
and that is ,was, and forever will be the understatement of ALL-TIME.

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06-22-2010, 11:45 AM
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Originally Posted by vivianmb View Post
just think we could've avoided all this drama for a measly 212.5 million.
and that is ,was, and forever will be the understatement of ALL-TIME.
Well since this is Part IX of Infinity... perhaps Monty Python fans will agree part X should be subtitled:

"NOT THIS RECORD! NOT THIS RECORD!"

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06-22-2010, 12:38 PM
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Originally Posted by vivianmb View Post
just think we could've avoided all this drama for a measly 212.5 million.
and that is ,was, and forever will be the understatement of ALL-TIME.
And we could avoid all the forthcoming drama over the next 5 years for a measly $170 million.

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06-22-2010, 12:46 PM
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NHL has released its schedule today.. http://www.nhl.com/ice/news.htm?id=532296 No surprises, just confirms Phx is there. However, still "Phoenix" and not yet "Arizona"

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06-22-2010, 12:49 PM
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If HFBOARDS charged $0.25 per post on here, they could have bought the Coyotes by now.

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Old
06-22-2010, 01:10 PM
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Just a pet peeve, but "bankruptcy" has been misspelled in the topic thread title for a few threads now, and it's driving me nuts.

Otherwise, I wish IEH well in closing the deal, though I'd love for there to be a team in Winnipeg.

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06-22-2010, 01:12 PM
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Originally Posted by cbcwpg View Post
If HFBOARDS charged $0.25 per post on here, they could have bought the Coyotes by now.
New idea for a CFD - charge the message boards!!!

Quote:
Originally Posted by whilee
The way I read things, Glendale has more or less gone "all in" with the IEH group. If, for some reason, things don't work out with their financing, or the NHL, or the CFD setup, then I would be pessimistic about another bid by Reinsdorf or a third group from the grassy knoll before the December 31 deadline. My guess is that at that point the NHL would try to sell it for the best price possible to an ownership group in another city (other than Balsillie and Hamilton, I suppose). That is the nightmare scenario for the City of Glendale...

In that case, since I think that the NHL still has a strong interest in the Phoenix market, they might look at it again soon, but starting fresh in Phoenix without some of the Glendale baggage.
If CoG has trouble with the IEH CFD the chances that the JR CFD could be established would basically be nil, in my opinion. THis is because much more upfront, higher commitment, no consideration in return and GI waiting on the doorstep.

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Old
06-22-2010, 01:27 PM
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vivianmb
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If HFBOARDS charged $0.25 per post on here, they could have bought the Coyotes by now.
NICE!!!

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06-22-2010, 01:54 PM
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Originally Posted by Niagara67 View Post
NHL has released its schedule today.. http://www.nhl.com/ice/news.htm?id=532296 No surprises, just confirms Phx is there. However, still "Phoenix" and not yet "Arizona"
It will take a year for the name change to take effect once Ice Edge gets the team.

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06-22-2010, 02:02 PM
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just think we could've avoided all this drama for a measly 212.5 million. and that is ,was, and forever will be the understatement of ALL-TIME.
Wrong! All of this could have been avoid had the NHL watched Jerry Moyes like a hawk while the league was paying the bills! Layoff the entitlement tantrum for youre in a better position this way to bring back the Jets than with JB in control provided the Coyotes fail to get a local owner.

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06-22-2010, 02:34 PM
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LadyStanley
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Note - fixed spelling on title.

No name changes until the BOG agrees to sale. Part of that might be to change name from Phoenix. So, if the sale goes through, could be done in time for season opener.

