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Preds officially buy Del Biaggio's shares - owned 95% by Middle TN residents

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07-21-2010, 04:47 PM
  #51
Seth Lake
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Official press release from team:

Quote:
Nashville Predators Chairman Tom Cigarran announced today that the Predators ownership group has signed an agreement with the bankruptcy trustee to acquire the entity (Forecheck Investments, LLC) containing ownership shares in the Nashville Predators held by the William “Boots” Del Biaggio bankruptcy estate.

The agreement has been approved by the creditor’s committee and has been submitted to the bankruptcy court for final approval. Upon securing approvals from the bankruptcy court, the NHL, the team’s lender, and the Sports Authority, the team expects to complete the purchase sometime in August. The shares are being purchased by Predators Holdings, LLC through funding from the local ownership group.

“This is a significant step forward to strengthen our franchise’s financial position,” Cigarran said. “We have worked with Todd Neilson (trustee for Boots Del Biaggio’s estate) to arrive at reasonable terms. This transaction eliminates a significant future liability and allows the Predators to move forward. We are pleased that Warren Woo (who originally joined the ownership group through a minority investment in Forecheck Investments) will continue his involvement in our ownership group. He brings keen insight and knowledge of business and hockey to our group."
http://predators.nhl.com/club/news.h...id=DL|NSH|home

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07-21-2010, 04:59 PM
  #52
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I love what I hear. Weber here long-term and ditto for Suter. The commitment to the team. The hints at understanding the budget, UFA, and the needs to improve. All of these things are wonderful signs.

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07-21-2010, 05:08 PM
  #53
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Just wanted to say, I was hopeful at the end of the season, due to the young players on the team. The offseason moves have only increased my hopefulness and enthusiasm for the upcoming season. And listening to Mr. Cigarran – was an additional infusion of hope. I thought he did a masterful job in the interview.

MarkMM you did a great job summarizing the interview. How the heck, did you do it so quickly?

Now, Poile – sign Hörnqvist! And then get that extension with Shea done. I had to laugh at the SOTU when Poile said Shea’s agent is the only person he talks to these days because he’s also the agent for Hörnqvist and Franson.

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07-21-2010, 05:54 PM
  #54
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[QUOTE=BigFatCat999;27030859]Salary double since the new ownership got a hold of the team....

Interesting.[/QUOTE

Doubled is a bit of an overstatement, but there has been a significant increase. The team had one forward making $4mil+, one d-man making $3mil+, and the highest paid goalie was making $1.25mil when they took over.

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07-21-2010, 06:11 PM
  #55
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Haha, I was typing as it was going on.

What really struck me was how much Cigarran himself sounds bred of the DNA that typifies what a Predator is. From Cigarran, to Poile, to Trotz to Weber, the characteristic of a humble, workman, team-first and fan-appreciating attitude just oozes out of the entire group.

He began almost every answer to a call-in fan with thanking them for their support, instead of disputing fan complaints he acknowledged the problems and offered to personally follow up on things, he notes that he's not the smartest person in his companies and he's successful because he understands how important it is to build a team that is stronger than the sum of its parts in the business world...which later on gives him immediate credibility when he says the reason they don't automatically go after the Kovalchuk-type UFA signings is because that's won't necessarily make the team stronger if it divides the dressing room.

The business world could use more leaders like him, but after the "cursed" ownership history that Nashville has been plagued with, it really seems like the corner has been turned, not just with the on-ice talent but also the off-ice ownership. (Not a knock at Freeman, I would consider his intervention the beginning of this new era.)

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07-21-2010, 06:14 PM
  #56
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Quote:
Originally Posted by SLake View Post
Great recap, thanks!

As for the TSU story, interestingly enough the TNn has a nice article today that can provide some background about a reunion coming up of the 1960 U.S. Olympians from TSU...

http://www.tennessean.com/article/20...67/2197/SPORTS
Ah, thanks, if this is Cigarran's role model...

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07-21-2010, 06:15 PM
  #57
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Hm, for whatever its worth, 100% of the Preds shares are worth 56.3 million. (Note: thats flawed because of whatever "bargain" factor there is that I based the math off of.)

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07-21-2010, 06:19 PM
  #58
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Now to see what grandstanding the Sports Authority can do with this.

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07-21-2010, 06:20 PM
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Quote:
Originally Posted by Liquidfire3240 View Post
Hm, for whatever its worth, 100% of the Preds shares are worth 56.3 million. (Note: thats flawed because of whatever "bargain" factor there is that I based the math off of.)
I'll let someone with a better business background go into better detail, but that is extremely flawed logic...

You cannot take the sale price in this transaction and simply base the value of the remaining shares on it unless you are completely ignorant of or consciously ignoring the details surrounding and history of this transaction...

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07-21-2010, 07:29 PM
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Quote:
Originally Posted by SLake View Post
I'll let someone with a better business background go into better detail, but that is extremely flawed logic...