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06-22-2010, 02:58 PM
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All of this could have been avoided had the NHL watched Jerry Moyes like a hawk while the league was paying the bills!
Completely agree. To this day that very basic question hasnt been answered. I realize its past being topical, however, with the league continuing to prop-up any number of franchises' through advances on revenue sharing etc, history will repeat itself unless they dont' start instituting assistance over & above financial aide. I understand Beasley told Moyes' he could "find" $20M or so to help offset the losses & Moyes' didnt bother to respond in providing the neccessary paperwork. He "Went Rogue" . The league was aware that the systemic problems in Arizona required a new business model to be built & they knew about it for quite some time yet did nothing until a cash call came in fall 2008. Why couldnt they have provided marketing assistance & consultation from executives within the leagues' HO & had Phoenix personnel pay visits to San Jose & other successful franchises in order to glean the kind of intelligence required to fix the mess, which consisted of a lot more than just a lousy lease?. Most reputable "Master Franchisors" provide this kind of thing in order to minimize & avoid meltdowns by its "Franchisee's". Simply throwing money at a problem wont stop the bleeding, particularilly if their arent any checks & balances required by the recipient. Unless the league gets off its fanny & starts to genuinely help the challenged franchises, history will just keep repeating itself.


Last edited by Killion: 06-22-2010 at 03:00 PM. Reason: Typo;
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Old
06-22-2010, 03:38 PM
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maybe the league should only sell teams to professional and credible owners who are known entities in the business world and have proven their ability to effectively run sports franchises....and they should require high levels of personal wealth to protect the league from embarassment when difficult times appear.

or guys who are good at twitter....either way.

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06-22-2010, 03:50 PM
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Originally Posted by peter sullivan View Post
maybe the league should only sell teams to professional and credible owners who are known entities in the business world and have proven their ability to effectively run sports franchises....and they should require high levels of personal wealth to protect the league from embarassment when difficult times appear.

or guys who are good at twitter....either way.
lol, i like this line from wikipedia

Quote:
John A. Spano, Jr. (born May 31, 1964) is a businessman and swindler who briefly bought control of the NHL's New York Islanders in 1997 before he was exposed as a fraud. Due to the NHL spending a minimal amount in checking his background and an abandonment of usual banking safeguards, he was able to make it appear that he was worth several times more than he actually was.

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06-22-2010, 03:54 PM
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Quote:
Originally Posted by peter sullivan View Post
maybe the league should only sell teams to professional and credible owners who are known entities in the business world and have proven their ability to effectively run sports franchises....and they should require high levels of personal wealth to protect the league from embarassment when difficult times appear.

or guys who are good at twitter....either way.
LOL Peter! But then how would we fill up hundreds of pages in this never-ending thread?!

All of this Moyes bashing is kinda tiresome. Yeah, the guy wasn't a good owner. But sheesh, the Coyotes have NEVER made money. It's not all Moyes' fault. The franchise has been a money-loser from day one. Sure, it could have been different if the first rink hadn't had the poor seating for hockey, if the team had won in the playoffs, if the recession hadn't hit hard a few years ago, etc. And if my grandmother had wheels she'd be a wagon.

What burns me most about this attitude is that the same people who proclaim that Phoenix deserves umpteen chances are the same ones who say that Winnipeg lost its team fair and square after a brief bailout attempt in 1996. You can't have it both ways. If Winnipeg deserved to lose the Jets in 96, Phoenix deserves to lose the Coyotes in 2010.

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06-22-2010, 04:12 PM
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Just a pet peeve, but "bankruptcy" has been misspelled in the topic thread title for a few threads now, and it's driving me nuts.

Otherwise, I wish IEH well in closing the deal, though I'd love for there to be a team in Winnipeg.

Quote:
Originally Posted by LadyStanley View Post
Note - fixed spelling on title.

No name changes until the BOG agrees to sale. Part of that might be to change name from Phoenix. So, if the sale goes through, could be done in time for season opener.
Who put in that extra "t"???


That's what happens when you copy/paste thread titles to create the next one. If we had some creative mods, we'd have more interesting titles.




 
Old
06-22-2010, 04:31 PM
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I am still uncertain about what are the immediate next steps in the process. I understand that the City of Glendale has reviewed, or is reviewing the term sheet furnished by IEH in relation to the exclusivity agreement.

However, I was also under the impression that Glendale was still committed to forwarding a proposed ownership group to the NHL by June 30. Here is the text from an announcement from the City of Glendale dated June 8.

GLENDALE, Ariz. – The Glendale City Council voted unanimously tonight to
approve a Memorandum of Understanding (MOU) from Ice Edge Holdings to purchase
the National Hockey League’s (NHL) Coyotes team and keep the team playing in the
Glendale-owned Jobing.com Arena. The approved MOU will now be forwarded to the
National Hockey League (NHL) for a final decision.
The proposal keeps the city’s commitment of forwarding potential owners to the
NHL by the deadline of June 30. It also matches the goals set by the Glendale City
Council at the beginning of the negotiations, including keeping the team in Glendale,
sharing new revenue opportunities, retaining all current city revenues and not incurring additional debt to the city.


Is this still in the plans of Glendale and the NHL? If so, does anyone know of the process for confirming the IEH bid by Glendale and forwarding it to the NHL? Would this have to be reviewed and sanctioned by Glendale, or has this already been done based on the MOU that city council already approved?

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06-22-2010, 04:48 PM
  #22
Killion
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Would this have to be reviewed and sanctioned by Glendale, or has this already been done based on the MOU that city council already approved?
Whilee, my understanding of this process is that the COG is awaiting determination on the Term Sheet provided by IEH. If A-OK, they'll then finalize the AMULA & then forward it off to the NHL. As IE has stated they expect to get a final deal done with Glendale & the NHL between August-October, that June 30th deadline date cant be met. I stand to be corrected though.

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06-22-2010, 04:56 PM
  #23
Whileee
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Whilee, my understanding of this process is that the COG is awaiting determination on the Term Sheet provided by IEH. If A-OK, they'll then finalize the AMULA & then forward it off to the NHL. As IE has stated they expect to get a final deal done with Glendale & the NHL between August-October, that June 30th deadline date cant be met. I stand to be corrected though.
I recognize that they could not get anything finalized by June 30th, but the statement makes it seem as though they plan to forward information about IEH (including the draft MOU and term sheet) to the NHL for their assent to move into final stage negotiations over the ensuing weeks or months. Presumably, they knew that they could not have a finalized lease agreement by June 30th when they released the June 8 statement, so this would be a preliminary step in the process. Note that the June 8th statement from Glendale still refers to "the deadline of June 30", which seems curious given the status of negotiations, don't you think?

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06-22-2010, 04:59 PM
  #24
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No name changes until the BOG agrees to sale. Part of that might be to change name from Phoenix. So, if the sale goes through, could be done in time for season opener.
Unlikely.

IIRC, part of the official Jan 1 league deadline for relocation was lead time for merchandise manufacturers.

I would guess that IEH would be able to petition the league for the name change once they own the team and the change wouldn't take effect until the following League Year. There is no requirement in the MOU for an immediate change.

Quote:
7. Team Name. Following the purchase of the Coyotes, Buyer will use commercially reasonable efforts to apply to the NHL for such approvals necessary to cause the name of the Coyotes to be changed to the to the “Arizona Coyotes” and subject to such approvals, Buyer will use their commercially reasonable efforts to effect such name change.

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06-22-2010, 05:11 PM
  #25
Killion
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Note that the June 8th statement from Glendale still refers to "the deadline of June 30", which seems curious given the status of negotiations, don't you think?
Yes, it is odd. An MOU & a Term Sheet are both pretty preliminary. Perhaps' they want the league's opinion on both before proceeding, though you'd have to figure the NHL is in possession of these documents by now no?. Unless the TS is under a non-disclosure. Secondly, the CFD has to be created & the new AMULA negotiated which will absolutely take us past June 30. Isnt ' their something in the agreement between the NHL/COG pursuant to the $25M that hinges on that date of June 30?. Cant re-call exactly. Otherwise, wouldnt you want to present the NHL with a completed due-dilly on the TS, CFD & AMULA?. Sort of puts the cart before the horse no?.

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