You cannot take the sale price in this transaction and simply base the value of the remaining shares on it unless you are completely ignorant of or consciously ignoring the details surrounding and history of this transaction...
I know, which is why I followed up the math with acknowledgment that it is flawed right after.

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07-21-2010, 07:52 PM
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Quote:
Originally Posted by Liquidfire3240 View Post
I know, which is why I followed up the math with acknowledgment that it is flawed right after.
Sorry, had already been battling that same logic being presented over on the BoH board for a few rounds by the time you posted it here...

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07-21-2010, 08:47 PM
  #62
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Quote:
Originally Posted by SLake View Post
Sorry, had already been battling that same logic being presented over on the BoH board for a few rounds by the time you posted it here...
Not a problem, I guess I could of phrased it better, something like,
What a bargain, at that rate you could buy all the shares for 56.3 million, compared to the real value of (insert whatever value you wish).

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07-21-2010, 09:00 PM
  #63
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Can someone elaborate more on what Cig meant by "bank financing" being something the are looking to get done?

Is it possible that a potion of the cost of the team was pledged to leipold but has yet to be financed? That would mean the leipold essentialy took an unsecured promissory note for a portion of the purchase price that was to be paid once bank financing was arranged

That would explain how 25 million in Boots cash could translate to 27% of the team. The owners would have put up about 93 million in cash and financed the other 100 million.

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07-21-2010, 09:48 PM
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PredsV82 – if I remember correctly (maybe someone remembers better), I believe he said something about getting a lower interest rate. It almost sounded like restructuring or refinancing existing loans to me. But I could be very, very wrong! Business is NOT my forte!

For some reason I always thought it was stated somewhere that Boots got a discount on his shares. So, he was given 27% but originally paid in less than what 27% would really cost. Anyone (101) know?

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07-21-2010, 09:55 PM
  #65
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Quote:
Originally Posted by Tapp View Post
PredsV82 – if I remember correctly (maybe someone remembers better), I believe he said something about getting a lower interest rate. It almost sounded like restructuring or refinancing existing loans to me. But I could be very, very wrong! Business is NOT my forte!

For some reason I always thought it was stated somewhere that Boots got a discount on his shares. So, he was given 27% but originally paid in less than what 27% would really cost. Anyone (101) know?
I believe you're right. Shoalts wrote this week about the need to refinance the loans by the end of the year and Cigarran mentioned today that the banks were very leery of working with the team with 27% of ownership in receivership...

Now that hurdle is cleared, it looks like Brett Wilson is finally coming aboard soon, and the $25 million lump sum payment next fall is also gone from hanging overhead...

All in all, it's just another GREAT day to be a Nashville Predators fan...

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07-21-2010, 10:34 PM
  #66
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The question is...will the superwonderful daily local newspaper splash this bit of information all over its frontpage as it has done other "off ice" news with this team? Also, how disappointed will I be after scanning the fishwrap for an article about the PREDS donating $125,000 to the Children's Cancer Hospital earlier today?????

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07-21-2010, 10:39 PM
  #67
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Great recap of the impact of today's news from The View From 111 blog...

Quote:
David Shoalts, a reporter for the Toronto Globe and Mail and a source of unending venom toward the Nashville Predators, wrote an article on July 16th that was headlined "Future of Preds, Stars Still Up in the Air".

Today, the future of the Predators was brought into focus.

And the future looks bright.

Today, Nashville Predators Chairman Tom Cigarran announced that the Predators ownership group had signed an agreement with the bankruptcy trustee Todd Neilson that was administering the William "Boots" Del Biaggio bankruptcy liquidation. That agreement will allow the ownership group to purchase the Del Biaggio interest for $15.2 million.

Del Biaggio had originally invested $25 million to purchase 27% of the Predators at the time of the sale by original owner Craig Leipold.

Del Biaggio was later found to have falsified his financial records and was convicted of fraud after filing for bankruptcy.

The concern about the Del Biaggio stake was that the bankruptcy trustee could possibly sell to an individual or group that was not local or would not be acceptable to the existing ownership group. If this had occurred, a potential conflict with the bankruptcy court would arise as the current ownership group had the right of refusal in accepting a new owner. This potential conflict has now been completely put to rest.
http://www.theviewfrom111.blogspot.com/

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07-21-2010, 10:40 PM
  #68
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Quote:
Originally Posted by cleangene View Post
The question is...will the superwonderful daily local newspaper splash this bit of information all over its frontpage as it has done other "off ice" news with this team? Also, how disappointed will I be after scanning the fishwrap for an article about the PREDS donating $125,000 to the Children's Cancer Hospital earlier today?????
I'd be shocked just to see a Predators story squeezed in among the 8+ stories a day on the Titans.

I mean, the last true story came through on the 10th...11 days ago. Two stories in two weeks? Now you're getting greedy.

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07-21-2010, 10:41 PM
  #69
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Quote:
Originally Posted by cleangene View Post
The question is...will the superwonderful daily local newspaper splash this bit of information all over its frontpage as it has done other "off ice" news with this team? Also, how disappointed will I be after scanning the fishwrap for an article about the PREDS donating $125,000 to the Children's Cancer Hospital earlier today?????
Considering that Glennon is now on the Titans beat and still occasionally covering the Predators and we know the clear bias Schrade and Cass have shown...I wouldn't hold my breath for any positive news coming from the TNn...

Now the City Paper on the other hand I believe is owned in part by the Thompson family...of course, they also own a part of the Predators...

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07-22-2010, 01:56 AM
  #70
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Quote:
Originally Posted by MarkMM View Post
Summary:
- Plan to clear out some kind of trophy case in the arena to make room for Stanley Cup, complete with lights.

- Regarding Shea Weber, first of all, this is Poile's decision, and Poile has informed the ownership that Weber will be re-signed. Weber leads by example, is not a talker. We have had talks with Weber, "we know the zip code of the area of what he wants and we're prepared to give it to him". We can give him what he wants, and he will be the captain for many years to come, we've budgeted the money that Weber wants. Jokingly he says, "So if this doesn't work, it's all Poile's fault".

- Goal is to do something for the fans each year that is significantly better than year before. Ownership is not happy with the merchandise.
Thanks for the summary!!

I like these points.

Love that about Weber, Suter. Sounds like negotiations should go pretty smooth.


Quote:
Originally Posted by cleangene View Post
The question is...will the superwonderful daily local newspaper splash this bit of information all over its frontpage as it has done other "off ice" news with this team?
Also, how disappointed will I be after scanning the fishwrap for an article about the PREDS donating $125,000 to the Children's Cancer Hospital earlier today?????
good one.....

Oh you won't find that. They never reported that the Preds donated $130,000 at the Nashville Rising Concert, or that the Preds won one of the Nashville Business Journal's 2010 Corporate Philanthropy Awards ("The judges were blown away by all that the organization does for the community, and will recognize the Nashville Predators for their outstanding philanthropic efforts at a special section and awards luncheon (on Thursday, May 13) celebrating 12 winning for-profit companies who go above and beyond in their philanthropic efforts, making a tremendous positive impact on local charities and non-profits.") I mean, the Titans have training camp previews 2 weeks before camp, we couldn't even get an ongoing prospect camp covered.

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07-22-2010, 05:47 AM
  #71
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Quote:
Originally Posted by Tapp View Post
PredsV82 – if I remember correctly (maybe someone remembers better), I believe he said something about getting a lower interest rate. It almost sounded like restructuring or refinancing existing loans to me. But I could be very, very wrong! Business is NOT my forte!

For some reason I always thought it was stated somewhere that Boots got a discount on his shares. So, he was given 27% but originally paid in less than what 27% would really cost. Anyone (101) know?
delBiaggo paid far less than 27% of the entire $193mil price yet had preferred shares that equaled 27% of the team. Don't try to make sense of it, just accept it as reality and save yourself the headaches. Fuzzy math lives.

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07-22-2010, 04:00 PM
  #72
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Apparently Cigarran is going on the Thom Abraham Show on WNSR 560 AM this afternoon. Anyone listen/listening?

Also, the Predators have posted Cigarran's interview from yesterday online at NP.com...

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07-22-2010, 09:51 PM
  #73
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Quote:
Originally Posted by PredsV82 View Post
Can someone elaborate more on what Cig meant by "bank financing" being something the are looking to get done?
Is it possible that a potion of the cost of the team was pledged to leipold but has yet to be financed? That would mean the leipold essentialy took an unsecured promissory note for a portion of the purchase price that was to be paid once bank financing was arranged

That would explain how 25 million in Boots cash could translate to 27% of the team. The owners would have put up about 93 million in cash and financed the other 100 million.
My entirely uneducated guess on that would be that maybe the Preds have a loan/bond that is coming due, and they need to refinance a new loan or extension.

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07-22-2010, 11:41 PM
  #74
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Quote:
Originally Posted by MarkMM View Post
My entirely uneducated guess on that would be that maybe the Preds have a loan/bond that is coming due, and they need to refinance a new loan or extension.
that makes sense. the original deal, which I believe cigarran described as "ugly" or some other unflattering term, was done in haste and probably involved a short term loan at a fairly high interest rate.

with the ownership situation stabilized presumably they can refinance at a longer term and better rate

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07-23-2010, 06:45 AM
  #75
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Listening to Cigarran's interview from the Thom Abraham Show yesterday...

Something key that he mentioned was that after the Boots shares are finalized and back in the fold...it is ownership's plan to always own at least 70% of the team locally regardless of the number of investors they bring in in the future...he went on to say that the reason is expressly to never let anyone have the authority to move the team out of the city...

Not much else new there, it was a 12 minute interview that involved a lot of bantering, but one thing was clear...Tom and Thom are both excited about our roster and can't wait to drop the puck...

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